Problem 1 on january 1 2011 carlisle inc acquired 100 of, Ask an Expert

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Problem 1 On January 1, 2011, Carlisle, Inc. acquired 100% of Tid-Bit, Inc. At the time of the acquisition, land and equipment were undervalued by $57,300 and $78,000, respectively. It was determined the equipment had a 10-year useful life. In addition, goodwill of $48,000 was identified. The financial statements information for both Carlisle and Tid-Bit as of December 31, 2015, are provided in the Assessment 2 Template.

An intra-company receivable/payable reported on the financial statements documentation indicates that Tid-Bit owes Carlisle $12,500. Use the Assessment 2 Template to prepare a consolidation worksheet for Carlisle and Tid-Bit for the year ending December 31, 2015.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91885138

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