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On January 1 2010 Parker Company purchased 95% of the outstanding common stock of Sid Company for $160000 At that time Sid’s stockholders’ equity consisted of common stock

On January 1, 2010, Parker Company purchased 95% of the outstanding common stock of Sid Company for $160,000. At that time, Sid’s stockholders’ equity consisted of common stock, $120,000; other contributed capital, $10,000; and retained earnings, $23,000. On December 31, 2010, the two companies’ trial balances were as follows:  Required: A. Prepare a consolidated statements workpaper on December 31, 2010. B. Prepare a consolidated statements workpaper on December 31, 2011, assuming trial balances for Parker and Sid on that datewere:

Apr 22 2020 View more View Less

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