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On January 1 2012 Parker Company purchased 95% of the outstanding common stock of Sid Company for

On January 1, 2012, 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, 2012, the two companies trial balances were as follows: Required: A. Prepare a consolidated statements work paper on December 31, 2012. B. Prepare a consolidated statements work paper on December 31, 2013, assuming trial balances for Parker and Sid on that date were:

Apr 22 2020 View more View Less

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