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On January 1 2013 Parflex Corporation exchanged $344000 cash for 90 percent of Eagle Corporation’s outstanding voting stock Eagle’s acquisition date balance sheet follows At year-end there

On January 1, 2013, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporation’s outstanding voting stock. Eagle’s acquisition date balance sheet follows:


At year-end, there were no intra-entity receivables or payables.

a. Compute the goodwill allocation to the controlling and noncontrolling interest.

b. Show how Parflex determined its “Investment in Eagle” account balance.

c. Determine the amounts that should appear on Parflex’s December 31, 2015, consolidated statement of financial position and its 2015 consolidated income statement.

Jul 22 2020 View more View Less

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