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  • Separate Company Financial Statements For Pop Corporation and Its Subsidiary

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    Charlotte
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    This document provides separate financial statements for Pop Corporation and its subsidiary, Son Company, for the year ended December 31, 2017. It includes balance sheets, income statements, and additional information. The additional information notes that Pop Corporation acquired 13,500 shares of Son Company stock for $60 per share on January 1, 2016. It also notes that Son Company's land was undervalued, with $80,000 assigned to the fair value of land. Son Company owes Pop $20,000 and Pop owes Son $20,000 on a note payable. The document requests preparation of consolidated workpapers for Pop Corporation and its subsidiary for the year ended December 31, 2017.

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    Separate Company Financial Statements for Pop Corporation and Its Subsidiary

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    This document provides separate financial statements for Pop Corporation and its subsidiary, Son Company, for the year ended December 31, 2017. It includes balance sheets, income statements, and additional information. The additional information notes that Pop Corporation acquired 13,500 shares of Son Company stock for $60 per share on January 1, 2016. It also notes that Son Company's land was undervalued, with $80,000 assigned to the fair value of land. Son Company owes Pop $20,000 and Pop owes Son $20,000 on a note payable. The document requests preparation of consolidated workpapers for Pop Corporation and its subsidiary for the year ended December 31, 2017.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    115 views2 pages

    Separate Company Financial Statements For Pop Corporation and Its Subsidiary

    Uploaded by

    Charlotte
    This document provides separate financial statements for Pop Corporation and its subsidiary, Son Company, for the year ended December 31, 2017. It includes balance sheets, income statements, and additional information. The additional information notes that Pop Corporation acquired 13,500 shares of Son Company stock for $60 per share on January 1, 2016. It also notes that Son Company's land was undervalued, with $80,000 assigned to the fair value of land. Son Company owes Pop $20,000 and Pop owes Son $20,000 on a note payable. The document requests preparation of consolidated workpapers for Pop Corporation and its subsidiary for the year ended December 31, 2017.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    (SOLVED) Separate company financial statements for Pop

    Corporation and its subsidiary


    Separate company financial statements for Pop Corporation and its subsidiary

    Separate company financial statements for Pop Corporation and its subsidiary, Son Company,
    GET THE ANSWER>> https://solutionlly.com/downloads/separate-company-financial-
    statements-for-pop-corporation-and-its-subsidiary
    Separate company financial statements for Pop Corporation and its subsidiary

    Separate company financial statements for Pop Corporation and its subsidiary, Son Company,
    at and for the year ended December 31, 2017, are summarized as follows (in thousands):

    Additional Information

    1/2
    1. Pop Corporation acquired 13,500 shares of Son Company stock for $60 per share on
    January 1, 2016, when Son's stockholders' equity consisted of $600,000 capital stock and
    $60,000 retained earnings.

    2. Son Company's land was undervalued when Pop acquired its interest, and accordingly,
    $80,000 of the fair value/book value differential was assigned to land. Any remaining differential
    is assigned to unrecorded patents with a 10-year remaining life.

    3. Son Company owes Pop $20,000 on account, and Pop owes Son $20,000 on a note
    payable.

    Required:

    Prepare consolidated work-papers for Pop Corporation and Subsidiary for the year ended
    December 31, 2017?

    Separate company financial statements for Pop Corporation and its subsidiary
    GET THE ANSWER>> https://solutionlly.com/downloads/separate-company-financial-
    statements-for-pop-corporation-and-its-subsidiary

    2/2
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