Prepare the journal entry on Pace Company”s books to record the purchase of the additional…


Question Description:

33

Parent Company and Workpaper Entries—New Shares Issued by Subsidiary The exception that Pace Company purchased the additional shares from Sime Company on January 1, 2011, at a price of $1.30 per share rather than $1.50. Required: Prepare the journal entry on Pace Company”s books to record the purchase of the additional shares on January 1, 2011. Prepare the eliminating entries needed for the preparation of a consolidated statements workpaper on December 31, 2011.

Answer

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