Business, 12.08.2020 07:01 tk1264

Palermo Inc. purchased 80 percent of the outstanding stock of Salina Ranching Company, located in Australia, on January 1, 20X3. The purchase price in Australian dollars (A$) was A$200,000, and A$40,000 of the differential was allocated to plant and equipment, which is amortized over a 10-year period. The remainder of the differential was attributable to a patent. Palermo Inc. amortizes the patent over 10 years. Salina Ranching’s trial balance on December 31, 20X3, in Australian dollars is as follows: Required:
a. Prepare a set of consolidating entries, in general journal form, for the entries required to prepare a comprehensive consolidation worksheet (including other comprehensive income) as of December 31, 20X3.
b. Prepare a comprehensive consolidation worksheet as of December 31, 20X3

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Palermo Inc. purchased 80 percent of the outstanding stock of Salina Ranching Company, located in Au...