On January 1,2007,Plimsol Company acquired 100 percent of Shipping Corporation's voting shares,at underlying book value.Plimsol uses the cost method in accounting for its investment in Shipping.Shipping's reported retained earnings of $75,000 on the date of acquisition.The trial balances for Plimsol Company and Shipping Corporation as of December 31,2008,follow:
Required:
1)Provide all eliminating entries required to prepare a full set of consolidated statements for 2008.
2)Prepare a three-part consolidation workpaper in good form as of December 31,2008.
Correct Answer:
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