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Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284 Exercise 33
80%purchasewith a gain and preexisting goodwill. Venus Company purchases 8,000 shares of Sundown Company for $64 per share. Just prior to the purchase, Sundown Company has the following balance sheet: 
Venus Company believes that the inventory has a fair value of $400,000 and that the property plant, and equipment is worth $500,000.
1. Prepare the value analysis schedule and the determination and distribution of excess schedule.
2. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of acquisition.
Venus Company believes that the inventory has a fair value of $400,000 and that the property plant, and equipment is worth $500,000.
1. Prepare the value analysis schedule and the determination and distribution of excess schedule.
2. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of acquisition.
Explanation
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1)Prepare the value analysis schedule an...
Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
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