Palmer Corporation acquired 70 percent of Krown Corporation’s ownership on January 1, 20X8, for $166,600. At...

Palmer Corporation acquired 70 percent of Krown Corporation’s ownership on January 1, 20X8, for $166,600. At that date, Krown reported capital stock outstanding of $139,000 and retained earnings of $99,000, and the fair value of the noncontrolling interest was equal to 30 percent of the book value of Krown. During 20X8, Krown reported net income of $41,400 and comprehensive income of $47,400 and paid dividends of $36,400.

Required:

Present all equity-method entries that Palmer would have recorded in accounting for its investment in Krown during 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Present all consolidation entries needed at December 31, 20X8, to prepare a complete set of consolidated financial statements for Palmer Corporation and its subsidiary. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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ekkarill92 answered 10 months ago

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