Parrot, Inc

question 21

Essay

Parrot, Inc. purchased a 60% interest in Swallow Company on January 1, 20X1, for $204,000. Any excess of cost was attributable to goodwill.
On January 1, 20X4, Swallow purchased 2,400 of its shares held by noncontrolling stockholders for $50 per share. Swallow equity balances on various dates were as follows:
Parrot maintains its investment at cost; Swallow recorded the purchase of its shares as treasury stock at cost.
Required:
Prepare the necessary determination and distribution of excess schedules and all Figure 8-7 worksheet eliminations and adjustments on the following partial worksheet prepared on December 31, 20X5:

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Definitions:

Vomited

The act of forcefully expelling the stomach's contents through the mouth.

SBAR

Situation-Background-Assessment-Recommendation; a communication tool commonly used during change-of-shift reports to promote and maintain effective communication among the health care team when discussing a client’s condition and progress.

Communication Tool

Devices or platforms used to convey messages or information between people.

Change-Of-Shift

A process where healthcare workers pass on patient information and responsibility to the next set of workers coming in for the following shift.