Party Corporation acquired an 80% interest in Sang Corporation on January 1,2011 for $20,000.Balance sheet and fair value information on this date is summarized as follows:
Required:
1.Prepare an entry on the books of Sang Corporation to record the push-down adjustment under parent company theory.
2.Prepare an entry on the books of Sang Corporation to record a push-down adjustment under entity theory.
Definitions:
Performance Appraisal
The systematic evaluation of the performance of employees and to understand the abilities of a person for further growth and development.
Actual Behaviours
Refers to the observable actions and responses of an individual or group, as opposed to intentions or stated plans.
Legally Defensible
Pertains to actions or decisions that can be supported or upheld in a court of law.
Dismissal Interview
A meeting between an employee and employer formally discussing the reasons for the employee's termination from the company.
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