Parrot Corporation acquired 90% of Swallow Co.on January 1,2011 for $27,000 cash when Swallow's stockholders' equity consisted of $10,000 of Capital Stock and $5,000 of Retained Earnings.The difference between the fair value and book value of Swallow's net assets was allocated solely to a patent amortized over 5 years.The separate company statements for Parrot and Swallow appear in the first two columns of the partially completed consolidation working papers.
Required:
Complete the consolidation working papers for Parrot and Swallow for the year 2011.
Definitions:
Hardware Divisions
The categorization within the physical components of a computer system based on their function or type.
Software Divisions
Specialized units within a company or organization that are focused on software development and the management of software-related projects.
Mutual Adjustment
is a mechanism of coordination among team or group members, where adjustments and adaptations are made through informal communication.
Integrator
An individual or tool that combines or coordinates separate elements or structures into a unified whole.
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