Use the Following Information to Answer the Question(s) Below

question 7

Essay

Use the following information to answer the question(s) below.
On January 1, 2014, Penelope Company acquired a 90% interest in Leah Company for $180,000 cash. On January 1, 2014, Leah Company had the following assets and liabilities:
Push-down accounting is used for the acquisition.
-On January 1, 2014, Penny Company acquired a 90% interest in Lampire Company for $180,000 cash. On January 1, 2014, Lampire Company had the following assets and liabilities:
Push-down accounting is used for the acquisition.
Required:
1. Assume both companies use the entity theory. Record the push-down adjustment on Lampire's separate books on January 1, 2014.
2. Assume both companies use the parent company theory. Record the push-down adjustment on Lampire's separate books on January 1, 2014.

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Definitions:

Sociological Research Questions

Questions devised for sociological study that aim to explore and understand human society, behaviors, and social patterns.

Past Studies

Refers to previous research or investigations conducted on a particular subject or topic.

Reliability

The consistency and dependability of a measurement or testing process, indicating its accuracy over time and across various conditions.

Misogyny

Prejudice or disdain towards women, often manifesting in discrimination, devaluation, and violence against women.