On January 1,20X7,Plimsol Company acquired 100 percent of Shipping Corporation's voting shares,at underlying book value.Plimsol uses the cost method in accounting for its investment in Shipping.Shipping's reported retained earnings of $75,000 on the date of acquisition.The trial balances for Plimsol Company and Shipping Corporation as of December 31,20X8,follow:
Required:
1)Provide all eliminating entries required to prepare a full set of consolidated statements for 20X8.
2)Prepare a three-part consolidation worksheet in good form as of December 31,20X8.
Definitions:
Deposits
Deposits are funds placed into an account at a financial institution, often earning interest over time.
Loans
Money, goods, or services given to an individual or entity with the expectation of a future repayment, typically with interest.
Reserve Requirement
A central bank regulation that sets the minimum fraction of customer deposits and notes that each commercial bank must hold as reserves rather than lend out.
Deposits
Funds placed into an account at a banking institution for safekeeping and possible interest accrual.
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