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On January 1,20X7,Passport Company Acquired 60 Percent of the Outstanding

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On January 1,20X7,Passport Company acquired 60 percent of the outstanding common stock of Stamp Company at the book value of the shares acquired.On that date,the fair value of noncontrolling interest was equal to 40 percent of book value of Stamp.At the time of purchase,Stamp had common stock of $1,000,000 outstanding and retained earnings of $800,000.
On December 31,20X7,Passport purchased 50 percent of Stamp's bonds outstanding which were originally issued on January 2,20X4,at 99.The total bond issue has a face value of $600,000,pays 10 percent interest annually,and has a 10-year maturity.Any premium or discount is amortized on a straight-line basis.Passport paid $306,000 for its investment in Stamp's bonds and intends to hold the bonds until maturity.
Income and dividends for Passport and Stamp for 20X7 and 20X8 are as follows:
On January 1,20X7,Passport Company acquired 60 percent of the outstanding common stock of Stamp Company at the book value of the shares acquired.On that date,the fair value of noncontrolling interest was equal to 40 percent of book value of Stamp.At the time of purchase,Stamp had common stock of $1,000,000 outstanding and retained earnings of $800,000. On December 31,20X7,Passport purchased 50 percent of Stamp's bonds outstanding which were originally issued on January 2,20X4,at 99.The total bond issue has a face value of $600,000,pays 10 percent interest annually,and has a 10-year maturity.Any premium or discount is amortized on a straight-line basis.Passport paid $306,000 for its investment in Stamp's bonds and intends to hold the bonds until maturity. Income and dividends for Passport and Stamp for 20X7 and 20X8 are as follows: b.Present the worksheet consolidation entries necessary to prepare consolidated financial statements for 20X8.
On January 1,20X7,Passport Company acquired 60 percent of the outstanding common stock of Stamp Company at the book value of the shares acquired.On that date,the fair value of noncontrolling interest was equal to 40 percent of book value of Stamp.At the time of purchase,Stamp had common stock of $1,000,000 outstanding and retained earnings of $800,000. On December 31,20X7,Passport purchased 50 percent of Stamp's bonds outstanding which were originally issued on January 2,20X4,at 99.The total bond issue has a face value of $600,000,pays 10 percent interest annually,and has a 10-year maturity.Any premium or discount is amortized on a straight-line basis.Passport paid $306,000 for its investment in Stamp's bonds and intends to hold the bonds until maturity. Income and dividends for Passport and Stamp for 20X7 and 20X8 are as follows: b.Present the worksheet consolidation entries necessary to prepare consolidated financial statements for 20X8.
On January 1,20X7,Passport Company acquired 60 percent of the outstanding common stock of Stamp Company at the book value of the shares acquired.On that date,the fair value of noncontrolling interest was equal to 40 percent of book value of Stamp.At the time of purchase,Stamp had common stock of $1,000,000 outstanding and retained earnings of $800,000. On December 31,20X7,Passport purchased 50 percent of Stamp's bonds outstanding which were originally issued on January 2,20X4,at 99.The total bond issue has a face value of $600,000,pays 10 percent interest annually,and has a 10-year maturity.Any premium or discount is amortized on a straight-line basis.Passport paid $306,000 for its investment in Stamp's bonds and intends to hold the bonds until maturity. Income and dividends for Passport and Stamp for 20X7 and 20X8 are as follows: b.Present the worksheet consolidation entries necessary to prepare consolidated financial statements for 20X8.
b.Present the worksheet consolidation entries necessary to prepare consolidated financial statements for 20X8.

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Definitions:

Subjective Criteria

Decision-making factors based on personal preferences, opinions, or judgments rather than on objective data.

Purchase Decision

The final stage in the buying process where a consumer chooses to buy a specific product or service after considering various alternatives.

Gross Domestic Product

The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period, serving as a comprehensive indicator of a country's economic performance.

Service Sector

A segment of the economy that involves providing intangible goods like services and experiences rather than physical products.

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