The Following Data Pertains to Questions

question 45

Essay

The following data pertains to Questions
Keen and Lax Inc had the following balance sheets on October 31,2007:
-Assuming that Keen Inc.purchases 80% of Lax Inc.for $240,000,prepare any journal entries you feel are necessary on the date of acquisition prior to the preparation of Consolidated Financial Statements.Assume that the Entity Method applies.

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Definitions:

Human Development Index

A composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.

Carrying Capacity

The largest number of individuals of a species that can be supported indefinitely by an environment, considering the availability of essential resources such as food, living space, water, and other requirements.

Unlimited Economic Growth

The concept that an economy can grow indefinitely without encountering significant environmental or resource limitations.

Economists

Professionals who study the production, distribution, and consumption of goods and services, focusing on how economies work and how economic policies affect societal well-being.