The adjusted, preclosing trial balances of Pie Company and Soup Company on December 31, Year 2, appear below.
Parent Company owns 100 percent of the common stock of Soup Company.It acquired the shares on January 2, Year 1, for an amount equal to the book value of Soup Company's underlying net assets.On December 31, Year 2, Soup Company owes Pie Company $1,100 arising from short-term working capital loans.
Required:
Prepare in journal entry form the elimination entries required on December 31, Year 2, to prepare a consolidated financial statement for Pie Company and Soup Company.Note that neither a formal work sheet nor formal financial statements are required.
Definitions:
Heterosexual Power
A concept pertaining to the societal dominance and privileges often associated with heterosexual individuals.
Promiscuous
Engaging in multiple sexual relationships or activities with little or no commitment or emotional connection.
Effeminate
A term often used pejoratively to describe a man displaying characteristics traditionally associated with femininity.
Gay Identity
The self-identification of a person as being homosexual, recognizing and accepting one's own sexual orientation towards the same sex.
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