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4-23 - P4-23 Consolidated Balance Sheet $240,000...

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P4-23 Consolidated Balance Sheet $240,000 – 100% (100,000 +100,000) = 40,000 BV FMV 100% life Amort. B&E (net) 40,000 10 4,000 Goodwill Total 40,000 Balance 12/31/x3 = $40,000 – 2(4,000) = $32,000 POST CLOSING: a. Eliminating entries: E(1) Common Stock — Lake Corporation 100,000 Retained Earnings 120,000 Differential 32,000 Investment in Lake Corporation Stock 252,000 Eliminate investment balance. E(2) Buildings and Equipment 40,000 Accumulated Depreciation 8,000 Differential 32,000 Assign purchase differential. b. Thompson Company and Lake Corporation Consolidated Balance Sheet Workpaper December 31, 20X3 Thompson Lake Eliminations Consol- Item Co. Corp. Debit Credit idated Cash 30,000
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