Week 4 Assign - PaduaCorporationandSubsidiary...

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Padua Corporation and Subsidiary Working Paper Elimination April 30, 2006 a Retained Earnings - Padua ($54,000 x 0.16 2/3) Intercompany Sales - Padua              Intercompany CGS - Padua ($180,000 x 0.83 1/3)              CGS - Scala ($150,00 x 0.16 2/3)              Inventries - Scala ($84,000 x 0.16 2/3) To elimate intercompany sales, CGS (Cost of Goods Sold) and unrealized profit in inventories w/ no regard to tax effects. b Intercompany gain on sale of Machinery - Scala($80,000 - $56,000) Accumulated Depreciation - Padua ($24,000 / 8)               Machinery - Padua               Depreciation - Padua To elimate unrealized intercompany gain in machinery and depreciation w/ no regard to tax effects. c Intercompany Bonds Payable - Scala To eliminate subsidary's bonds acquired by parent company and also
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This note was uploaded on 08/18/2011 for the course ACC 407 MODERN ADV taught by Professor Melodyclements during the Spring '11 term at Ashford University.

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Week 4 Assign - PaduaCorporationandSubsidiary...

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