Q1- On January 1, 2021, P Company acquired 100% of the outstanding stock shares of S Company for a cash payment of 8,000 . Balance Sheets P Company and S Company Jan 01, 2021 P Company S Company Cash 120,000 2,000 Other Current Assets 150,000 5,000 Equipment (net) 100,000 4,000 Land 30,000 2,000 Total Assets 400,000 13,000 Liabilities 60,000 5,000 Common Stock 10 Par Value 200,000 5,000 Other Contributed Capital 40,000 1,000 Retained Earnings 100,000 2.000 Total Liabilities and Equity 400,000 13,000 Instructions: a)- Record journal entry for investment. b)- Record Eliminating Entries c)- Record the Computation and Allocation of Difference (Between Implied and Book Values) Schedule. d)- Record the Consolidated Balance Sheet.

1. Q1- On January 1, 2021, P Company acquired 100% of the outstanding stock shares of S
Company for a cash payment of 8,000 . Balance Sheets P Company and S Company Jan 01,
2021 P Company S Company Cash 120,000 2,000 Other Current Assets 150,000 5,000
Equipment (net) 100,000 4,000 Land 30,000 2,000 Total Assets 400,000 13,000 Liabilities
60,000 5,000 Common Stock 10 Par Value 200,000 5,000 Other Contributed Capital 40,000
1,000 Retained Earnings 100,000 2.000 Total Liabilities and Equity 400,000 13,000 Instructions:
a)- Record journal entry for investment. b)- Record Eliminating Entries c)- Record the
Computation and Allocation of Difference (Between Implied and Book Values) Schedule. d)-
Record the Consolidated Balance Sheet