Prepare a consolidation workpaper for Pop and Subsidiary for the year ended December 31, 2016
PopCorporation acquired a 90 percent interest in Son Corporation’s outstanding votingcommon stock on January 1, 2016, for $630,000 cash. The stockholders’ equity of Son on this date consisted of $500,000 capital stock and $200,000 retained earnings. Thefinancial statements of Pop and Son at and for the year ended December 31, 2016, are summarized as follows(in … Read more