acct302 advanced financial accounting

I’m working on a Accounting question and need guidance to help me study. Three questions. I will provide the assignment file. 1. P Inc. acquired 100% of S Inc.’s outstanding common stock for $ 1,500,000 cash. Divide the cost into its major elements and prepare the consolidation entices as of the acquisition date. Prepare basic elimination entry and excess value reclassification entry from the following information: (table included in the assignment file) 2. Passion Company created Sound Company with a transfer of $ 1,000 cash. During Sound Company’s first year of operation, it generated a net loss of $ 180 and paid no dividend. During Sound Company’s Second year of operation, it generated net income of $ 350 and paid dividend of $ 70. What journal entries would Passion Company make under Cost Method and Equity Method for both of the years? 3. Petro Company acquires 18% of Santro Company’s…
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