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kim corporation acquired 100 percent of normal company s outstanding shares on janua 4238241

Kim Corporation acquired 100 percent of Normal Company’s outstanding shares on January 1, 20X7. Balance sheet data for the two companies immediately after the purchase follow:As indicated in the parent company balance sheet, Kim purchased $50,000 of Normal’s bonds from the subsidiary immediately after it acquired the stock. An analysis of intercompany receivables and payables also indicates that the subsidiary owes the parent $10,000. On the date of combination, the book values and fair values of Normal’s assets and liabilities were the same.Requireda. Give all elimination entries needed to prepare a consolidated balance sheet for January 1, 20X7.b. Complete a consolidated balance sheet worksheet.c. Prepare a consolidated balance sheet in goodform.
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Kim Corporation acquired 100 percent of Normal Company s outstanding shares

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