Answer:
This question incomplete,find the complete question below:
Trim Corporation acquired 100 percent of Round Corporation’s voting common stock on January 1, 20X2, for $405,000. At that date, the book values and fair values of Round’s assets and liabilities were equal. Round reported the following summarized balance sheet data:
Assets $ 715,000 Accounts Payable $ 102,000
Bonds Payable 208,000
Common Stock 120,000
Retained Earnings 285,000
Total $ 715,000 Total $ 715,000
Round reported net income of $89,000 for 20X2 and paid dividends of $30,000.
Give the consolidation entries needed at December 31, 20X2, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Explanation:
I have prepared necessary journals with which consolidation accounts can be prepared.
Find in the necessary journals in the attached excel document.
