P Company is the parent company acquired 90% of S company and 80% of T company...
- P Company is the parent company acquired 90% of S company and 80% of T company
- On the date of acquisition, P company mailed a cash advance of $20,000 to T company to improve T Company’s working capital position. T company has not yet received and, therefore, had not yet recorded the advance
- On the date of acquisition, P company owed S company $6,000 for purchases on open account, and S company owed T company $5,000 for such purchases. All these items had been sold by the purchasing companies prior to the date of acquisition.
How would P company present these transactions on the
consolidated financial statements and why?
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P Company is the parent company acquired 90% of S company and
80% of T company...
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