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Consolidation at the end of the first year subsequent to date of acquisition-Equity method (purchase price equals book value)d. Prepare the consolidated spreadsheet for the year ended December 31, 2016. Use negative signs with answers in the Consolid

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Adjustments Credit Parent Subsidiary Debit Consolidated Totals $ $ Income Statement Sales Cost of goods sold Gross Profit Inc

$ $ Balance Sheet Cash Accounts receivable Inventory Equity Investment 696,920 $ 378,880 574,240 1,279,920 432,880 349,760 50

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