On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...

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On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Companys common stock. Summarized balance sheet data fo

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Answer 1

Answer #1

No	Entry	Accounts	Debit	Credit
A	1	Common stock	19,000
		Retained earnings	112,000
		Investment in Series Company		131,000

B	2	Inventory	5,000
		Buildings and equipment	20,000
		Goodwill	18,000
		Investment in Series Company		43,000

Working
	Initial investment in series Company		174,000
	Less:	Identifiable Excess	25,000
		Book Value Net Assets	131,000
		Goodwill	18,000

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Answer 2

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