shenry33
May 1, 2008, 10:44 AM
I have to solve this question for my class.
Tribbs corporation purchase Ruth and Bob's 80% ownership of quicker distibution compnay for $90,000 in excess of book value
1. calculate quicker's book value and purchase price.
2. use journal entries to show purchase of quicker ar date of acquisition and show the worksheet elimination of quicker's equity
3. calculate tribbs's protion of profit at the end of the first year, assuming quicker's profits are &65,000.
Tribbs corporation purchase Ruth and Bob's 80% ownership of quicker distibution compnay for $90,000 in excess of book value
1. calculate quicker's book value and purchase price.
2. use journal entries to show purchase of quicker ar date of acquisition and show the worksheet elimination of quicker's equity
3. calculate tribbs's protion of profit at the end of the first year, assuming quicker's profits are &65,000.