Adv Acct -- Business Combinations Elim. Entries

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» Adv Acct -- Business Combinations Elim. Entries

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Dec 10, 2006, 03:26 PM

Jeri

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Join Date: Dec 2006

Posts: 1

Adv Acct -- Business Combinations Elim. Entries

I need the journal entries and eliminating entries for th following problem.

On 1/2/06 Pleasant Corp purchased a controlling interest of 80% in the outstanding capital stock of Serene Co. for $184. On 1/2/06 Pleasant Corp purchased for $28 on the open market $40 face value of Serene Company's 10% bonds. Interest is payable by Serene each June 30 and December 31.

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