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    Mathandler1 Posts: 87, Reputation: 2
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    #1

    Jul 26, 2007, 02:52 PM
    Work Paper Elimination Entry
    P Company purchased 100% of the voting stock of S Company for $300,000 in cash. Assuming P Company purchased S Company at its book value, one part of the work sheet elimination entry at acquisition date is to:

    a. credit Stockholders' Equity for $300,000.
    b. debit Cash for $300,000
    c. credit Investment in the Company for $300,000.
    d. debit Investment in the Company for $300,000.

    The answer Icame up with is (c). Am I correct or not? Please repond.. Thanks
    Mathandler1's Avatar
    Mathandler1 Posts: 87, Reputation: 2
    Junior Member
    		  
    #2

    Jul 26, 2007, 02:54 PM
    I choose (c). For the answer but I do not know if it is correct or not.
    Does anyone else have an idea about the answer to this question.
    I thought this was a help desk forum from real experts on live answers.
    I noticed that my questions for the past two days have been deleted? Why?

    Thanks!
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