‘@ DJN, Please refer to CARINBIG in Becker textbook.. I find it really helpful to practice the acquisition accounting and eliminating enter companies simulations.
DR Common Stock
DR APIC
DR Retained Earnings
CR Investment in sub
CR Noncontrolling interest
DR PB&E
DR Goodwill
DR Identifiable intangible assets recorded at fair value
Common stock – Eliminate the par value of the common stock of the subsidiary at the date of the acquisition; the par value of the common stock is taken directly from the trial balance.
Additional paid-in capital – Eliminate the additional paid-in capital of the subsidiary at the date of acquisition; the additional paid-in capital is taken directly from the trial balance.
Retained earnings – Eliminate the retained earnings of the subsidiary at the date of acquisition; amount is taken directly from the trial balance.
Investment – Eliminate the Parent Company's investment in Subsidiary.
Noncontrolling Interest – In this instance, it is not applicable as it was a 100% acquisition.
Balance sheet adjusted to fair value – Increase or decrease the book value of the subsidiary's plant and equipment to equal its FV.
Goodwill – Establish a goodwill account as necessary.
Identifiable intangible assets recorded at fair value should be given in any question
Hope this help
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