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1) Prepare the following consolidation and equity accounting entries for Purple Co. and its subseries and Associate for the year ended 31 December 20X5.
1) Prepare the following consolidation and equity accounting entries for Purple Co. and its subseries and Associate for the year ended 31 December 20X5.
CJE1: Elimination of investment in Yellow Co.;
Dr. share capital (Yellow Co.)
$ 3,120,000
Dr. Retained Earnings (Yellow Co.)
$ 3,510,000
Dr. Goodwill
$ 1,560,000
Cr. Investment In (Yellow Co.)
$ 8,580,000
Cr. Non-Controlling Interest (NCI)
$ 1,610,000
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** Perform ** ********** ***** ** the **** *** ******** *** a) *************** *************** CoNCI=30%Green ****** ******** NCIb) ********** ** ******************** * 3120000Post-acquisition *** $ ************ of ****** * *************** * 390000c) Consolidated Retained ************** ** Red co **************** *** ******