Beta corporation acquired 100 percent of the voting shares, Accounting Basics

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Beta corporation acquired 100 percent of the voting shares

Question: 1. Beta Corporation acquired 100 percent of the voting shares of Yang Inc. by issuing 10,000 new shares of $10 par value common stock with a $40 market value.

Required: 1) Which company is the parent and which is the subsidiary?

2) Define a subsidiary corporation.

3) Define a parent corporation.

4) Which entity prepares consolidated worksheet?

5) Why are elimination entries used?

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Accounting Basics: Beta corporation acquired 100 percent of the voting shares

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Accounting Basics: Beta corporation acquired 100 percent of the voting shares

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