Question - Parsons Company acquired 90% of the outstanding stock of Shea Company on June 30, 2011, for $426,000. Shea retained earnings in the amount of $60,000, fair value of assets and liabilities was equal to book value. Sales $2,555,500, $1,120,000
Prepare a consolidated financial statements work paper for year ended Dec. 31, 2013.
Prepare a schedule to calculate consolidated retained earnings on Dec. 31, 2013. Use an analytical or t-account.