padilla company acquired 80 of the outstanding common stock of skon company on january 1 2009 for 132000/

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Required:
A. Prepare the journal entry on Padilla’s books to record the effect of the issuance assuming
(1) Cost method
(2) Complete or partial equity method
B. Prepare the eliminating entries needed for the preparation of a consolidated statements workpaper on December 31, 2011 assuming
(1) Cost method
(2) Complete or partial equity method

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