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Advanced Accounting, 5th Edition by Paul K. Chaney, Debra C. Jeter

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CONSOLIDATED FINANCIAL STATEMENTS—DATE OF ACQUISITION

LEARNING OBJECTIVES

images Understand the concept of control as used in reference to consolidations.

images Explain the role of a noncontrolling interest in business combinations.

images Describe the reasons why a company acquires a subsidiary rather than its net assets.

images Describe the valuation and classification of accounts in consolidated financial statements.

images List the requirements for inclusion of a subsidiary in consolidated financial statements.

images Discuss the limitations of consolidated financial statements.

images Record the investment in the subsidiary on the parent's books at the date of acquisition.

Prepare the consolidated workpapers and eliminating entries ...

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