company p acquired 90 percent of the common stock of company s on 1/1/2020. on the date of acquisition, company s had buildings with book value $120,000, fair value $220,000, and remaining useful life of 10 years. what amortization entry should be prepared by company p when consolidating the financial statements for 2022 (the third year after the acquisition)?

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06-12-2022
Business

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company p acquired 90 percent of the common stock of company s on 1/1/2020. on the date of acquisition, company s had buildings with book value $120,000, fair value $220,000, and remaining useful life of 10 years. what amortization entry should be prepared by company p when consolidating the financial statements for 2022 (the third year after the acquisition)?

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