The Prince company acquired 100% of the voting stock of the Queen Company on January 1, 2017 for the following consideration.
Queens profits for 2017 totaled $600,000
A. Record the initial entry for the acquisition of Queen:
Answer part A here
B. B. Record the transaction and adjustment needed on January 1, 2018 based upon Queens 2017 results:
Answer part B here
Explain how you got both answers
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