write my assignment 8645

Peat Company acquired a 100% interest in Moss by issuing 50,000 shares of its $1 par value common stock valued at $776,000. Prior to the transaction, both entities were under common control; accordingly, the transaction is accounted for as a pooling of interests under US GAAP. 

The parent and the subsidiary report the following balance sheets on the acquisition date, prior to the issuance of stock by Peat:


Cash 920753

A/R 725760

Inventory 1099980

PPE, net 5291244

Current Liabilities 814779

LT Liabilities3379200

Common Stock927045


Retained Earnings2227808





PPE, net5291244

Current Liabilities165648

LT Liabilities238000

Common Stock47600


Retained Earnings368900

Provide the journal entry by Peat to record the investment and the consolidating entries.

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