The determination and distribution schedule for the consolidation of Petoskey (80% interest) and Sable reads in part:
Prepare the elimination entries to distribute and amortize the excess purchase cost on
a. 1/1/X1, the date of acquisition
b. 12/31/X1, the end of the first year following the acquisition
c. 12/31/X3, the end of the third year following the acquisition.

Question

The determination and distribution schedule for the consolidation of Petoskey (80% interest) and Sable reads in part:  
Prepare the elimination entries to distribute and amortize the excess purchase cost on 
a. 1/1/X1, the date of acquisition
b. 12/31/X1, the end of the first year following the acquisition
c. 12/31/X3, the end of the third year following the acquisition.

Quizplus · Accepted Answer

The Answer of The determination and distribution schedule for the consolidation of Petoskey (80% interest) and Sable reads in part:  
Prepare the elimination entries to distribute and amortize the excess purchase cost on 
a. 1/1/X1, the date of acquisition
b. 12/31/X1, the end of the first year following the acquisition
c. 12/31/X3, the end of the third year following the acquisition.

The Determination and Distribution Schedule for the Consolidation of Petoskey