Use the information provided in P4.2, but assume that Puffin Industries uses the cost method to account for its investment in Sunset Coast Digital.In problem 4On December 31, 2012, Paxon Corporation...

Use the information provided in P4.2, but assume that Puffin Industries uses the cost method to account for its investment in Sunset Coast Digital. In problem 4 On December 31, 2012, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for $1.8 billion cash. Paxon uses the complete equity method to report its investment. The trial balances of Paxon and Saxon at December 31, 2013, are shown below: Several of Saxon’s assets and liabilities had fair values different from their book values at the acquisition date, as follows: Required Prepare the working paper eliminating entries needed in consolidation at December 31, 2014. View Solution:

Use the information provided in P4 2 but assume that Puffin