You have worked for the past couple of years on audits of city and county governments, and now have the opportunity to work on auditing federal government accounting. As part of preparation for working in the new role, describe in detail how the objectives of the FASAB conceptual framework differ from the objectives of GASB.
1) Prepare the following consolidation and equity accounting entries for Purple Co. and its subseries and Associate for the year ended 31 December
1) Prepare the following consolidation and equity accounting entries for Purple Co. and its subseries and Associate for the year ended 31 December 20X5. CJE1: Elimination of investment in Yellow Co.; Dr. share capital (Yellow Co.) $ 3,120,000 Dr. Retained Earnings (Yellow Co.) $ 3,510,000 Dr. Goodwill $ 1,560,000 Cr.