2) Suntop Corporation is an 80% owned subsidiary of Pentop Corporation, acquired for $ 240,000 on January 1, 2021. • Investment Cost was equal to book value and fair value. • Suntop's net income in 2021 was $ 60,000 and Pentop's income, excluding its income from Suntop, was 80,000. • Pentop's income includes a $ 12,000 unrealized gain on land that cost $ 42,000 and was sold to Suntop for $ 54,000. • Assume that Suntop sold the land in 2023 for $ 60,000. • Assume Pentop adjust for this transaction in the equity accounts. Required: 1) What Entries would Pentop make in 2021 and 2023? 2) Prepare the Consolidation Entries at December 31, 2021, December 31, 2022 and December 31, 2023.

2) Suntop Corporation is an 80% owned subsidiary of Pentop Corporation, acquired for $ 240,000 on January 1, 2021. • Investment Cost was equal to book value and fair value. • Suntop's net income in 2021 was $ 60,000 and Pentop's income, excluding its income from Suntop, was 80,000. • Pentop's income includes a $ 12,000 unrealized gain on land that cost $ 42,000 and was sold to Suntop for $ 54,000. • Assume that Suntop sold the land in 2023 for $ 60,000. • Assume Pentop adjust for this transaction in the equity accounts. Required: 1) What Entries would Pentop make in 2021 and 2023? 2) Prepare the Consolidation Entries at December 31, 2021, December 31, 2022 and December 31, 2023.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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