Tuchel Company held 80% of the common stock of Chelsea Inc. and 40% of thissubsidiary's convertible bonds. The following consolidated financial statements werefor 2019 and 2020.20192020$ 1,064,000( 714,000)( 126,000)$ 1,232,000756,000)140,000)28,000( 42,000)( 15,400)$ 306,600RevenuesCost of goods soldDepreciation and amortizationGain on sale of buildingInterest expenseNon-controlling interestNet income to controlling interest( 42,000)( 12,600)$ 169,400Retained earnings, January 1Net Income (from above)Dividends paidRetained earnings, December 31$ 420,000169,400( 70,000)$ 519,400$ 519,400306,600( 140,000)$ 686,000$ 112,000210,000280,000896,000210,000$ 1,708,000$ 196,000196,000476,000966,000203,000CashAccounts receivableInventoryBuildings and equipment (net)DatabaseTotal assets$ 2,037,000Accounts payableBonds payableNon-controlling interest in SubsidiaryCommon stock$ (196,000)(560,000)( 44,800)(140,000)(247,800)(519,400)$ (1,708,000)$ (140,000)(720,000)( 57,400)(168,000)(265,600)(686,000)$ (2,037,000)Additional paid - in capitalRetained earnings, December 31 (from above)Total liabilities and stockholders’ equityAdditional Information:1. Bonds were issued during 2020 by the parent for cash.2. Amortization of a database acquired in the original combination amounted to$7,000 per year.3. A building with a cost of $84,000 but a $42,000 book value was sold by the parentfor cash on May 11, 2020.4. Equipment was purchased by the subsidiary on July 23, 2020, using cash.5. Late in November 2020, the parent issued common stock for cash.6. During 2020, the subsidiary paid dividends of $14,000.Required:Prepare a consolidated statement of cash flows for the consolidated company for theyear ending December 31, 2020.

Answered: 2019 $ 1,064,0 ( 714,00 ( 126,00 (…

Business

Accounting

2019 $ 1,064,0 ( 714,00 ( 126,00 ( 42,00

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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13. Pat generated self-employment income in 2019 of $76,000. The self-employment tax is: a. b. C. d. $0. $5,369.23. $10,738.46. $11,628.00.
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