3. 4. 5. Assume Weisman uses the equity method to account for its investment in Martindale. What is the balance in the pre-consolidation Income (loss) from subsidiary account for 2021? $136,000 $140,800 a. b. C. d. Assume Weisman uses the equity method to account for its investment in Martindale. What is the balance in pre-consolidation Income (loss) from subsidiary for 2022? a. b. $141,600 $142,800 C. d. $235,000 $264,600 $265,400 $268,600 What would be the net debit or credit to cost of goods sold on the 2021 consolidation worksheet?

3. 4. 5. Assume Weisman uses the equity method to account for its investment in Martindale. What is the balance in the pre-consolidation Income (loss) from subsidiary account for 2021? $136,000 $140,800 a. b. C. d. Assume Weisman uses the equity method to account for its investment in Martindale. What is the balance in pre-consolidation Income (loss) from subsidiary for 2022? a. b. $141,600 $142,800 C. d. $235,000 $264,600 $265,400 $268,600 What would be the net debit or credit to cost of goods sold on the 2021 consolidation worksheet?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

dont give answer in image format
On January 1, 2012, Aspen Company acquired 80 percent of Birch Company's outstanding voting stock for $438,000. Birch reported a $457,500 book value and the fair value of the noncontrolling interest was $109,500 on that date. Also, on January 1, 2013, Birch acquired 80 percent of Cedar Company for $200,000 when Cedar had a $205,000 book value and the 20 percent noncontrolling interest was valued at $50,000. In each acquisition, the subsidiary's excess acquisition-date fair over book value was assigned to a trade name with a 30-year life. These companies report the following financial information. Investment income figures are not included. Sales: Aspen Company Birch Company Cedar Company Expenses: Aspen Company Birch Company Cedar Company Dividends declared: Aspen Company Birch Company Cedar Company 2012 $ 632,500 261,250 Not available $ 542,500 200,000 Not available $15,000 8,000 Not available 2013 2014 $747,500 327,250 $822,500 416,900 185,900 292,600 $522,500 $750,000 261,000…
Prepare and compute for the CONSOLIDATED TOTAL ASSETS at the date of acquisition.
None
A-7
Write the complete solutions legibly.
P3.4 Consolidated Balance Sheet Working Paper, Bargain Purchase On January 1, 2019, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for $1.7 billion cash. The balance sheets of Paxon and Saxon, immediately prior to the combination, are shown below: Balance Sheets (in millions) Assets Cash and receivables. Inventory. Equity method investments Land.. Buildings and equipment, net Total assets Liabilities and Shareholders' Equity Current liabilities.. Long-term debt Common stock, par value Additional paid-in capital. Retained earnings Total liabilities and shareholders' equity Paxon (in millions) Inventory.. Equity method investments Land.... Buildings and equipment, net $2,860 1,700 - 650 2,400 $7,610 $1,500 2,000 500 1,200 2,410 $7,610 Saxon $ 720 900 300 175 600 $2,695 $1,000 400 100 350 845 $2,695 Several of Saxon's assets had fair values that were different from their book values. Estimates of the fair values of these items follow: Estimated Fair Value…
1- The following information relates to Panorama Corporation and its 70 percent-owned subsidiary, Scan, for the year 2022 is as follows (in thousands): Sales Income from Scan Cost of sales Depreciation expense Other expenses Panorama Scan $2,000 $800 98 (1,200) (400) (100) (80) (398) (180) I Required: a. Prepare a consolidated income statement for Panorama Corporation and Subsidiary for 2022. (Working paper not required) Assuming that Panorama acquired its 70 percent interest in Scan at book value on January 1, 2021, when the fair value of Scan'assets and liabilities were equal to recorded book values. There were no intercompany transactions during 2021 and 2022.
1. What is the consolidated assets as of date of acquisition? 2. What is the consolidated equity as of date of acquisition?
Dog
Please do not give solution in image format thanku
a. What is the consolidated net income for 2014? b. What is the consolidated sales for 2014?