Homework Help is Here – Start Your Trial Now!
Business
Accounting
DAvidends Cecared Accumulated Depreciation Accounts Payable Wegen Payahle Nte Payahle Coenon Stok etained Kamngs 35,000 $ 167, 000 45, 00 ,000 114.200 182,00 171,600 299,000 20 tro Saver Copany $1,061, 00 $1,061, 00 $468,200 $46, 200 Required: Prepare all consolideting entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. of no entry le required for e transaction/event, select "No Journal entry required" In the first account fleld.) view transation list

DAvidends Cecared Accumulated Depreciation Accounts Payable Wegen Payahle Nte Payahle Coenon Stok etained Kamngs 35,000 $ 167, 000 45, 00 ,000 114.200 182,00 171,600 299,000 20 tro Saver Copany $1,061, 00 $1,061, 00 $468,200 $46, 200 Required: Prepare all consolideting entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. of no entry le required for e transaction/event, select "No Journal entry required" In the first account fleld.) view transation list

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $107.800. At that date, the fair value of Severs buildings and equipment was $18,000 more than the book value. Accumulated depreciation on this date was $2400 Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill Involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2.100. No additional impairment occurred in 20X9. Trial balance data for Price and Saver on December 31, 20X9, are as follows Saver Conpany Debit 337,000 23, 00 33,000 34, 000 151,000 Price Corporation Debit 54, S0 91,000 101,00e 70,000 357, 0e 122, 30e 138, e00 14,000 24,0e 11,000 22,000 35, 00 Credit Item Cash Accounts Receivable Inveetory Land uildings tauipnent Investnent in Saver Conpany Cost of doods Sold Mage tapense Depreciation Expense Interest EKpense Other Experses Dividends Declared Accumulated Depreciation Accounts Payable Hagen Payable Notes Payathle Connon Stock Retaihed Kamangs Ales nco fro Saver Conpany Credit 107, ee 19,00 10, 0 2,000 15,000 37,200 $ 167,000 45,0 ,000 132, 00 182, 000 177, 00 299,000 51.200 $1,061, 0e s1.061. 00 $44,000 9,000 5,000 114,200 $a.000 9.000 206 $468,200 $46,200 Required: a Prepare all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20x9. of no entry ls required for e transaction/event, select "No Journal entry requlred" In the first account fleld.) view transaction ist Consolidation Worksheet Entries A B <. Record the basic consolidation entry.
Transcribed Image Text:Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $107.800. At that date, the fair value of Severs buildings and equipment was $18,000 more than the book value. Accumulated depreciation on this date was $2400 Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill Involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2.100. No additional impairment occurred in 20X9. Trial balance data for Price and Saver on December 31, 20X9, are as follows Saver Conpany Debit 337,000 23, 00 33,000 34, 000 151,000 Price Corporation Debit 54, S0 91,000 101,00e 70,000 357, 0e 122, 30e 138, e00 14,000 24,0e 11,000 22,000 35, 00 Credit Item Cash Accounts Receivable Inveetory Land uildings tauipnent Investnent in Saver Conpany Cost of doods Sold Mage tapense Depreciation Expense Interest EKpense Other Experses Dividends Declared Accumulated Depreciation Accounts Payable Hagen Payable Notes Payathle Connon Stock Retaihed Kamangs Ales nco fro Saver Conpany Credit 107, ee 19,00 10, 0 2,000 15,000 37,200 $ 167,000 45,0 ,000 132, 00 182, 000 177, 00 299,000 51.200 $1,061, 0e s1.061. 00 $44,000 9,000 5,000 114,200 $a.000 9.000 206 $468,200 $46,200 Required: a Prepare all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20x9. of no entry ls required for e transaction/event, select "No Journal entry requlred" In the first account fleld.) view transaction ist Consolidation Worksheet Entries A B <. Record the basic consolidation entry.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS