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Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2022, for $693,000 cash. Greenburg's accounting records showed net assets on that date of $558,000, although equipment with a 10-year remaining life was undervalued on the records by $71,500. Greenburg reports net income in 2022 of $97,000 and $135,500 in 2023. The subsidiary declared dividends of $20,000 in each of these two years. Account balances for the year ending December 31, 2024, follow. Credit balances are indicated by parentheses. Revenues Cost of goods sold Depreciation expense Investment income Items Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Current assets Investment in subsidiary Equipment (net) Buildings (net) Land Total assets Liabilities Common stock Retained earnings Total liabilities and equity Foxx $ (860,000) 107,500 348,000 (20,000) $ (424,500) $ (1,218,000) (424,500) 120,000 $ (1,522,500) $325,000 693,000 1,054,000 826,000 666,000 $ 3,564,000 $ (1,141,500) (900,000) (1,522,500) $ (3,564,000) Greenburg $(776,000) 194,000 375,000 0 $ (207,000) $ (450,500) (207,000) 20,000 $ (637,500) $ 161,000 e 634,000 588,000 145,000 $ 1,528,000 $ (590,500) (300,000) (637,500) $ (1,528,000)

Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2022, for $693,000 cash. Greenburg's accounting records showed net assets on that date of $558,000, although equipment with a 10-year remaining life was undervalued on the records by $71,500. Greenburg reports net income in 2022 of $97,000 and $135,500 in 2023. The subsidiary declared dividends of $20,000 in each of these two years. Account balances for the year ending December 31, 2024, follow. Credit balances are indicated by parentheses. Revenues Cost of goods sold Depreciation expense Investment income Items Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Current assets Investment in subsidiary Equipment (net) Buildings (net) Land Total assets Liabilities Common stock Retained earnings Total liabilities and equity Foxx $ (860,000) 107,500 348,000 (20,000) $ (424,500) $ (1,218,000) (424,500) 120,000 $ (1,522,500) $325,000 693,000 1,054,000 826,000 666,000 $ 3,564,000 $ (1,141,500) (900,000) (1,522,500) $ (3,564,000) Greenburg $(776,000) 194,000 375,000 0 $ (207,000) $ (450,500) (207,000) 20,000 $ (637,500) $ 161,000 e 634,000 588,000 145,000 $ 1,528,000 $ (590,500) (300,000) (637,500) $ (1,528,000)

SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter5: Corporations: Earnings & Profits And Dividend Distributions
Section: Chapter Questions
Problem 31P
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Complete this question by entering your answers in the tabs below. Req B and C Req D and E Determine the December 31, 2024, consolidated balance for each of the following accounts. Note: Input all amount as positive values. Req A Depreciation expense Dividends declared Revenues Equipment Buildings Goodwill Common stock Consolidated Balances < Req A Req B and C >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Req B and C Req D and E Determine the December 31, 2024, consolidated balance for each of the following accounts. Note: Input all amount as positive values. Req A Depreciation expense Dividends declared Revenues Equipment Buildings Goodwill Common stock Consolidated Balances < Req A Req B and C >
Problem 3-24 (Algo) (LO 3-2, 3-3, 3-4) Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2022, for $693,000 cash. Greenburg's accounting records showed net assets on that date of $558,000, although equipment with a 10-year remaining life was undervalued on the records by $71,500. Greenburg reports net income in 2022 of $97,000 and $135,500 in 2023. The subsidiary declared dividends of $20,000 in each of these two years. Account balances for the year ending December 31, 2024, follow. Credit balances are indicated by parentheses. Revenues Cost of goods sold Depreciation expense Investment income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Items Current assets Investment in subsidiary Equipment (net) Buildings (net) Land Total assets Liabilities Common stock Retained earnings Total liabilities and equity Required: Foxx $ (860,000) 107,500 348,000 (20,000) $ (424,500) $ (1,218,000) (424,500) 120,000 $ (1,522,500) $ 325,000 693,000 1,054,000 826,000 666,000 $ 3,564,000 $ (1,141,500) (900,000) (1,522,500) $ (3,564,000) Greenburg $ (776,000) 194,000 375,000 0 $ (207,000) $ (450,500) (207,000) 20,000 $ (637,500) $ 161,000 0 634,000 588,000 145,000 $ 1,528,000 $ (590,500) (300,000) (637,500) $ (1,528,000)
Transcribed Image Text:Problem 3-24 (Algo) (LO 3-2, 3-3, 3-4) Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2022, for $693,000 cash. Greenburg's accounting records showed net assets on that date of $558,000, although equipment with a 10-year remaining life was undervalued on the records by $71,500. Greenburg reports net income in 2022 of $97,000 and $135,500 in 2023. The subsidiary declared dividends of $20,000 in each of these two years. Account balances for the year ending December 31, 2024, follow. Credit balances are indicated by parentheses. Revenues Cost of goods sold Depreciation expense Investment income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Items Current assets Investment in subsidiary Equipment (net) Buildings (net) Land Total assets Liabilities Common stock Retained earnings Total liabilities and equity Required: Foxx $ (860,000) 107,500 348,000 (20,000) $ (424,500) $ (1,218,000) (424,500) 120,000 $ (1,522,500) $ 325,000 693,000 1,054,000 826,000 666,000 $ 3,564,000 $ (1,141,500) (900,000) (1,522,500) $ (3,564,000) Greenburg $ (776,000) 194,000 375,000 0 $ (207,000) $ (450,500) (207,000) 20,000 $ (637,500) $ 161,000 0 634,000 588,000 145,000 $ 1,528,000 $ (590,500) (300,000) (637,500) $ (1,528,000)
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