I just need question number 7 which is: Prepare entry *C (asterisk C) to convert parent's beginning retained earnings to full accrual basis also I tried this answer $ 84500 but it is wrong too (103000 -(13000+7500))=84500. Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has thefollowing trial balance:Accounts payableAccounts receivableAdditional paid-in capitalBuildings (net) (4-year remaining life)Cash and short-term investmentsCommon stockcommEquipment (net) (5-year remaining life)InventoryLandLong-term liabilities (mature 12/31/23)Retained earnings, 1/1/20Supplies72189During 2020, Abernethy reported net income of $105,000 while declaring and paying dividends of $13,000. During 2021, Abernethyreported net income of $136,750 while declaring and paying dividends of $36,000.35Assume that Chapman Company acquired Abernethy's common stock for $605,600 in cash. As of January 1, 2020, Abernethy's landhad a fair value of $101,800, its buildings were valued at $227,400, and its equipment was appraised at $164,500. Chapman uses theequity method for this investment.No46Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)Totals101112DateDecember 31, 202 No journal entry requiredDecember 31, 202(LandBuildingsGoodwillDecember 31, 202 Common stock-AbernethyAdditional paid-in capitalRetained earnings-1/1/20Investment in AbernethyDecember 31, 202 Investment in AbernethyDividends declaredDecember 31, 202 Depreciation expenseEquipmentBuildingsDebit$ 44,700EquipmentInvestment in Abernethywwnvillyu163,00083,750December 31, 202 Investment in Abernethy207,500122,00085,500December 31, 2021 Equity in subsidiary earningsInvestment in Abernethy13,300$719,750December 31, 202 LandBuildingsGoodwillRetained earnings-1/1/20December 31, 202 Common stock-AbernethyAdditional paid-in capitalRetained earnings-1/1/21December 31, 202 Investment in AbernethyDividends declaredAccountsDecember 31, 202 Depreciation expenseEquipmentEquipmentInvestment in AbernethyCredit$ 55,10050,000December 31, 202 Equity in subsidiary earningsInvestment in Abernethy250,000162,500202,150$ 719,75033333✓✓››››>>>J33333333>>✓Debit✓✓250,000✔50,000 ✓202,15016,300✔64,400✔65,750✔X 294,150 Xx97,500✔13,000>7,500✔✓8,600250,000✔50,000✔294,15016,30048,300✔65,750129,25036,0007,500› › ›8,600››Credit502,15043,000✔103,45097,50013,000✔16,100294,150 X594,15034,40095,950129,25036,000

The retained earnings means the earnings that is remained after the payment of the dividend and the…

I just need question number 7 which is: Prepare entry *C (asterisk C) to convert parent's beginning retained earnings to full accrual basis also I tried this answer $ 84500 but it is wrong too (103000 -(13000+7500))=84500.

I just need question number 7 which is: Prepare entry *C (asterisk C) to convert parent's beginning retained earnings to full accrual basis also I tried this answer $ 84500 but it is wrong too (103000 -(13000+7500))=84500.

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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prepare an income using the following adjusted trial balance of billi sol companycash 13000accounts receivable 20000office supplies 10300office equipment 40500Accumulated depriciation office 22000accounts payable 11500unearned service revenue 6500long term notes payable 38000billi sol capital 11000billi sol withdrawls 10000service revenue 1100salary expenses 30000rent expenses 12300depreciation expenses 1000office suplies 3000expensesTotal 140100 140100
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Subject: accounting
Ss.112.
Hh1. Account
Blue Corporation leased equipment to Larkspur, Inc. on January 1, 2025. The lease agreement called for annual rental payments of $1,307 at the beginning of each year of the 3-year lease. The equipment has an economic useful life of 7 years, a fair value of $10,00 a book value of $8,000, and Blue expects a residual value of $7,500 at the end of the lease term. Blue set the lease payments with th intent of earning a 6% return, though Larkspur is unaware of the rate implicit in the lease and has an incremental borrowing rate of 8%. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of specialized nature. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your Answer Correct Answer Your answer is correct. Determine the nature of the lease to both Blue and Larkspur. The lease is a/an operating lease to Larkspur. The lease is a/an operating…
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The two numbers are still wrong -49800 under retained earnings and -77200 under account payable even after taking out the negaiuve in front of it. Please provide a more accurate answer that is actuallyn the right answer please???????????
A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…
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Mon Mans decided to start her own small bus tour business, called Cascade Tours. She had the following ending balances after the first month of operations (September 2021). Ending Balances - September 30, 2021 Accounts Payable $500 Bus Bank Loan $35,000 $18,400 Capital Invested in September Cash $20,800 $10,100 Interest Expense Mans, Capital, September 1, 2021 Mans, Withdrawals Maintenance Expense Miscellaneous Expense Prepaid Insurance Salaries & Wages Expense $800 $900 $800 $600 $1,500 $800 $9,700 Service Revenue Unearned Revenue Utilities Expense $1,600 $500