0560001040009700050400 Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reportedcommon stock of $300,000 and retained earnings of $210,000 on that date. Equipment was undervaluedby $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. Any excessconsideration transferred over fair value was attributed to goodwill with an indefinite life. Based on anannual review, goodwill has not been impaired.Demers earns income and pays dividends as follows:202020212019$100,000 $120,000$130,000NetincomeDividends 40,000 50,00060,000Assume the partial equity method is applied.What is the consolidated balance of the Equity in Demers Earnings account at December 31, 2021.Multiple Choice< Prev8 of 10HNext >54OMacBook AirF6#3OED80F3$429F4RF%5F5TG^6YH&7AdUW* 008JDIIFB-(9KDDF9)00&F10L

Consolidated financial statements are prepared when two or more business entities are associated…

non stock Of earnings of $210,000 on that date. Equipment was unde 30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. An deration transferred over fair value was attributed to goodwill with an indefinite life. Based or al review, goodwill has not been impaired. ers earns income and pays dividends as follows: 2010

non stock Of earnings of $210,000 on that date. Equipment was unde 30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. An deration transferred over fair value was attributed to goodwill with an indefinite life. Based or al review, goodwill has not been impaired. ers earns income and pays dividends as follows: 2010

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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Lenci Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 5,100 units, but its actual level of activity was 5,050 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses Total expenses Actual results for May: Revenue Direct labor Direct materials Fixed element per month $0 $0 0 41,500 22,700 $ 64,200 $ 197,810 $ 28,565 $ 80,265 $ 47,905 $ 22,680 Manufacturing overhead Selling and administrative expenses The spending variance for manufacturing overhead in May would be closest to: Variable element per unit $ 39.60 $ 5.50 15.70 1.30 0.20 $ 22.70
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