Prepare the related eliminating entries on January 1, 20x9 and December 31, 20x19 CONSOLIDATED BALANCE SHEETJANUARY 1, 20X9BALANCE SHEETCashReceivables300,000100,000650,000350,000900,000125,00030,00045,000InventoryInvestment in SubsidiaryPPE350,000Total2,300,000550,000LiabilitiesOutstanding sharesRetained earnings600,0001,000,000700,000150,000200,000200,000Total2,300,000550,000CONSOLIDATED WORKSHEETDECEMBER 31, 20X9INCOMEANDRETAINEDParentSubsidiaryCompany550,000EARNINGSDebitsCreditsCompany800,00040,000(480,000)SalesDividend incomeCost of sales(250,000)(150,000)150,000Operating expenses(60,000)300,000Net incomeRetained earnings, Jan 1, 20x19500,000(100,000)700,000100,000(50,000)200,000Dividends declaredRetained earnings endBALANCE SHEETCash300,000100,000650,000350,000900,000125,00030,00045,000ReceivablesInventoryInvestment in SubsidiaryPPE350,000Total2,300,000550,000600,0001,000,000700,000Liabilities150,000200,000Outstanding sharesRetained earnings200,000Total2,300,000550,000 On January 5, 20x9, Parent Company acquired 80% of the outstanding shares of Subsidiary Company for P350,000. Thefinancial statements of Parent and Subsidiary Company before the acquisition follow:ParentSubsidiary ParentCompany Company Value700,000300,0001,000,000500,0001,000,000500,000CashInventoryPPE100,000 100,00050,00055,000350,000 365,000200,000 200,000200,000100,000LiabilitiesOutstanding SharesRetained eamings|Financial statements for Parent and Subsidiary for the year ended December 31, 2x19 follow:AdditionalInfomation:The undervalued PPE of Subsidiary on the date of acquisition has a remaining useful life of 5-years.Subsidiary Company owes Parent Company P5,000 on December 31, 2x19.

On 05.01.20x9, Parent company acquired outstanding shares of subsidiary company = 80% Purchase…

On January 5, 20x9, Parent Company acquired 80% of the outstanding shares of Subsidiary Company for P350,000. The financial statements of Parent and Subsidiary Company before the acquisition follow: Subsidiary Parent Company Company Value 100,000 100,000 50,000 Parent Cash 700,000 300,000 1,000,000 500,000 1,000,000 500,000 Inventory 55,000 350,000 365,000 200,000 200,000 200,000 100,000 PPE Liabilities Outstanding Shares Retained eamings Financial statements for Parent and Subsidiary for the year ended December 31, 2x19 follow: AdditionalInfomation: The undervahued PPE of Subsidiary on the date of acquisition has a remaining useful life of 5-years. Subsidiary Company owes Parent Company P5,000 on December 31, 2x19.

On January 5, 20x9, Parent Company acquired 80% of the outstanding shares of Subsidiary Company for P350,000. The financial statements of Parent and Subsidiary Company before the acquisition follow: Subsidiary Parent Company Company Value 100,000 100,000 50,000 Parent Cash 700,000 300,000 1,000,000 500,000 1,000,000 500,000 Inventory 55,000 350,000 365,000 200,000 200,000 200,000 100,000 PPE Liabilities Outstanding Shares Retained eamings Financial statements for Parent and Subsidiary for the year ended December 31, 2x19 follow: AdditionalInfomation: The undervahued PPE of Subsidiary on the date of acquisition has a remaining useful life of 5-years. Subsidiary Company owes Parent Company P5,000 on December 31, 2x19.

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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