On January 1, 2019, Pali Company acquired 75% of Silicon Company's voting stock for $44,300 in cash. The noncontrolling interest had anestimated fair value of $12,700. Silicon's assets and liabilities at the date of acquisition were reported at amounts approximating fair value,but it had previously unreported indefinite life identifiable intangibles valued at $21,000. Silicon's total shareholders' equity at January 1,2019 was as follows:Capital stockRetained earningsAccumulated other comprehensive incomeTotalIt is now December 31, 2020 (two years later). Identifiable intangibles impairment for 2019 was $1,000 and there was no goodwillimpairment. There is no identifiable intangibles impairment for 2020, but goodwill impairment for 2020 is $200. Pali uses the completeequity method to account for its investment. December 31, 2020 trial balances for Pali and Silicon follow.Current assetsProperty, netIntangiblesInvestment in SiliconGoodwillLiabilitiesCapital stockRE, beginningAOCI, beginningSales revenueEquity in net income of SiliconEquity in OCI of SiliconCost of goods sold$PaliDr (Cr)5,00042,00045,892$ 2,0002,900100$ 5,000(53,887)(15,000)(20,000)(1,100)(25,000)(1,190)(15)20,000$SiliconDr (Cr)1,00028,000(20,664)(2,000)(4,400)(116)(14,000)9,000← Operating expensesOther comprehensive incomeTotalSelect one:OOOn the consolidated balance sheet at December 31, 2020, what is the balance for consolidated retained earnings?O$A. $22,600B. $21,960C. $22,190D. $20,0004,000(700)$3,200_(20)

Retained earnings represent the cumulative net income of a company that is retained and reinvested…

Answered: On the consolidated balance sheet at…

On the consolidated balance sheet at December 31, 2020, what is the balance for consolidated retained earnings? Select one: O A. $22,600 O B. $21,960 O C. $22,190 O D. $20,000

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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