Parent Corporation acquired 90 percent of the outstanding voting stock of Subsidiary, Inc., on January 1, 2020, when Subsidiary had a net book value of $610,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year. Parent's 2021 net income before consideration of its relationship with Subsidiary (and before adjustments for intra-entity sales) was $510,000. Subsidiary reported net income of $320,000. Parent declared $200,000 in dividends during this period; Subsidiary paid $61,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Parent Subsidiary $350,000 $111,000 810,000 410,000 Equipment (net) 610,000 510,000 Inventory Land In 2020, Subsidiary sold land costing $51,000 to Parent for $92,000. On the 2021 consolidated balance sheet, what value should be reported for land? Complete this question by entering your answers in the tabs below. Required On the 2021 consolidated balance sheet, what value should be reported for land? Consolidated land balance < Required next >

Parent Corporation acquired 90 percent of the outstanding voting stock of Subsidiary, Inc., on January 1, 2020, when Subsidiary had a net book value of $610,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year. Parent's 2021 net income before consideration of its relationship with Subsidiary (and before adjustments for intra-entity sales) was $510,000. Subsidiary reported net income of $320,000. Parent declared $200,000 in dividends during this period; Subsidiary paid $61,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Parent Subsidiary $350,000 $111,000 810,000 410,000 Equipment (net) 610,000 510,000 Inventory Land In 2020, Subsidiary sold land costing $51,000 to Parent for $92,000. On the 2021 consolidated balance sheet, what value should be reported for land? Complete this question by entering your answers in the tabs below. Required On the 2021 consolidated balance sheet, what value should be reported for land? Consolidated land balance < Required next >

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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