Peanut Salt Company Company Inventory, December 31..... Other Current Assets .... Investment in Salt Company Other Long-Term Investments. Land..... Buildings and Equipment. Accumulated Depreciation Other Intangible Assets . Current Liabilities... Bonds Payable.... Other Long-Term Liabilities. Common Stock ..... Paid-In Capitalin Excess of Par . Retained Earnings, January 1, 2016.. Sales ..... 130,000 50,000 241,000 200,000 235,000 20,000 140,000 80,000 200,000 375,000 (120,000) (30,000) 20,000 (150,000) (200,000) (200,000) (100,000) (280,000) (600,000) 350,000 (70,000) (100,000) (50,000) (50,000) (50,000) (150,000) (315,000) 150,000 60,000 Cost of Goods Sold. Operating Expenses Dividend Income .. Dividends Declared. 150,000 (16,000) 60,000 20,000 Totals ....
On January 1, 2015, Peanut Company acquired 80% of the common stock of Salt Company for $200,000. On this date, Salt had total owners’ equity of $200,000 (including
Any excess of cost over book value is attributable to inventory (worth $12,500 more than cost), to equipment (worth $25,000 more than book value), and to
The equipment has a remaining life of four years, and straight-line
On January 1, 2015, Peanut sold equipment to Salt at a gain of $15,000. Depreciation is being computed using the straight-line method, a 5-year life, and no salvage value. The following
Complete the worksheet for consolidated financial statements for the year ended December 31, 2016. Include any necessary determination and distribution of excess schedule and income distribution schedules.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
