32A4D5ヨLandEquipment (net)Customer list (net)Buildings (net)Investment in HillInvestment incomeInvestment in HillInvestment in HillDividends declaredAmortization expenseDepreciation expenseBuildings (net)Equipment (net)Customer list (net)< Required BRequired C< Prev4 of 5Next > Return to questionIf the parent uses the equity method, what consolidation entries would be used on a 2021 worksheet? (If no entry is requiredfor a transaction/event, select "No journal entry required" in the first account field.)NoEvent1SRetained earningsCommon stockAdditional paid-in capitalInvestment in Hill2ALand34D5=Equipment (net)Customer list (net)Buildings (net)Investment in HillInvestment incomeInvestment in HillInvestment in HillDividends declaredAmartination avannonAccountsDrovof 5NovtDebitCredit620,00036,000918,0001,574,000

Step 1: Step 2: Step 3: Step 4:

Answered: 3 2 A 4 D 5 ヨ Land Equipment (net)…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 24GI

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Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2016. Miller paid $848,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total value of $212,000 both before and after Miller's acquisition. On January 1, 2016, Taylor reported a book value of $492,000 (Common Stock $246,000; Additional Paid-In Capital = $73,800; Retained Earnings = $172,200). Several of Taylor's buildings that had a remaining life of 20 years were undervalued by a total of $65,600. During the next three years, Taylor reports income and declares dividends as follows: Year Net Income Dividends $ 57,700 $ 8,400 12,700 17,000 2016 2017 75,600 2018 84,600 Determine the appropriate answers for each of the following questions: a. What amount of excess depreciation expense should be recognized in the consolidated financial statements for the initial years following this acquisition? b. If a consolidated…
Determining ending consolidated balances in the third year following the acquisition-Cost method Assume a parent company acquired a subsidiary on January 1, 2017, for $1,250,000. The purchase price was $900,000 in excess of the subsidiary's $350,000 book value of Stockholders' Equity on the acquisition date. Of this excess purchase price, $650,000 was assigned to Property, plant and equipment with a remaining economic useful life of 10 years, and $250,000 was assigned to Goodwill. On the acquisition date, the subsidiary reported retained earnings equal to $80,000. The parent uses Investment cost method of pre-consolidation Equity investment bookkeeping. The financial statements of the parent and its subsidiary for the year ended December 31, 2019, are as follows: Parent Subsidiary Income statement: Sales Cost of goods sold Gross profit Investment income Operating expenses Net income Statement of retained earnings: BOY retained earnings Net income Dividends Ending retained earnings…
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a) Explain how each dividend would be treated in both the Consolidated statementof profit or loss and the Consolidated statement of changes in equity for the yearended 30 June 2022.b) Prepare the retained earnings and non-controlling income columns from theConsolidated statement of changes in equity for the year ended 30 June 2022c) What determines the status of an investment as an associate? Identify anyfurther information needed to confirm the status of Able as an associate?
urnalize transactions and adjusting P16.3 (LO 2, 3) On December 31, 2019, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. ury for shaare investments. Ordinary Shares Shares Cost Carlene Co. 2,000 £60,000 Riverdale Co. 5,000 45,000 Raczynski Co. 1.500 30,000 On December 31. 2019, the total fair value of the securities was equal to its cost. In 2020, the follow ing transactions occurred. Aug. I Sept. I Oct. Received £0.70 per share cash dividend on Carlene Co, ordinary shares. Sold 2,000 ordinary shares of Riverdale Co. for cash at €8 per share. Sold 800 ordinary shares of Carlene Co. for cash at £33 per share. Problems 16-35 Nov. 1 Received £1 per share cash dividend on Raczynski Co. ordinary shares. Received £0.70 per share cash dividend on Carlene Co. ordinary shares. 31 Dec. 15 Received £1 per share annual cash dividend on Riverdale Co. ordinary shares. At December 31, the fair…
* CengageNOW2 | Onlin x 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 人 еВook Show Me How Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Current Previous Previous year year year year Amount Percent Amount Percent Current assets…
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Prepare consolidation worksheet entries for December 31, 2021 -Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021. Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021. Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method. Prepare entry D to eliminate intra-entity dividend transfers. Prepare entry E to recognize current year amortization expense.
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The adjusted trial balance for the year of SNEED Corporatioon attached in ss blow thanks for help apoprecaited rwohwtkhpotw pwtkoj
Prepare schedules that show the calculations of the Investment in Short 12/31/24 account balances. Consideration transferred by Martin for Short Short's separate 2023 net income Excess copyright amortization 2023 intra-entity Ending Inventory profit deferral Short's adjusted 2023 net income Percentage owned by Martin Short's separate 2024 income Excess copyright amortization Intra-entity Beginning Inventory profit recognition Intra-entity Ending Inventory profit deferral Short's adjusted 2024 net income Percentage owned by Martin Investment in Short 12/31/24 $ 124,800 80% 80% SA 0

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