Oo.152.Subject :- Account RevenuesCost of goods soldDepreciation expenseInvestment incomeDividends declaredRetained earnings, 1/1/21Current assetsCopyrightsRoyalty agreementsInvestment in StanzaLiabilitiesCommon stockAdditional paid-in capitalNote: Parentheses indicate a credit balance.a.$b.Penske(795,000)283,250184,000C.d.Not given80,000(732,000)510,0001,072,000722,000Not given(562,000)(600,000) ($20 par)(150,000)Consolidated copyrightsConsolidated net incomeConsolidated retained earningsConsolidated goodwill$On January 1, 2021, Penske acquired all of Stanza's outstanding stock for $818,000 fair value in cash andcommon stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (with asix-year remaining life) have a $632,000 book value but a fair value of $746,000.a. As of December 31, 2021, what is the consolidated copyrights balance?b. For the year ending December 31, 2021, what is consolidated net income?> Answer is complete but not entirely correct.Amounts$ 1,718,500$ 524,750 x$ 1,176,750$ 156,000✔Stanza(700,000)175,000302,000060,000(268,000)668,000558,5001,116,000c. As of December 31, 2021, what is the consolidated retained earnings balance?d. As of December 31, 2021, what is the consolidated balance to be reported for goodwill?0(1,631,500)(200,000) ($10 par)(80,000)

Net income refers to the amount earned by the company after deducting the expenses from teh revenue…

Revenues Cost of goods sold Depreciation expense Investment income Dividends declared Retained earnings, 1/1/21 Current assets Copyrights Royalty agreements Investment in Stanza Liabilities $ (795,000) 283,250 184,000 Not given 80,000 (732,000) 510,000 1,072,000 722,000 Not given (562,000) (600,000) ($20 par) (150,000) Common stock Additional paid-in capital ote: Parentheses indicate a credit balance. $ (700,000) 175,000 302,000 0 60,000 (268,000) 668,000 558,500 1,116,000 0 (1,631,500) (200,000) ($10 par) (80,000) n January 1, 2021, Penske acquired all of Stanza's outstanding stock for $818,000 fair value in cash and ommon stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (wi x-year remaining life) have a $632,000 book value but a fair value of $746,000. . As of December 31, 2021, what is the consolidated copyrights balance? . For the year ending December 31, 2021, what is consolidated net income? As of December 31, 2021, what is the consolidated retained earnings balance? 21 2021 duill?

Revenues Cost of goods sold Depreciation expense Investment income Dividends declared Retained earnings, 1/1/21 Current assets Copyrights Royalty agreements Investment in Stanza Liabilities $ (795,000) 283,250 184,000 Not given 80,000 (732,000) 510,000 1,072,000 722,000 Not given (562,000) (600,000) ($20 par) (150,000) Common stock Additional paid-in capital ote: Parentheses indicate a credit balance. $ (700,000) 175,000 302,000 0 60,000 (268,000) 668,000 558,500 1,116,000 0 (1,631,500) (200,000) ($10 par) (80,000) n January 1, 2021, Penske acquired all of Stanza's outstanding stock for $818,000 fair value in cash and ommon stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (wi x-year remaining life) have a $632,000 book value but a fair value of $746,000. . As of December 31, 2021, what is the consolidated copyrights balance? . For the year ending December 31, 2021, what is consolidated net income? As of December 31, 2021, what is the consolidated retained earnings balance? 21 2021 duill?

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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