The consolidation method of accounting is used when ownership is? a) Less than 20% b) Between 20% and 50% c) More than 50% d) Exactly 50%
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- Method of accounting used?Expert please provide correct answerDetermining 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 $80,000. The parent uses Investment cost method of pre-consolidation Equity investment bookkeeping. The financial statements of the parent and its subsidiary for the year ended December 31, 2019, are as follows: Parent Subsidiary Income statement: Sales Cost of goods sold Gross profit Investment income Operating expenses Net income Statement of retained earnings: BOY retained earnings Net income Dividends Ending retained earnings…
- Assets Cash Receivables (net) Inventory PP & E (net) Patents&Licenses Goodwill Total assets Liabilities & Equity Accounts payable Short term debt Long term debt Preferred stock Common Equity Total Liabilities + Equity New Chip Corp Balance Sheet at 12/31/22 ($ in Millions) 31 45 64 215 28 19 402 53 19 179 23 128 402What should the adjustment for consolidated entry be when a Subsidiary sold inventory to Parent at a lower cost. Example: S bought inventory at a cost of 300. S sold to P at 200.Do not use negative signs with your answers below. Reconciliation of Cost to Equity Method Parent's pre-consolidation net income 401000 v Dividend Income 81000 v P% x Net income of subsidiary P% x AAP amortization 0 x Net income attributable to controlling interest $ 0 x b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers below. Consolidated Income Statement Sales $ 12200000 v Cost of goods sold 8120000 v Gross profit 4080000 v Operating expenses 0 x Net income Net income attributable to noncontrolling interests 0 x Net income 0 x
- 1. what is the basis for consolidation?2. is goodwill being remeasured to fair value at each reporting period? if false, what is the correct answer?3.a. Before consolidation, entity A's retained is how much? 3.b.he consolidated earning is how much?this is the scenario for #3a and b:entity A acquired 90% interest in ENtity B on January 1, 20x1 when entity B's net assets had a fair value of 100. On December 31, 20x2, Entity B's net assets increased to 200 after adjustments for acquisition date fair values, net of depreciation.Need typed answer .Please give answer within 30 minutesIn Bell Group's consolidation worksheet, the opening balance of retained earnings under 'group' column shows a balance of 70000. If there is a debit entry of 16000 in the NCI column, the opening balance of retained earnings under 'parent' column could be: A. 86000 B. 54000 C. 70000 D. 16000 Please show entries or details to explain.