The following are selected accounts and balances for Jonah Company and Hill, Incorporated, as of December 31, 2024. Several of Jonah's accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period Accounts Jonah Revenues Cost of goods sold Depreciation expense Investment Income Retained earnings, 1/1/24 Dividends declared Current assets Land Buildings (net) Equipment (net) Liabilities Common stock Additional paid-in capital $ (592,000) 270,000 $ (248,000) 112,000 Not given (906,000) 124,000 88,000 46,000 Not given (592,000) 38,000 182,000 690,000 294,000 94,000 500,000 156,000 190,000 244,000 (394,000) (316,000) (54,000) (300,000) (46,000) (870,000) Assume that Jonah acquired Hill on January 1, 2020, by issuing 7,400 shares of common stock having a par value of $10 per share but a fair value of $100 each. On January 1, 2020, Hill's land was undervalued by $18,200, its buildings were overvalued by $29,800, and equipment was undervalued by $59,200. The buildings had a 10-year remaining life; the equipment had a 5-year remaining life. A proprietary database with an appraised value of $95,000 was developed internally by Hill and was estimated to have a 20-year remaining useful life. Required: a. Determine the December 31, 2024, consolidated totals for the following accounts: Revenues Cost of goods sold Depreciation expense Amortization expense Buildings Equipment Database Comman stock Additional paid-in capital b. In requirement part (a), can the consolidated totals be determined without knowing which method the parent used to account for the subsidiary? c. If the parent uses the equity method, what consolidation entries would be used on a 2024 worksheet? Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the December 31, 2024, consolidated totals for the following accounts: Note: Input all amounts as positive values. Revenues Cost of goods sold Depreciation expense Amortization expense Buildings Equipment Dalabase Common stock Additional paid-in capital Consolidated Totals

The following are selected accounts and balances for Jonah Company and Hill, Incorporated, as of December 31, 2024. Several of Jonah's accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period Accounts Jonah Revenues Cost of goods sold Depreciation expense Investment Income Retained earnings, 1/1/24 Dividends declared Current assets Land Buildings (net) Equipment (net) Liabilities Common stock Additional paid-in capital $ (592,000) 270,000 $ (248,000) 112,000 Not given (906,000) 124,000 88,000 46,000 Not given (592,000) 38,000 182,000 690,000 294,000 94,000 500,000 156,000 190,000 244,000 (394,000) (316,000) (54,000) (300,000) (46,000) (870,000) Assume that Jonah acquired Hill on January 1, 2020, by issuing 7,400 shares of common stock having a par value of $10 per share but a fair value of $100 each. On January 1, 2020, Hill's land was undervalued by $18,200, its buildings were overvalued by $29,800, and equipment was undervalued by $59,200. The buildings had a 10-year remaining life; the equipment had a 5-year remaining life. A proprietary database with an appraised value of $95,000 was developed internally by Hill and was estimated to have a 20-year remaining useful life. Required: a. Determine the December 31, 2024, consolidated totals for the following accounts: Revenues Cost of goods sold Depreciation expense Amortization expense Buildings Equipment Database Comman stock Additional paid-in capital b. In requirement part (a), can the consolidated totals be determined without knowing which method the parent used to account for the subsidiary? c. If the parent uses the equity method, what consolidation entries would be used on a 2024 worksheet? Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the December 31, 2024, consolidated totals for the following accounts: Note: Input all amounts as positive values. Revenues Cost of goods sold Depreciation expense Amortization expense Buildings Equipment Dalabase Common stock Additional paid-in capital Consolidated Totals

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.8AMCP

See similar textbooks