ve the following questions: The following information was derived from the 2017 consolidated financial statements of Parents Co., which owns 80% of AAA Co. as well as 40% of BBB Co.: Equity Earnings from BBB Co. $120,000 Decrease in Acco
Solve the following questions:
The following information was derived from the 2017 consolidated financial statements of Parents Co.,
which owns 80% of AAA Co. as well as 40% of BBB Co.:
Equity Earnings from BBB Co. $120,000
Decrease in Accounts Payable $5,000
Increase in
Increase in Inventory $20,000
Increase in Bonds Payable $40,000
Depreciation $20,000
Loss on sale of machinery $10,000
Carrying value of machinery sold $60,000
Dividends received from BBB Co. $10,000
Purchase of a building for cash $400,000
Goodwill impairment loss $5,000
Entity Net Income allocated to non-controlling interest $5,000
Consolidated net income allocated to Parent $950,000
Dividends paid by Parents Co. $40,000
Dividends paid by AAA Co. $12,000
The cash balance at the start of 2017 was $200,000.
Required:
Prepare the consolidated statement of
2017
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