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Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company www 21,000 154,000 204,000 106,000 280,000 11,700 $988,700 $988,700 $421,000 ww 11,000 38,000 60,000 35,000 197,000 $421,000 Required: a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company www 21,000 154,000 204,000 106,000 280,000 11,700 $988,700 $988,700 $421,000 ww 11,000 38,000 60,000 35,000 197,000 $421,000 Required: a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

FINANCIAL ACCOUNTING
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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b ts eBook Print ferences Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company view transaction list Consolidation Worksheet Entries < A B Required: a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) C www 21,000 154,000 D 204,000 106,000 280,000 11,700 $988,700 $988,700 $421,000 ww 11,000 38,000 60,000 35,000 197,000 $421,000 >
Transcribed Image Text:b ts eBook Print ferences Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company view transaction list Consolidation Worksheet Entries < A B Required: a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) C www 21,000 154,000 D 204,000 106,000 280,000 11,700 $988,700 $988,700 $421,000 ww 11,000 38,000 60,000 35,000 197,000 $421,000 >
ces Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $148,000. At that date, the fair value of Saver's buildings and equipment was $28,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $4,500. Trial balance data for Price and Saver on December 31, 20x8, are as follows: Price Corporation Debit Credit Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Saver Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable $ 21,500 74,000 94,000 34,000 354,000 141,700 143,000 30,000 27,000 14,000 21,500 34,000 $147,000 65,000 21,000 154,000 Saver Company Credit Debit $ 25,000 14,000 29,000 19,000 154,000 100,000 29,000 12,000 6,000 15,000 18,000 $ 60,000 20,000 11,000. 38.000
Transcribed Image Text:ces Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $148,000. At that date, the fair value of Saver's buildings and equipment was $28,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $4,500. Trial balance data for Price and Saver on December 31, 20x8, are as follows: Price Corporation Debit Credit Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Saver Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable $ 21,500 74,000 94,000 34,000 354,000 141,700 143,000 30,000 27,000 14,000 21,500 34,000 $147,000 65,000 21,000 154,000 Saver Company Credit Debit $ 25,000 14,000 29,000 19,000 154,000 100,000 29,000 12,000 6,000 15,000 18,000 $ 60,000 20,000 11,000. 38.000
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