Wang Acquires 100% of Chen on January 1,2010 and will operate Chen as a separate subsidairy. In the first year of operation, Chen has a net income of 70,000 and pays dividends of 50,000 and that there is $3000 of excess annual amortization associated with Chens equipment. C. Assume Wang uses the partial equity method to account for its investment. What entries will Wang record on its books on December 31, 2010 for Chen's income, dividends and excess amortization. D. Same as C, what consolidation worksheet entries will Wang record for Chen's income, dividends and excess amortization. E. Assume Wang uses the cost method to account for its investment. What entries will Wang record on its books on December 31, 2010 for Chen's income, dividends and excess amortization.
Wang Acquires 100% of Chen on January 1,2010 and will operate Chen as a separate subsidairy. In the first year of operation, Chen has a net income of 70,000 and pays dividends of 50,000 and that there is $3000 of excess annual amortization associated with Chens equipment.
C. Assume Wang uses the partial equity method to account for its investment. What entries will Wang record on its books on December 31, 2010 for Chen's income, dividends and excess amortization.
D. Same as C, what consolidation worksheet entries will Wang record for Chen's income, dividends and excess amortization.
E. Assume Wang uses the cost method to account for its investment. What entries will Wang record on its books on December 31, 2010 for Chen's income, dividends and excess amortization.
F. Same as E, what consolidation worksheet entries will Wang record for Chen's income, dividends and excess amortization.
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