What is the consolidation worksheet entry required to be made at the end of 2020 for the unrealized gain ?

Q: .  If the patent has a remaining life of nine years, at what amount should the patent be reported on…

A: Step 1 On consolidated balance sheet, patent is recorded at its fair value on acquisition date less…

Q: Company A owns 90 percent of the common stock of Company B. At the beginning of 2021, Company B sold…

A: Gains on sale of land recognised in financial statement is sales value - cost of land.   However…

Q: aaa Ltd acquires 100% interest in YYY Ltd. On 1 July 2022 aax Ltd sells an item of plant to YYY Ltd…

A: 3. Adjust the carrying value of the plant in aaX Ltd's accounts:   Dr. Accumulated Depreciation…

Q: On Jan. 1, 2022, you acquire Co. M for $ 34,200,000 when Co. M's book value was $ 5,400,000. M's…

A: Consolidation is the process of combining the assets, liabilities, and other financial components of…

Q: In 2020, Gain Inc. purchased all of the assets of Cookie’s business. As part of this purchase, Gain…

A: Step 1 Amortization typically refers to the process of writing down the value of an intangible asset…

Q: During 2019, Brooke sold to its subsidiary, Cabana, land with a book value of $507,000. The selling…

A: In the pre-consolidation accounting records, the parent entity should recognize the profit on every…

Q: What are the consolidated balances for? Cost of Goods Sold Net income attributable to non…

A: Consolidation is a process of acquiring the various small companies by the large ones by obtaining…

Q: Use the following to answer questions 8 through 10: On May 1, 2021, Jazzie Co. agreed to sell the…

A: SOLUTION-   WORKING NOTE- GAIN ON ASSET  SALE =  ($80 MILLION - $ 48 MILLION)…

Q: Alex, Inc., buys 30 percent of Steinbart Company on January 1, 2020, for $762,000. The equity method…

A: Introduction: Money earned from stock dividends is referred to as equity income. A dividend is…

Q: Parent buys building (useful life 10 years) for $3,000,000 on January 1, 2020.  On that same date,…

A: Consolidated financial statements are group financial statements of all related entities which is…

Q: On Jan. 1, 2022, you acquire Co. M for $ 31,200,000 when Co. M's book value was $ 6,040,000. M's…

A: The objective of the question is to determine the consolidated balances for the selected accounts at…

Q: Jackson acquires 70% of Storm on January 1, 2021. At acquisition date the book value of all of…

A: NCI refers to the amount of shares held by a company other than the parent company if the company…

Q: On September 1, 2019, Plant Co. acquired 75% interest in Zombie Co. On this date, Zombie's net…

A: Consolidated profit and loss a/c represents Profit and Loss of Consolidated entity as single entity…

Q: as the parent company sold to the subsidiary in the year ending 30 June 2018 and a consolidation…

A: The calculation of Net identifiable assets and bargain purchase is as follows: Resultant table:

Q: Dunn Corporation owns 100 percent of Grey Corporation’s common stock. On January 2, 2020, Dunn sold…

A: Asset  sold for $53450 Cost =$40500 Depreciation  = 53450/5 =$10690 Depreciation expense  will…

Q: Brooks owns 20% of Ghost Inc. The following information pertains to an intra entity transfer. What…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Company P purchases an 80% interest in Company S on January 1, 2015, for $480,000. Company S had…

A:

Q: How much is the noncontrolling interest share of Small’s net income for 2020 ?

A: Net Income or net earnings is the excess of total revenues over total expenses. (as defined) Net…

Q: On January 1, 2020, Hand acquires 40% ownership of Foot.  At the acquisition date, Foot had…

A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…

Q: What would be the consolidation worksheet entries in relation to this asset when preparing the…

A: Depreciation refers to the apportionment of the cost of an asset over its useful life. Moreover,…

Q: Hot Inc. owns 60% of Cold Inc, which it purchased on January 1, 2019 for $540,000. On that date,…

A: Working note: Computation of fair value of identifiable net assets and non-controlling interest of C…