Wilson owned equipment with an estimated life of 10 years when the equipment was acquired for an original cost of $80,000. The equipment had a book value of $50,000 at January 1, 2020. On January 1, 2020, Wilson realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years. On April 1, 2020 Simon Company, a 90% owned subsidiary of Wilson Company, bought the equipment from Wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. The following data are available pertaining to Simon's income and dividends declared: Net income Dividende declared Assuming there are no excess amortizations associated with the consolidation, and no other intre-entity asset transfers, compute Wilson's share of income from Simon for consolidation for 2022. Multiple Choice OOOOO $118.825. $115,000. $117,000. $119,000. 2020 2021 2022 $100,000 $120,000 $130,000 40,000 50,000 60,000 $118.800.

Wilson owned equipment with an estimated life of 10 years when the equipment was acquired for an original cost of $80,000. The equipment had a book value of $50,000 at January 1, 2020. On January 1, 2020, Wilson realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years. On April 1, 2020 Simon Company, a 90% owned subsidiary of Wilson Company, bought the equipment from Wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. The following data are available pertaining to Simon's income and dividends declared: Net income Dividende declared Assuming there are no excess amortizations associated with the consolidation, and no other intre-entity asset transfers, compute Wilson's share of income from Simon for consolidation for 2022. Multiple Choice OOOOO $118.825. $115,000. $117,000. $119,000. 2020 2021 2022 $100,000 $120,000 $130,000 40,000 50,000 60,000 $118.800.

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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