Find the consolidated net income for 2018.

Question

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Answer 1

Question

Chapter 5, Problem 24P

a.

To determine

Find the consolidated net income for 2018.

b.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B.

c.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B and the equipment transfer was upstream.

d.

To determine

Find the consolidated net income for 2019 if Company A reports $320,000 (does not include investment income) and Company B $108,000 in income.

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Several years ago, a parent company acquired all of the outstanding common stock of its subsidiary for a purchase price of $320,000. On the acquisition date, this purchase price was $75,000 more than the subsidiary's book value of Stockholders' Equity. The AAP was entirely attributable to Goodwill. On the date of acquisition, the parent company's management believed that the goodwill had a 10-year useful life. Since the date of acquisition, the subsidiary has reported a cumulative net income of $260,000 and paid $105,000 in dividends to its parent company. Compute the balance of the Equity Investment account on the parent's balance sheet, assuming that the Goodwill asset has not declined in value since the date of acquisition.

Answer 2

Question

Chapter 5, Problem 24P

a.

To determine

Find the consolidated net income for 2018.

b.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B.

c.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B and the equipment transfer was upstream.

d.

To determine

Find the consolidated net income for 2019 if Company A reports $320,000 (does not include investment income) and Company B $108,000 in income.

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Answer 3

Question

Chapter 5, Problem 24P

a.

To determine

Find the consolidated net income for 2018.

b.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B.

c.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B and the equipment transfer was upstream.

d.

To determine

Find the consolidated net income for 2019 if Company A reports $320,000 (does not include investment income) and Company B $108,000 in income.

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Answer 4

Question

Chapter 5, Problem 24P

a.

To determine

Find the consolidated net income for 2018.

b.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B.

c.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B and the equipment transfer was upstream.

d.

To determine

Find the consolidated net income for 2019 if Company A reports $320,000 (does not include investment income) and Company B $108,000 in income.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 24P

a.

To determine

Find the consolidated net income for 2018.

b.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B.

c.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B and the equipment transfer was upstream.

d.

To determine

Find the consolidated net income for 2019 if Company A reports $320,000 (does not include investment income) and Company B $108,000 in income.

Answer 6

Chapter 5, Problem 24P

a.

To determine

Find the consolidated net income for 2018.

Answer 7

Chapter 5, Problem 24P

a.

To determine

Find the consolidated net income for 2018.

Answer 8

b.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B.

Answer 9

b.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B.

Answer 10

c.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B and the equipment transfer was upstream.

Answer 11

c.

To determine

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B and the equipment transfer was upstream.

Answer 12

d.

To determine

Find the consolidated net income for 2019 if Company A reports $320,000 (does not include investment income) and Company B $108,000 in income.

Answer 13

d.

To determine

Find the consolidated net income for 2019 if Company A reports $320,000 (does not include investment income) and Company B $108,000 in income.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 5 - Prob. 1Q Ch. 5 - Prob. 2Q Ch. 5 - Prob. 3Q Ch. 5 - Prob. 4Q Ch. 5 - Prob. 5Q Ch. 5 - Prob. 6Q Ch. 5 - Prob. 7Q Ch. 5 - Prob. 8Q Ch. 5 - Prob. 9Q Ch. 5 - Prob. 10Q

Find the consolidated net income for 2018.

Find the consolidated net income for 2018.

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B.

Find the parent’s share of consolidated net income for 2018 if Company A owns only 90 percent of Company B and the equipment transfer was upstream.

Find the consolidated net income for 2019 if Company A reports $320,000 (does not include investment income) and Company B $108,000 in income.

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Chapter 5 Solutions