ADVANCED FINANCIAL ACCOUNTING IA
ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 7, Problem 7.30P

(a)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

(b)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Consolidated entries for intercompany transfers.

(c)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Net income of S' incorporation

(d)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Separate Net income of P’s 20X7.

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Chapter 7 Solutions

ADVANCED FINANCIAL ACCOUNTING IA

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