10 Peel Corporation purchased 60 percent of Spnt Products Company's shares on December 21, 2007, fx $26000 At that date, the for value of the noncontrolling interest was $144,000 On January 1, 2009, Peel purchased an additional 20 percent of Split's common stock for $99,000 Summarized balance sheets for Split on the dates indicated are as follows 01:56:00 Total Assets 2867 December 11 2088 2009 Assets Cash $ 47,000 $77,000 $97,000 Accounts Receivable 51,000 91,000 121,000 Inventory 71,000 101,000 161,000 Buildings & Equipment (net) 370,000 350,000 110,000 $539,000 $619,000 $709,000 Liabilities & Equities $ 74,000 $124,000 $164,000 Bonds Payable 105,000 105,000 105,000 Common Stock 155,000 155,000 155,000 205,000 $539,000 235,000 $619,000 Accounts Payable): Retained Earnings Total Liabilities & Equities 285,000 $700,000 Split paid dividends of $24,000 in each of the three years. Peel uses the equity method in accounting for its investment in Split and amortizes all differentials over 10 years against the related investment income. All differentials are assigned to patents in the consolidated financial statements. Required: a. Compute the balance in Peel's Investment in Split Products Company Stock account on December 31, 20x8 b. Compute the balance in Peel's Investment in Split Products Company Stock account on December 31, 20X9. c. Prepare the consolidation entries needed as of December 31, 20X9, to complete a worksheet. Complete this question by entering your answers in the tabs below. www < Prev 10 of 15 Next >