Question
2.2.. PLEASE PROVIDE THE YELLOW CELL ANSWERS.. THE ONES IN RED I KNOW ARE CORRECT. THIS IS MY THIRD TIME SUBMITTING, PLEASE ANSWER IN THE
2.2.. PLEASE PROVIDE THE YELLOW CELL ANSWERS.. THE ONES IN RED I KNOW ARE CORRECT. THIS IS MY THIRD TIME SUBMITTING, PLEASE ANSWER IN THE FORMAT I HAVE IN THE PICTURES, OTHERWISE YOUR ANSWER IS NOT USEFUL. THANK YOU IN ADVANCE.
1. Prepare elimination entries at 1/1/22 and complete the "Consolidation at acquisition" (1/1/22) worksheet .. PLEASE PROVIDE THE YELLOW BOX ANSWER.. THE ONE IN RED I KNOW IS CORRECT
2. Prepare elimination entries at12/31/23 and complete the "Consolidation at acquisition" (12/31/23) worksheet PLEASE PROVIDE THE YELLOW BOX ANSWER.. THE ONE IN RED I KNOW IS CORRECT
3. Prepare elimination entries at12/31/22 and complete the "Consolidation at acquisition" (12/31/22) worksheet PLEASE PROVIDE THE YELLOW BOX ANSWER.. THE ONE IN RED I KNOW IS CORRECT
December 31, 2022 Big Co acquired 100% of the common Stock of Little Co. on 1/1/22 for $200,000. Little's book value on that date was $200,000, and all assets and liabilities had fair values equal to book value. In 2022, Little reported earnings of $30,000 and paid dividends of $10,000 In 2023 Little reported earnings of $40,000 and paid dividends of $15,000. The trial balances for 1/1/22,12/31/22, and 12/31/23 are given below. Required: Prepare elimination entries at 1/1/22 and complete the "Consolidation at acquisition" (1/1/22) worksheet 1. Prepare elimination entries at 1/1/22 and complete the "Consolidation at acquisition" (1/1/22) worksheet 2. Prepare elimination entries at 12/31/23 and complete the "Consolidation at acquisition" (12/31/23) worksheet 3. Prepare elimination entries at12/31/22 and complete the "Consolidation at acquisition" (12/31/22) worksheet You HAVE to "work down" the Big and Little columns in the 12/31/22 worksheet to get the ending R/E values to plug into the 12/31/23 worksheet! December 31, 2023 January 1, 2022 \begin{tabular}{|l|r|r|l|l|l|} \hline & \multicolumn{1}{l|l|}{ Big } & Little & dr & cr & Consol. \\ \hline Cash & 30000 & 20000 & & & \\ \hline Receivables & 35000 & 30000 & & & \\ \hline Inventory & 45000 & 50000 & & & \\ \hline Investment in Little & 200000 & 0 & & & \\ \hline PPE, net & 260000 & 250000 & & & \\ \hline Patents & 30000 & 20000 & & & \\ \hline Other assets & 10000 & 30000 & & & \\ \hline & & & & & \\ \hline Accounts payable & 60000 & 50000 & & & \\ \hline Bonds payable & 200000 & 150000 & & & \\ \hline Common Stock & 150000 & 50000 & & & \\ \hline Retained earnings & 200000 & 150000 & & & 200,000 \\ \hline \end{tabular} December 31, 2022 Big Co acquired 100% of the common Stock of Little Co. on 1/1/22 for $200,000. Little's book value on that date was $200,000, and all assets and liabilities had fair values equal to book value. In 2022, Little reported earnings of $30,000 and paid dividends of $10,000 In 2023 Little reported earnings of $40,000 and paid dividends of $15,000. The trial balances for 1/1/22,12/31/22, and 12/31/23 are given below. Required: Prepare elimination entries at 1/1/22 and complete the "Consolidation at acquisition" (1/1/22) worksheet 1. Prepare elimination entries at 1/1/22 and complete the "Consolidation at acquisition" (1/1/22) worksheet 2. Prepare elimination entries at 12/31/23 and complete the "Consolidation at acquisition" (12/31/23) worksheet 3. Prepare elimination entries at12/31/22 and complete the "Consolidation at acquisition" (12/31/22) worksheet You HAVE to "work down" the Big and Little columns in the 12/31/22 worksheet to get the ending R/E values to plug into the 12/31/23 worksheet! December 31, 2023 January 1, 2022 \begin{tabular}{|l|r|r|l|l|l|} \hline & \multicolumn{1}{l|l|}{ Big } & Little & dr & cr & Consol. \\ \hline Cash & 30000 & 20000 & & & \\ \hline Receivables & 35000 & 30000 & & & \\ \hline Inventory & 45000 & 50000 & & & \\ \hline Investment in Little & 200000 & 0 & & & \\ \hline PPE, net & 260000 & 250000 & & & \\ \hline Patents & 30000 & 20000 & & & \\ \hline Other assets & 10000 & 30000 & & & \\ \hline & & & & & \\ \hline Accounts payable & 60000 & 50000 & & & \\ \hline Bonds payable & 200000 & 150000 & & & \\ \hline Common Stock & 150000 & 50000 & & & \\ \hline Retained earnings & 200000 & 150000 & & & 200,000 \\ \hline \end{tabular}Step by Step Solution
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