Accounts Brooks Corporation Chandler Incorporated

Income Statement

Revenues $ $(584,500)$ $ $(599,000)$

Cost of goods sold $179,000205,000$

Gain on bargain purchase $(104,000)0$

Depreciation and amortization $137,000167,000$

Equity earnings from Chandler $(195,000)0$

Net income $ $(567,500)$ $ $(227,000)$

Statement of Retained Earnings

Retained earnings, $1/1$ $ $(1,570,000)$ $ $(867,500)$

Net income $($above$)(567,500)(227,000)$

Dividends declared $150,00070,000$

Retained earnings, $12/31$ $ $(1,987,500)$ $ $(1,024,500)$

Balance Sheet

Current assets $ $185,000$ $ $444,500$

Investment in Chandler $1,484,5000$

Trademarks $172,000229,000$

Patented technology $310,000453,000$

Equipment $624,000396,000$

Total assets $ $2,775,500$ $ $1,522,500$

Liabilities $ $(253,000)$ $ $(198,000)$

Common stock $(535,000)(300,000)$

Retained earnings, $12/31(1,987,500)(1,024,500)$

Total liabilities and equity $ $(2,775,500)$ $ $(1,522,500)$

Note: Parentheses indicate a credit balance.

Required:

Determine the following account balances:

Gain on bargain purchase.

Earnings from Chandler.

Investment in Chandler.

Prepare a December $31,2024,$ consolidated worksheet for Brooks and Chandler.

Accounts Brooks Corporation Chandler Incorporated

Income Statement

Revenues $ $(584,500)$ $ $(599,000)$

Cost of goods sold $179,000205,000$

Gain on bargain purchase $(104,000)0$

Depreciation and amortization $137,000167,000$

Equity earnings from Chandler $(195,000)0$

Net income $ $(567,500)$ $ $(227,000)$

Statement of Retained Earnings

Retained earnings, $1/1$ $ $(1,570,000)$ $ $(867,500)$

Net income $($above$)(567,500)(227,000)$

Dividends declared $150,00070,000$

Retained earnings, $12/31$ $ $(1,987,500)$ $ $(1,024,500)$

Balance Sheet

Current assets $ $185,000$ $ $444,500$

Investment in Chandler $1,484,5000$

Trademarks $172,000229,000$

Patented technology $310,000453,000$

Equipment $624,000396,000$

Total assets $ $2,775,500$ $ $1,522,500$

Liabilities $ $(253,000)$ $ $(198,000)$

Common stock $(535,000)(300,000)$

Retained earnings, $12/31(1,987,500)(1,024,500)$

Total liabilities and equity $ $(2,775,500)$ $ $(1,522,500)$

Note: Parentheses indicate a credit balance.

Complete this question by entering your answers in the tabs below.

Required $A$

Determine the following account balances:

Note: Input all amounts as positive values.