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All information is given, please solve Parent Corp Consolidated Worksheet Year Ended December 31, 2020 Consolidations Entry Debit Credit Non-Controlling Consolidated Interest Balance Revenues Cost
All information is given, please solve
Parent Corp Consolidated Worksheet Year Ended December 31, 2020 Consolidations Entry Debit Credit Non-Controlling Consolidated Interest Balance Revenues Cost of Goods Sold Parent Corp 3,000,000 1,500,000 Sub Inc 300,000 150,000 Other Operating Expenses 650,000 45,000 Income from Subsidiary Corp Gain on Sale of Machinery Gain on Sale of Land 63,000 10,000 5,000 Net Income 928,000 105,000 Non Controlling Net Income .................................. Net Income to Controlling Interest Retained Earnings Parent 1/1 976,000 Retained Earnings Sub 1/1 310.000 Net Income Dividends Paid Retained Earnings 12/31 928,000 500,000 1,404,000 105,000 100,000 315,000 Current Assets Inventory Investment in Sub 1,070,000 600,000 699,000 175,000 40,000 Land 1,000,000 200,000 Building (net). 600,000 200,000 ........ Machinery (net) 2,500,000 100,000 Customer List (net) 300,000 Goodwill Total Assets 6,769,000 715,000 50,000 Liabilites Notes Payable Non-Controlling Interest 1/1 321,500 1,000,000 Non Controlling Interest 12/31 Common Stock Additional Paid in Capital Retained Earnings 12/31 Total Liab & Stockholders Equity 1,000,000 3,043,500 1,404,000 6,769,000 150,000 200,000 315,000 715,000 Parent Corp Consolidated Worksheet Year Ended December 31, 2020 Consolidations Entry Debit Credit Non-Controlling Consolidated Interest Balance Revenues Cost of Goods Sold Parent Corp 3,000,000 1,500,000 Sub Inc 300,000 150,000 Other Operating Expenses 650,000 45,000 Income from Subsidiary Corp Gain on Sale of Machinery Gain on Sale of Land 63,000 10,000 5,000 Net Income 928,000 105,000 Non Controlling Net Income .................................. Net Income to Controlling Interest Retained Earnings Parent 1/1 976,000 Retained Earnings Sub 1/1 310.000 Net Income Dividends Paid Retained Earnings 12/31 928,000 500,000 1,404,000 105,000 100,000 315,000 Current Assets Inventory Investment in Sub 1,070,000 600,000 699,000 175,000 40,000 Land 1,000,000 200,000 Building (net). 600,000 200,000 ........ Machinery (net) 2,500,000 100,000 Customer List (net) 300,000 Goodwill Total Assets 6,769,000 715,000 50,000 Liabilites Notes Payable Non-Controlling Interest 1/1 321,500 1,000,000 Non Controlling Interest 12/31 Common Stock Additional Paid in Capital Retained Earnings 12/31 Total Liab & Stockholders Equity 1,000,000 3,043,500 1,404,000 6,769,000 150,000 200,000 315,000 715,000Step by Step Solution
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