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all part of one question (ignore my work) Year 2018 2019 2020 2021 Sander's Sander's Dividends Net Income $ 30,000 $ 140,000 40,000 90,000 50,000
all part of one question (ignore my work)
Year 2018 2019 2020 2021 Sander's Sander's Dividends Net Income $ 30,000 $ 140,000 40,000 90,000 50,000 110,000 70,000 150,000 Instructions: 1. Prepare a T-account for Investment in Sanders, Properly label all the activity since the January 1, 2018 acquisition through 2021, showing the balance at December 31, 2021. 2. Prepare the Consolidation Worksheet Entries for 2021. 3. Using the three (3) worksheets, prepare the consolidated balances at December 31, 2021. a. Prepare the Paramount's consolidated worksheet and income statement for the year ended, December 31, 2021: Revenues Cost of Goods Sold Depreciation Expense Amortization Expense Equity in Sub Earnings Net Income Worksheet Entries Paramount Sanders Dr. Cr. Consolidated (1,380,000) (420,000) 1,500,000 (1.800.000 510,000 220,000 730.000 730.000 80,000 40,000 120.000 120.000 24,000 10,000 34.000 37.000 (102,000) (102,000) (868,000) (150,000) 11.018 0005 b. Prepare the Paramount's consolidated retained earnings worksheet and statement for the year ended, December 31, 2021: Worksheet Entries Paramount Sanders Dr. Cr. Consolidated Retained Earnings, 1-1-21 (2,940,000) (2.940,000 Net Income (868,000) (150,000) 11.08.000) (1,018.000) Dividends Paid 128,000 70,000 198,000 198.000 Retained Earnings, 12-31-21 (3,760.00) ] Worksheet Entries Dr. Cr. Paramount Sanders Consolidated Investment in Sanders 2,400,000 1,400,000 1,500,000 960,000 Buildings (net) Equipment (net) Customer Contracts Trademark Goodwill 270,000 200,000 Year 2018 2019 2020 2021 Sander's Sander's Dividends Net Income $ 30,000 $ 140,000 40,000 90,000 50,000 110,000 70,000 150,000 Instructions: 1. Prepare a T-account for Investment in Sanders, Properly label all the activity since the January 1, 2018 acquisition through 2021, showing the balance at December 31, 2021. 2. Prepare the Consolidation Worksheet Entries for 2021. 3. Using the three (3) worksheets, prepare the consolidated balances at December 31, 2021. a. Prepare the Paramount's consolidated worksheet and income statement for the year ended, December 31, 2021: Revenues Cost of Goods Sold Depreciation Expense Amortization Expense Equity in Sub Earnings Net Income Worksheet Entries Paramount Sanders Dr. Cr. Consolidated (1,380,000) (420,000) 1,500,000 (1.800.000 510,000 220,000 730.000 730.000 80,000 40,000 120.000 120.000 24,000 10,000 34.000 37.000 (102,000) (102,000) (868,000) (150,000) 11.018 0005 b. Prepare the Paramount's consolidated retained earnings worksheet and statement for the year ended, December 31, 2021: Worksheet Entries Paramount Sanders Dr. Cr. Consolidated Retained Earnings, 1-1-21 (2,940,000) (2.940,000 Net Income (868,000) (150,000) 11.08.000) (1,018.000) Dividends Paid 128,000 70,000 198,000 198.000 Retained Earnings, 12-31-21 (3,760.00) ] Worksheet Entries Dr. Cr. Paramount Sanders Consolidated Investment in Sanders 2,400,000 1,400,000 1,500,000 960,000 Buildings (net) Equipment (net) Customer Contracts Trademark Goodwill 270,000 200,000 Step by Step Solution
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