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Answer the following questions, as well as show how you got these calculations. It is important to show what you did and where the numbers
Answer the following questions, as well as show how you got these calculations. It is important to show what you did and where the numbers came from for the calculations.
Answer the following questions, as well as show how you got these calculations. It is important to show what you did and where the numbers came from for the calculations.
On January 1, 2021, Today Corporation acquired 90 percent of Yesterday Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Yesterday at that date. Today uses the fully adjusted equity method in accounting for its ownership of Yesterday. On December 31, 2022, the trial balances of the two companies are as follows: Today Company Yesterday Corporation Debit Credit Debit Credit Current Assets $ 200,000 $ 140,000 Depreciable Assets 350,000 250,000 Investment in Yesterday Corp. 162,000 Depreciation Expense 27,000 10,000 Other Expenses 95,000 60,000 Dividends Declared 20,000 10,000 Accumulated Depreciation $ 118,000 $ 80,000 Current Liabilities 100,000 80,000 Long-Term Debt 100,000 50,000 Common Stock 100,000 50,000 Retained Earnings 150,000 100,000 Sales 250,000 110,000 Investment in Yesterday Corp. 162,000 Depreciation Expense 27,000 10,000 Other Expenses 95,000 60,000 Dividends Declared 20,000 10,000 Accumulated Depreciation $ 118.000 $ 80,000 Current Liabilities 100,000 80,000 Long-Term Debt 100,000 50,000 Common Stock 100,000 50,000 Retained Earnings 150,000 100,000 Sales 250,000 110,000 Income from Subsidiary 36,000 $ 854,000 $ 854,000 $ 470,000 $ 470,000 What amount would be reported as total assets in the consolidated balance sheet at December 31, 2022? What amount would be reported as total liabilities in the consolidated balance sheet at December 31, 2022? What amount would be reported as retained earnings in the consolidated balance sheet prepared at December 31, 2022? What amount would be reported as noncontrolling interest in the consolidated balance sheet at December 31, 2022? What amount would be reported as total stockholders' equity in the consolidated balance sheet at December 31, 2022? What amount would be reported as income to controlling interest in the consolidating financial statements for 2022Step by Step Solution
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