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Ques9 Not yet answered Marked out of 18.00 Pag question Determining ending consolidated balances in the third year following the acquisition-Cost method Assume a parent company acquired a subsidiary on January 1, 2017, for $1,000,000. The purchase price was $650,000 in excess of the subsidiary's $350,000 book value of Stockholders' Equity on the acquisition date of this excess purchase price $400,000 was assigned to Property, plant and equipment with a remaining economic useful life of 8 years, and $250,000 was assigned to Goodwil. On the acquisition date, the subsidiary reported retained earnings equal to 580,000. The parent uses Investment cost method of pre-consolidation Equity investment bookkeeping The financial statements of the parent and its subsidiary for the year ended December 31, 2019, are as follows: Parent Subsidiary Parent Subsidiary Income statement Balance sheet Sales 12.400,000 5900.000 Asses Cost of goods sold (1.100.000 550.000) Cash 31.100,000 $150.000 Gross profit 1.100.000 350.000 Accounts receivable 1.500.000 200.000 invent income 50.000 Inventory 500.000 Operating expenses 1600.000 250.000 Equity investment 1.000.000 3100.000 Property, plant and equpment.net 4,000,000 100.000 510.000.000 1.000 Statement of retained earning BOV retained earning 31.500.000 500.000 abilities and stockholders' 550.000 100.000 Accounts payabile 51,000,000 $110.000 widends 1250.00 (50.000 Accrued as 300.000 200.000 51.100.000 550.000 Long term abilities 3,000,000 700.000 Common stock 500.000 120,000 APIC 2,000,000 150.000 1.800.000 550.000 $10.000.000 $190.000 At what amount will the following accounts appear in the consolidated financial statements for the year ended December 31, 20197 Account AM brevement Income 3 My Subscriptions Business Course ARTED Gross profit 1.100.000 1.500.000 240 000 Investment income 50.000 2.400,000 500 000 Operating expenses 1500,000) 1,000,000 Net income 5550.000 $100,000 and equipment PPE.net 4.000.000 1.000.000 $10,000,000 51.890,000 Statement of retained earnings: BOY retained earnings $1,500,000 $500.000 abilities and stockholders equity Net income 550.000 100.000 Accounts payable $1.000.000 $170.000 Dividends (250,000) 150.000) Accrued abilities 800.000 200 000 Ending retained earings 51.800.000 $ 550,000 Long term liabilities 3.000.000 700200 Common stock 500.000 120.000 | APIC 2.900,000 150.000 Retained earrings 1.800,000 550.000 $10,000,000 $1890.000 At what amount will the following accounts appear in the consolidated financial statements for the year ended December 31, 2019? Account Amount a Sales b. Investment income c. Operating expenses 5 d. Inwestories 5 e Equity investment $ 1. PPE.net 5 E Goodwill 5 h. Common Stock 5 Retained Earnings $ Previous Save Answers I 30