Assignment: Less Than-Wholly-Owned With No Diff. 0 Saved Help Save & Exit Submi Check my work Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $204,000. The trial balances for the two companies on December 31, 20X7, included the following amounts: Iten Debit Credit Cash Mocounts Receivable Sword Company Debit Credit $ 29,000 63,000 107,000 24,000 160,000 Land Buildings and Equipment Investment in Sword Company Cost of Goods sold Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Nooounts Payable Mortgages Payable Common Stock Retained Earnings 58,000 182,000 83.000 495,000 250,000 495,000 22,000 65,000 57.000 257,000 12.000 65,000 27,000 $ 137,000 50.000 190,000 295,000 357,000 690,000 73.000 $1,792,000 $ 60,000 26,000 104,000 47.900 97,000 410,000 Income from Sword Company $1,792,000 $744,000 5744.000 Additional Information 1. On January 1, 20X7, Sword reported net assets with a book value of $144,000. A total of $27000 of the acquisition price is applied to goodwill, which was not impaired in 20x7. 2. Sword's depreciable assets had an estimated economic life of 11 years on the date of combination. The difference between fair value and book value of tangible assets is related entirely to buildings and equipment 3. Prince used the equity-method in accounting for its Investment in Sword 4. Detailed analysis of receivables and payables showed that Sword owed Prince $21.000 on December 31, 20x7. Required: a. Prepare all journal entries recorded by Prince with regard to its investment in Sword during 20X7. (If no entry is required for a transaction/event, select "No lournal entry required in the first account field Assignment: Less Than-Wholly-Owned With No Diff. 0 Saved Help Save & Exit Submi Check my work Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $204,000. The trial balances for the two companies on December 31, 20X7, included the following amounts: Iten Debit Credit Cash Mocounts Receivable Sword Company Debit Credit $ 29,000 63,000 107,000 24,000 160,000 Land Buildings and Equipment Investment in Sword Company Cost of Goods sold Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Nooounts Payable Mortgages Payable Common Stock Retained Earnings 58,000 182,000 83.000 495,000 250,000 495,000 22,000 65,000 57.000 257,000 12.000 65,000 27,000 $ 137,000 50.000 190,000 295,000 357,000 690,000 73.000 $1,792,000 $ 60,000 26,000 104,000 47.900 97,000 410,000 Income from Sword Company $1,792,000 $744,000 5744.000 Additional Information 1. On January 1, 20X7, Sword reported net assets with a book value of $144,000. A total of $27000 of the acquisition price is applied to goodwill, which was not impaired in 20x7. 2. Sword's depreciable assets had an estimated economic life of 11 years on the date of combination. The difference between fair value and book value of tangible assets is related entirely to buildings and equipment 3. Prince used the equity-method in accounting for its Investment in Sword 4. Detailed analysis of receivables and payables showed that Sword owed Prince $21.000 on December 31, 20x7. Required: a. Prepare all journal entries recorded by Prince with regard to its investment in Sword during 20X7. (If no entry is required for a transaction/event, select "No lournal entry required in the first account field