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Calculate Amboy's eliminations for consolidation using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive value. Item

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Calculate Amboy's eliminations for consolidation using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive value.

Item Elimination amount
1. Excess depreciation on Taft's machinery
2. Dividends paid by Taft
3. Intraentity profit on sale of warehouse
4. Excess depreciation on warehouse
5. Intraentity sales -- inventory
6. Intraentity -- cost of goods sold

Amboy Corporation acquired all of the outstanding $10 par voting common stock of Taft, Inc., on January 1, Year 2, in exchange for 50,000 shares of its $10 par voting common stock. On December 31, Year 1, Amboy's common stock had a closing market price of $15 per share on a national stock exchange. Both companies continued to operate as separate business entities maintaining separate accounting records with years ending December 31. At the acquisition date, the fair value of Taft's machinery exceeded its carrying amount by $54,000. The excess will be amortized over the estimated average remaining life of 6 years. The fair values of all of Taft's other assets and liabilities were equal to their carrying amounts. On July 1, Year 2, Amboy sold a warehouse facility to Taft for $129,000 cash. At the date of sale, Amboy's carrying amounts were $33,000 for the land and $66,000 for the undepreciated cost of the building. Taft allocated the $129,000 purchase price to the land for $43,000 and to the building for $86,000. Taft is depreciating the building over its estimated 5-year remaining useful life by the straight-line method with no salvage value. . During Year 2, Amboy purchased merchandise from Taft at an aggregate invoice price of $180,000, which included a 100% markup on Taft's cost. At December 31, Year 2, Amboy owed Taft $75,000 on these purchases, and $36,000 of the merchandise purchased remained in Amboy's inventory. At December 31, Year 2, Taft paid $40,000 in dividends on its common stock

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