College of Business Administration Academic Year 2021 - 2022, Fall Semester Advanced Accounting ACC 410 timur Time Allowed: Total Marks: 10 Marks Obtained ne of Student... Student ID Assionment ICIOZA Pee Company acquired 75% in See Company for $600,000 on Jan 1, 2019, when See had $500,000 capital stock and $200,000 retained eamings. The excess of fair over book value relates to the goodwill. Pee acquired 60% in Bee for $180,000 on Jan 1, 2019, when Bee had $200,000 capital stock and $50,000 retained earnings. See acquired 30% in Bee on Jan 1, 2019 for $90,000, when Bee had $100,000 capital stock and $20,000 retained eamings. The excess of fair over book value relates to goodwill. . During 2018, Pee Company sold goods to See Company at a profit of $30,000. This merchandise was sold during 2019. Bee Company sold merchandise that had cost $80,000 to See Company for $100,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financial statements for the year ended December 31, 2019. . Styles Edi Consolidated Eliminations Debit Credit Pee See Bee INCOME STATEMENT Sales 800,000 400.000 200.000 Income from See Income from Bee Cost of Sales 350,000) (120,000) (70,000) K150.000) K80,000) |(30,000) 532,500 230,000 100,000 150,000 200,000 50,000 (50,000) 100,000) 650.000) 330,000 100,000 Other Expenses MI Expense See MI Expense Bee Net income Retained Eamings 1/1/19 Less: Dividends Retained Earnings 12/31/19 BALANCE SHEET: Cash Accounts receivable Inventories Plant assets-net Investment in See: 75% Investment in Bee: 60%+ 30% Goodwill 100,000 300,000 150,000 200,000 100.000 100.000 200,000 300,000 |1,049,250 294,000 110.000 100,000 140.000 100,000 360.000 TOTAL ASSETS 1,893,250 1,010,000 $700,000 LIAB. & EQUITY Accounts payable Capital Stock Retained Earings 12/31 NC Interest 239.000 80,000 1,000,000 600.000 330.000 31,000 549,000 100,000 TOTAL LIAB. & EQUITY 1,893.250 1,010,000 $700,000 College of Business Administration Academic Year 2021 - 2022, Fall Semester Advanced Accounting ACC 410 timur Time Allowed: Total Marks: 10 Marks Obtained ne of Student... Student ID Assionment ICIOZA Pee Company acquired 75% in See Company for $600,000 on Jan 1, 2019, when See had $500,000 capital stock and $200,000 retained eamings. The excess of fair over book value relates to the goodwill. Pee acquired 60% in Bee for $180,000 on Jan 1, 2019, when Bee had $200,000 capital stock and $50,000 retained earnings. See acquired 30% in Bee on Jan 1, 2019 for $90,000, when Bee had $100,000 capital stock and $20,000 retained eamings. The excess of fair over book value relates to goodwill. . During 2018, Pee Company sold goods to See Company at a profit of $30,000. This merchandise was sold during 2019. Bee Company sold merchandise that had cost $80,000 to See Company for $100,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financial statements for the year ended December 31, 2019. . Styles Edi Consolidated Eliminations Debit Credit Pee See Bee INCOME STATEMENT Sales 800,000 400.000 200.000 Income from See Income from Bee Cost of Sales 350,000) (120,000) (70,000) K150.000) K80,000) |(30,000) 532,500 230,000 100,000 150,000 200,000 50,000 (50,000) 100,000) 650.000) 330,000 100,000 Other Expenses MI Expense See MI Expense Bee Net income Retained Eamings 1/1/19 Less: Dividends Retained Earnings 12/31/19 BALANCE SHEET: Cash Accounts receivable Inventories Plant assets-net Investment in See: 75% Investment in Bee: 60%+ 30% Goodwill 100,000 300,000 150,000 200,000 100.000 100.000 200,000 300,000 |1,049,250 294,000 110.000 100,000 140.000 100,000 360.000 TOTAL ASSETS 1,893,250 1,010,000 $700,000 LIAB. & EQUITY Accounts payable Capital Stock Retained Earings 12/31 NC Interest 239.000 80,000 1,000,000 600.000 330.000 31,000 549,000 100,000 TOTAL LIAB. & EQUITY 1,893.250 1,010,000 $700,000