Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete this question by entering your answers in the tabs below. What amounts make up the $604,440 Investment in Brey account balance as of December

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Complete this question by entering your answers in the tabs below. What amounts make up the $604,440 Investment in Brey account balance as of December 31,2021 ? Consolidation Worksheet Entries Note: Enter debits before credits. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. (Input all amounts as positive values.) a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra entity gross profit in inventory existed as of January 1,2021? d. What intra-entity gross profit in inventory existed as of December 31,2021? e. What amounts make up the \$106,380 Equity Earnings of Brey account balance for 2021? f. What is the net income attributable to the noncontrolling interest for 2021? g. What amounts make up the $604,440 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances 1. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies Complete this question by entering your answers in the tabs below. a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intraientity transfers upstream or downstream? c. What intra entity gross profit in inventory existed as of January 1, 2021? d. What intra-entity gross profit in inventory oxisted as of December 31,2021 ? Pitino acquired 90 percent of Brey's outstanding shares on January 1.2019 , in exchange for $477,000 in cash. The subsidiary's stockholders' equity accounts totaled $461,000, and the noncontiolting interest had a fair value of $53,000 on that day. However, a bulling (with a ten-year remaining life) in Brey's accounting records was undervalued by $43.000. Pitino assigned the rest of the excess fair value over book value to Erey's patented technology (four yeor femaining life) Brey reported net income from its own operations of $79,000 in 2019 and $95,000 in 2020 . Brey declated dividends of $26.500 in 2019 and $30,500 in 2020 Brey sells imventocy to Pitino as follows: At December 31, 2021, Ptino owes Brey $31,000 for irventory ocquired during the period The follicwing separate account balances are for these two companies for December 31.2021 and the year then ended Note: Parentheses indicate. a credit balance. a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 2021? d. What intro-entuty gross profit in inventory existed as of December 31, 2021? e. What amounts make up the $106,380 Equity Eamings of Brey account balance for 2021? f. What is the net income attributable to the noncontroling interest for 2021? g. What amounts make up the $604,440 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances 1. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies: Complete this question by entering your answers in the tabs below. What is the net income attributable to the noncontrolling interest for 2021? b. Were the intra-entity transters upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 2021? d. What intra entity gross profit in inventory existed as of December 31, 2021? e. What amounts make up the $106,380 Equity Earnings of Brey account balance for 2021? f. What is the net income attributablo to the noncontrolling interest for 2021? g. What amounts make up the $604,440 Investment in Brey occount balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiay's beginning owners' equity balances i. Without preparing a worksheet or consolidation enthes, determine the consolidation balances for these two companies. Complete this question by entering your answers in the tabs below. What amounts make up the $106,380 Equlty Earnings of Brey account balance for 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Build a work breakdown structure for a wooden pencil.

Answered: 1 week ago

Question

=+ (a) Show that the definition is consistent.

Answered: 1 week ago