Completion Status 15 Moving to another question will save this response Question 5 Hardy Company is a wholly owned subsidiary of Stephine Corporation, a US based Co on January 1, 2021 Hardy operates in a forgo in Swton statements for the year 2021 are as follows Hardy Company Consolidated Income and Retained Earnings statements For Year Ending December 31, 2021 280,000 Cost of goods sold (100,000) Sales Income taxes Depreciation expense Other expenses Net income (20,000) (80,000) (30,000) 50,000 Retained earnings 1-1 150,000 200,000 Less dividends (declared 9-1) (40,000) Retained Earnings 12/31 160,000 Hardy Company Balance Sheet December 31, 2021 Cash 30,000 Accounts payable 30,000 Accounts receivabl 50,000 Bonds payable 140,000 e Inventory 20,000 Common stock 200,000 Land 100,000 Additional paid-in capital 50.000 Building net 200.000 Retained earnings 160,000 Equipment net 180,000 Total assots 580.000 Total liabilities and equity 580.000 hp Question 15 Manama Corporation owns 80% of Ibea Inc's common stock that was purchased at its underlying book value. At the time of purchase the book and were equal. The two companies report the following information for 2019 and 2020 During 2019, one company sold inventory to the other company fox $50,000 which cont de for $40,000 As of the end of 2019, remaining inventory was resold outside the consolidated entity 2019 Selected Data Manama Sales Revenue $600,000 Ibra $320,000 Cost of Goods Sold 320,000 155,000 Other Expenses 100,000 89,000 Net Income $180,000 $76,000 Dividends Paid 19,000 0 2020 Selected Data: Manama Sales Revenue $580,000 Ibra $445,000 Cost of Goods Sold 300,000 Other Expenses Net Income 180,000 171,000 $94,000 Dividends Paid 130.000 $150,000 16,000 5,000 If the sale referred to above was a downstream sale, by what amount most Inventory on the consolidated balance sheet be reduced to reflect the conect balance as of the end of 209 OA. $3,000. OB. $8,000. Oc. $10,000. hp Question Completion Statu seconds Moving to another question will save this response. 15 Question 14 Manama Inc. owned 80% of the voting common stock of Hutu Corp During 2021, Hulu made several sales of inventory to Manama The total selling pc was $190,000 and the cost was $105,000 At the end of the year, 10% of the goods were still in Manama's inventory Hulu's reported net income was $320,000 Ang there are no excess amortizations associated with the consolidation, and no other intra entity asset transfers, what was the net income attributable to the oncoding interest in Hulu? OA $62,300 OB. $90,900 Oc. $58,900. OD. $64,000 OE. $47,000. Moving to another question will save this response. hp Qution Coinpletion Statue Less dividends (declared 9.1) Retained Earrings 12/31 (40,000) 160.000 Hardy Company Balance Sheet December 31, 2021 Cash 30.000 Accounts payable 30,000 Accounts receivabl 50,000 Bonds payable 140,000 D Inventory 20,000 Common slock 200.000 Land 100,000 Building net 200,000 Additional paid in capital Retained earnings 50,000 100,000 Equipment net 180,000 Total assets 580,000 Total liabilities and equity 500,000 Additional Information: At the time of the combination, subsidiary's retained earnings were 150,000 (CHF). Hardy uses the FIFO method of inventory valuation and its ending sverdory in both 2020 and 2021 was purchased in the last quarter of the year. Beginning and ending inventory are 15,000 and 20,000, respectively Hardy declared dividends of 40,000 CHF on September 1, 2021 Direct exchange rates for Swiss franc are Date January 1, 2019 Exchange Rate $0.8542 January 1, 2021 September 1, 2021 1.0451 1.1572 December 31,2021 1.1762 Average for 2021 1.1106 Average for last three months of 2021 1.1667 Average for last three months of 2020 1.0223 Required: A. Translate the year-end balance sheet and income statement of the foreign subsidiary using the temporal method of translation B. Determine the remeasurement gain or loss to be reported in Stephanie's 2021 consolidated net income For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) Question Completion Stat Moving to another question will save this response Question 11 Manama Corporation acquired 100% of Muscat Inc.'s common stock on January 2, 2020. During 2020, Manama sold inventory to Mate 54000 of As of the end of 2020, 30% of the inventory was unsold. In 2021, Manama sold wventory with a cost of $820,000 to Masat Se $1,000,000, and Mit year-end. For 2021, the cost of goods sold totaled as follow 2021 Selected Data Cost of Goods Sold Manama 5,800,000 Muscat 1,300,000 What was consolidated cost of goods sold for 20212 OA $7,100,000. OB. $6,121,000 OC $6,092,800 OD. $6,038,800. OE $6,107 200 Moving to another question will save this response. hp