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Determine the following account balances as of December 3 1 , 2 0 2 4 : Tyler Company acquired all of Jasmine Company's outstanding stock
Determine the following account balances as of December :
Tyler Company acquired all of Jasmine Company's outstanding stock on January 1, 2022, for $230,100 in cash. Jasmine had a book value of only $159,500 on that date. However, equipment (having an eight-year remaining life) was undervalued by $66,400 on Jasmine's financial records. A building with a 20-year remaining life was overvalued by $11,500. Subsequent to the acquisition, Jasmine reported the following: Year L 2022 2023 2024 Net Income $ 55,200 84, 47 , Dividends Declared $ 10,000 40, 20, In accounting for this investment, Tyler has used the equity method. Selected accounts taken from the financial records of these two companies as of December 31, 2024, follow: Accounts Revenuesoperating Expenses Equipment (net) Buildings (net) Common stock Retained earnings, 12/31/24 Required: Tyler Company $ (498,000) 260, 504, 334, (290,000) (528,000) Jasmine Company $ (194,000) 146, 66,500 75, (52,500) (189,000) Determine the following account balances as of December 31, 2024: Amounts a. Investment in Jasmine Company b. Equity in Subsidiary Earnings c. Consolidated Net Income d. Consolidated Equipment (net) e. Consolidated Buildings (net) f. Consolidated Goodwill (net) g. Consolidated Common Stock h. Consolidated Retained Earnings, 12/31/24
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