he Part 2 On January 2020, Parent company purchased Box of the common stock of buidiary Company for $320,000 On this date, Subsidiary had common stock, other paid in capital and retained wings of $40,000, 5120,000, and $100,000, respectiv Net income and dividends for Gabelry Company wete 150,000 and $10,000, tantum Parent company has used the simple equilty method for recording the diary income and dividends On Januaryt 2020, the only tangible sets of Subsidiary that were underved were inventory and equipment ventory was worth 5,000 more than cost Equipment which was worth $15,000 more than book walue, has a remaining lite of years, and wraight-Wne depreciation is used Any remaining excess is goodwill The following bra balances of the two companies are prepared on December 31, 2020 unstment in Sub Current Assets Inventory Front Acumulated Depreciation Goodwill Band Payable CS-Par POP Parent 352,000 112,000 60,000 350,000 120,000) 0 Subsidiary 0 180,000 40,000 300,000 (50,000) 0 (80,000) 0 0 (134,000) 1100,000) 1200,000) 1200,000) 0 0 0 PIC-Sub PE-Sub Sales Expense Depreciation amortization of excess) Expense Sub Income Dividend Declared Sub Torals (40,000 120.000) (190,000) (400,000 350,000 (550,000) 450,000 0 (40,000) O 0 10,000 0 0 Required: of 10 poltt) Prapare the value Analysis and the Determination and Distribution of Excess schedule table 02/10. Pripare all the timination and adjustments that would be made on the 2020 connoldated worksheet Journal entries to record net income and dividend are not required questions (top). Prepare the income Distribution Schedules for both Substry and Parent oft pont. Prepare the consolidated worksheet Os (10 ponta). Prow the 2020 comoded income statement and balance sheet (not retained earning statement Option 1. You can type the answers in the blank below. Option 2. You can attach files (excel word, och) with your full name as the file name. in the A ODJOS, W5" excel file, you can find a worksheet that has the trial balance plugged in. There are bak VA, DAD tables for 01, 105 tables for Q3, a worksheet for 04. You can use optional tab 1, 2 for other questions he Part 2 On January 2020, Parent company purchased Box of the common stock of buidiary Company for $320,000 On this date, Subsidiary had common stock, other paid in capital and retained wings of $40,000, 5120,000, and $100,000, respectiv Net income and dividends for Gabelry Company wete 150,000 and $10,000, tantum Parent company has used the simple equilty method for recording the diary income and dividends On Januaryt 2020, the only tangible sets of Subsidiary that were underved were inventory and equipment ventory was worth 5,000 more than cost Equipment which was worth $15,000 more than book walue, has a remaining lite of years, and wraight-Wne depreciation is used Any remaining excess is goodwill The following bra balances of the two companies are prepared on December 31, 2020 unstment in Sub Current Assets Inventory Front Acumulated Depreciation Goodwill Band Payable CS-Par POP Parent 352,000 112,000 60,000 350,000 120,000) 0 Subsidiary 0 180,000 40,000 300,000 (50,000) 0 (80,000) 0 0 (134,000) 1100,000) 1200,000) 1200,000) 0 0 0 PIC-Sub PE-Sub Sales Expense Depreciation amortization of excess) Expense Sub Income Dividend Declared Sub Torals (40,000 120.000) (190,000) (400,000 350,000 (550,000) 450,000 0 (40,000) O 0 10,000 0 0 Required: of 10 poltt) Prapare the value Analysis and the Determination and Distribution of Excess schedule table 02/10. Pripare all the timination and adjustments that would be made on the 2020 connoldated worksheet Journal entries to record net income and dividend are not required questions (top). Prepare the income Distribution Schedules for both Substry and Parent oft pont. Prepare the consolidated worksheet Os (10 ponta). Prow the 2020 comoded income statement and balance sheet (not retained earning statement Option 1. You can type the answers in the blank below. Option 2. You can attach files (excel word, och) with your full name as the file name. in the A ODJOS, W5" excel file, you can find a worksheet that has the trial balance plugged in. There are bak VA, DAD tables for 01, 105 tables for Q3, a worksheet for 04. You can use optional tab 1, 2 for other questions
