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H 5 BUS-FP4063 DyalMichael Assessment Excel Sign in Tell me what you want to do File Home Page Layout Data Review View dx cut 2 Autosu Wrap Text General BE BE Co Paste Conditional Format as Cell nsert Delete Format Sort & Find B I U Merge & Center Clear Format Painter Formatting Table lter Select Clipboard Fon Alignment Number Editing fe On January 2015, Pueblo Corporation purchased all of Spartan Company soutstanding stock for $1,200,000 cash. On that date, Spartan's accounting records showed net A3 1 Assessment 1: Accounting for Equity Investments 2 Exercise 3 Worksheet: Consolidated Balances On January 1, 2015, Pueblo Corporation purchased all of Spartan Company's outstanding stock for S1,200,000 cash. On that date, Spartan's accounting records showed net assets of $940,000, even though equipment, with a life of 10 years, was undervalued on the books by $180,000. The life of recognized goodwill is considered to be indefinite. Spartan reported $180,000 net income in 2015 and $200,000 in 2016. The subsidiary paid dividends of $40,000 for each year. Financial figures are shown in Table 1 below for the year ending December 31 2017. Credit balances are indicated in parentheses. 4 Table 1: Financial Figures for Year Ending December 31, 2017 Pueblo Spartan 5 Account 6 Revenues S 600,000 (1.200.000) s 7 Cost of goods sold 200.000 300,000 8 Depreciation expense 600.000 s 700.000 g Investment income S (40,000) S S 200,000 10 Net income S (840.000 11 Dividends paid 240.000 s 40.000 S 800.000 12 Retained earnings, December 31, 2017 S (2,800,000 13 Current assets 200.000 600.000 Exercise 1 NotesToMyself Journal entries Exercise 2 Exercise 3 Ready 34 AM Ask me anything A 3/21/2017 share