Help Save & Exit apter 3 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to ques 1 Herbert, Inc, acquired all of Rambis Company's outstanding stock on January 1, 2020, for $600,000 in cash Annual excess amortization of $13,900 results from this transaction on the date of the takeover, Herbert reported retained eamings of $445.000, and Ramblis reported a $251000 balance Herbert reported internal net income of $42,000 in 2020 and $56,100 in 2021 and declared $10,000 in dividends each year. Rambis reported net income of $24.200 in 2020 and $38,300 in 2021 and declared $5,000 in dividends each year. o. Assume that Herbert's internal net income figures above do not include any income from the subsidiary: If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 2021? What would be the amount of consolidated retained earnings on December 31, 2021, if the parent had applied either the initial value or partial equity method for internal accounting purposes? b. Under each of the following situations, what is the investment in Rambis account balance on Herbert's books on January 1, 2021 The parent uses the equity method. The parent uses the partial equity method The parent uses the initial value method c. Under each of the following situations, what is Entry "C on a 2021 consolidation worksheet? The parent uses the equity method The parent uses the partial equity method The parent uses the initial value method Saved Ter 3 c. Under each of the following situations, what is Entry "C on a 2021 consolidation worksheet? The parent uses the equity method The parent uses the partial equity method The parent uses the initial value method Complete this question by entering your answers in the tabs below. nes Required a Required B Required Assume that Herbert's internal net income figures above do not include any income from the subsidiary. If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 20217 What would be the amount of consolidated retained earnings on December 31, 2021, if the parent had applied either the Initial value or partial equity method for internal accounting purposes? Show less Amounts Consolidated retained earnings (equity method) Consolidated retained earnings (initial value method) Consolidated retained earnings (partial equity method) Required B 1 c. Under each of the following situations, what is Entry "C on a 2021 consolidation worksheet? The parent uses the equity method The parent uses the partial equity method. . The parent uses the initial value method 25 bo Complete this question by entering your answers in the tabs below. Print Berences Required a Required B Required Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1 20212 The parent uses the equity method. The parent uses the partial equity method. The parent uses the initial value method. Show less Investment Equity method Partial equity method Initial value method Required A Required B Required Under each of the following situations, what is Entry "C on a 2021 consolidation worksheet? (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) The parent uses the equity method. The parent uses the partial equity method. The parent uses the initial value method. Show less View transaction list Consolidation Worksheet Entries Prepare entry "Cif the parent used the partial equlty method. Note Enter debits before credits View Lansactions 1 Consolidation Worksheet Entries 25 points > 2 3 eBook Prepare entry "C if the parent used the partial equity method. Print References Note: Enter debits before credits Accounts Debit Credit Date January 01, 2021 Record entry Clear entry view consolidation entries VIEW Cransaction list Consolidation Worksheet Entries
