Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi i need help with this asap. thanks. please help to get working worksheets as requested Prepare the corresponding consolidating worksheets based on the following

image text in transcribed

hi i need help with this asap. thanks. please help to get working worksheets as requested

image text in transcribed

Prepare the corresponding consolidating worksheets based on the following facts. Companies involved: Parent and Sub. Date of acquisition: Jan. 1, Date of the worksheets ou must repare: December 31, Percentage of common shares of S owned b P Price paid b p At the time of acquisition these were some values concerning S: Common stock Aditional paid-in capital Retained earnin s Inventories Other current assets Plant & equipment, remaining life: Land Long term liabilities; remaining life: Intangibles amortization: Intercompany transactions: Upstream inventory sales % in ending inventory Gross profit rate on sales Upstream building, sale, Dec. 31 Sold for Book value at time of sale Remaining life: % of S bonds purchased by P, Jan. 1 Price paid BV at that date Remaining life: Maturity value of acquired bonds Re uired: Years 10 6 5 8 5 126,000 8.40% 42.00% 840,000 840,000 554 FMV.BV 672,000) (252,000) 252,000 114,597 12.10% 60.48% 107,100 10.08% 50.40% 600/0 a. b. c. Comg lete the worksheets for 20X4-6, by calculating the Controlling and Non-controlling shares of Income from S were arrived at in X5 and Prepare separate schedules for year ends X5 and reconcile the Investment account with S's stockholders' equity. repare schedules for year ends X5 and X6, reconcile the endin Noncontrollinglnterest with S's stockholders'equi

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Karen W. Braun, Wendy M. Tietz

5th edition

134128524, 978-0134128528

More Books

Students also viewed these Accounting questions

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago