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i am having issues solving the rest of part c and all of d. in part C i have all of the accounts just cant
i am having issues solving the rest of part c and all of d. in part C i have all of the accounts just cant get the amounts id appreciate any help
this is all the info i have, should be sufficient for solving.
Prince Corporation holds 75 percent of the common stock of Sword Distributors inc, purchased on December 31,201, for $2,100,000. At the date of acquisition, Sword reported common stock with a par value of $930,000, additional paid-in capital of $1,280,000, and retained earnings of $520,000. The fair value of the noncontroling interest at acquisition was $700,000. The differential at acqulsition was attributable to the following items: During 20X2, Prince sold a plot of land that it had purchased several years before to Sword at a gain of $9,800; Sword continues to hold the land. In 206, Prince and Sword entered into a five-year contract under which Prince provides management consulting services to Sword on a continuing basis; Sword pays Prince a fixed fee of $86,000 per year for these services. At December 31,208, Sword owed Prince $21,500 as the final 208 quarterly payment under the contract. On January 2, 20X8, Prince paid $260,000 to Sword to purchase equipment that Sword was then carrying at $300,000. Sword had purchased that equipment on December 27, 20X2, for $450,000. The equipment is expected to have a total 15 -year life and no salvage value. The amount of the differential assigned to goodwill has not been impalred. At December 31, 208, trial balonces for Prince and Sword appeared as follows: At December 31,208, trial balances for Prince and Sword appeared as follows: As of December 31, 20X8, Sword had declared but not yet pald its fourth-quarter dividend of $5,000. Both companies use stralght-line. depreciation and amortization. Prince uses the fully adjusted equity method to account for its investment in Sword. Required: a. Compute the amount of the differential as of January 1,208. b. Verify the balance in Prince's Investment in Sword Distributors account as of December 31,208. required for a transaction/event, select "No Journal entry required" In the flrst account field. Round your answers to nearest whole dollar amount.) d. Prepare and complete a three-part worksheet for the preparation of consolidated financlal statements for 208. (Values In the first two columns (the "parent" and msubsidlary" balances) that are to be deducted should be Indicated with a minus sign, whille all values in the "Consolldaton Entrles" columns should be entered as positive values. For accounts where multple adjusting entries are requlred, combine all deblt entries into one amount and enter this amount In the debit column of the worksheet. SImilarly, combine alt credit entries Into one amount and enter this amount In the credit column of the worksheet.) Prince Corporation holds 75 percent of the common stock of Sword Distributors inc, purchased on December 31,201, for $2,100,000. At the date of acquisition, Sword reported common stock with a par value of $930,000, additional paid-in capital of $1,280,000, and retained earnings of $520,000. The fair value of the noncontroling interest at acquisition was $700,000. The differential at acqulsition was attributable to the following items: During 20X2, Prince sold a plot of land that it had purchased several years before to Sword at a gain of $9,800; Sword continues to hold the land. In 206, Prince and Sword entered into a five-year contract under which Prince provides management consulting services to Sword on a continuing basis; Sword pays Prince a fixed fee of $86,000 per year for these services. At December 31,208, Sword owed Prince $21,500 as the final 208 quarterly payment under the contract. On January 2, 20X8, Prince paid $260,000 to Sword to purchase equipment that Sword was then carrying at $300,000. Sword had purchased that equipment on December 27, 20X2, for $450,000. The equipment is expected to have a total 15 -year life and no salvage value. The amount of the differential assigned to goodwill has not been impalred. At December 31, 208, trial balonces for Prince and Sword appeared as follows: At December 31,208, trial balances for Prince and Sword appeared as follows: As of December 31, 20X8, Sword had declared but not yet pald its fourth-quarter dividend of $5,000. Both companies use stralght-line. depreciation and amortization. Prince uses the fully adjusted equity method to account for its investment in Sword. Required: a. Compute the amount of the differential as of January 1,208. b. Verify the balance in Prince's Investment in Sword Distributors account as of December 31,208. required for a transaction/event, select "No Journal entry required" In the flrst account field. Round your answers to nearest whole dollar amount.) d. Prepare and complete a three-part worksheet for the preparation of consolidated financlal statements for 208. (Values In the first two columns (the "parent" and msubsidlary" balances) that are to be deducted should be Indicated with a minus sign, whille all values in the "Consolldaton Entrles" columns should be entered as positive values. For accounts where multple adjusting entries are requlred, combine all deblt entries into one amount and enter this amount In the debit column of the worksheet. SImilarly, combine alt credit entries Into one amount and enter this amount In the credit column of the worksheet.) Step by Step Solution
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