Question
I need help ASAP please.. Jet Corp. acquired all of the outstanding shares of Nittle Inc. on January 1, 2009, for $644,000 in cash. Of
I need help ASAP please..
Jet Corp. acquired all of the outstanding shares of Nittle Inc. on January 1, 2009, for $644,000 in cash. Of this price, $42,000 was attributed to equipment with a ten-year remaining useful life. Goodwill of $56,000 had also been identified. Jet applied the partial equity method so that income would be accrued each period based solely on the earnings reported by the subsidiary. On January 1, 2012, Jet reported $280,000 in bonds outstanding with a book value of $263,200. Nittle purchased half of these bonds on the open market for $135,800. During 2012, Jet began to sell merchandise to Nittle. During that year, inventory costing $112,000 was transferred at a price of $140,000. All but $14,000 (at Jet's selling price) of these goods were resold to outside parties by year's end. Nittle still owed $50,400 for inventory shipped from Jet during December. The following financial figures were for the two companies for the year ended December 31, 2012.
Please Show me how to get TI, G, E , B , I , C*, S, D, P, and A.
Jet Corp $(894,600) 483,000 187,600 Nittle Ind. $(652,400) 277,200 225,400 Revenues Cost of goods sold Expenses Interest expense-bonds Interest income-bond investment Equity in income of Nittle Ind Net income 33,600 (165.200 355 60 (15,400) 0 5 200 Retained earnings, January 1, 2012 Net income (above) Dividends paid Retained earnings, December 31, 2012 $(483,000) (355,600) 217,000 21 600 $(505,400) (165,200) 85.400 $(585.200 Cash and receivables Inventory Investment in Nittle Inc Investment in Jet Corp. bonds Land, buildings, and equipment (net) Total assets $186,200 239,400 851,200 0 348,600 $ 1625.400 $109,200 121,800 0 137,200 757,400 25.60 Accounts payable Bonds payable Discount on bonds pavable Common stock Retained earnings, December 31,2012 (above) Total liabilities and stockholders' equity $(315,000) (280,000) 11,200 (420,000) (621.600) $(232,400) (140,000) (168,000) 585,200 1125.600) SL625400Step by Step Solution
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