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I need help in this question. Please do it correctly and 100%, i am stuck on this. 4 Porter Company purchased 60 percent ownership of

I need help in this question. Please do it correctly and 100%, i am stuck on this.

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4 Porter Company purchased 60 percent ownership of Service Corporation on January 1, 20x1, at underlying book value. At that date, the fair value of the noncontrolling Interest was equal to 40 percent of Service's book value. On January 1, 20x1, Porter sold $80,000 par value, 8 percent, five-year bonds directly to Service when the market Interest rate was 7 percent. The bonds pay Interest annually on December 31. Porter uses the fully adjusted equity method in accounting for its ownership of Service. On December 31, 20X2, the trial balances of the two companies are as follows: 5 points eBook Porter Company Debit Credit $ 81,480 120,000 500,eee 101,772 Service Corporation Debit Credit $ 38,72e 65,800 300,000 Print 99,800 25,Bee 5,790 4e,eee 82,100 61,000 15,000 14,888 10,eee References Item Cash & Accounts Receivable Inventory Buildings & Equipment Investment in Service Corporation Stock Investment in Porter Company Bonds Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premium Common Stock Retained Earnings Sales Interest Income Income from Service Corp. Total $ 75,00 41,200 200, eae $175,800 68,800 82,800 2,100 200, eee 230,068 200,00 188,888 49,830 114,90 5,790 17,874 $973, 842 $973,842 $585,820 $585,820 Required: a. Prepare the journal entry or entries for 20x2 on Porter's books related to its Investment in Service. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Do not round your Intermediate calculations. Round your final answers to nearest whole dollar.) 4 a. Prepare the journal entry or entries for 20x2 on Porter's books related to its Investment in Service. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Do not round your Intermediate calculations. Round your final answers to nearest whole dollar.) 5 points View transaction list Journal entry worksheet eBook Print Record the dividends from Service. References Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal 4 a. Prepare the journal entry or entries for 20x2 on Porter's books related to its Investment in Service. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Do not round your Intermediate calculations. Round your final answers to nearest whole dollar.) 5 points View transaction list eBook Journal entry worksheet Print Record the interest payment. References Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal Ac Go 4 C. Prepare the journal entry or entries for 20x2 on Service's books related to its Investment in Porter's bonds. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Do not round your Intermediate calculations. Round your final answers to nearest whole dollar.) 5 points View transaction list eBook Journal entry worksheet Print Record the basic consolidation entry. References Note: Enter debits before credits. Event Accounts Debit Credit Record entry Clear entry view consolidation entries Activate W Go to Settings M 4 d. Prepare the consolidation entries needed to complete a consolidated worksheet for 20x2. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Do not round your Intermediate calculations. Round your final answers to nearest whole dollar.) 5 points view transaction list Consolidation Worksheet Entries eBook Print Record the entry to eliminate the intercompany bond holdings. References Note: Enter debits before credits. Event Accounts Debit Credit 2 Record entry Clear entry view consolidation entries Activa 4 e. Prepare a three-part consolidated worksheet for 20X2 (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, whlle all values in the "Consolldatlon Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all deblt entries Into one amount and enter this amount in the deblt column of the worksheet. Similarly, combine all credit entries Into one amount and enter this amount In the credit column of the worksheet.) 5 points eBook PORTER COMPANY AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20X2 Consolidation Entries Porter Co. Service Co. DR CR Print Consolidated References Income Statement Sales Interest Income Less: COGS Less: Depreciation Expense Less: Interest Expenses Income from Service Co Consolidated Net Income NCI in Net Income Controlling Interest in Net Income Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Assets 4 5 points eBook Print References Less: COGS Less: Depreciation Expense Less: Interest Expenses Income from Service Co. Consolidated Net Income NCI in Net Income Controlling Interest in Net Income Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Assets Cash and Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Investment in Porter Co. Bonds Investment in Service Corporation Stock Total Assets Liabilities & Equity Accounts Payable Bonds Payable Bond Premium Common Stock Retained Earnings NCI in NA of Service Co. Total Liabilities & Equity

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