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Chapter 5 Homework Saved Help Save & Exit Submit 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 question 7 5.55 points On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $873,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $880,000 and Retained Earnings of $44,000. The acquisition date fair value of the 10 percent noncontrolling interest was $97,000. QuickPort attributed the $46,000 excess of NetSpeed's fair value over book value to a database with a five-year remaining life. During the next two years, NetSpeed reported the following: Dividends Net Income Declared 2017 $ 61,400 $ 6,200 2018 88,200 6,200 On July 1, 2017, QuickPort sold communication equipment to NetSpeed for $32,600. The equipment originally cost $37,200 and had accumulated depreciation of $7,000 and an estimated remaining life of three years at the date of the intra-entity transfer a. Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2018. b. Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed. Answer is not complete. 7 Required A Required B 55 -ints Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction Debit Credit 1 1 Accounts Equipment Investment in NetSpeed Accumulated depreciating 4,600 2,400 O 7,000 2 2 Common stock - NetSpeed Retained earnings-NetSpeed Investment in NetSpeed Noncontrolling interest 792,000 35,200 14,960 107,360 36,800 3 3 Database Investment in NetSpeed Noncontrolling interest 33,120 3,680 BRE C raw 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 question Investment in NetSpeed 14,960 Noncontrolling interest 107,360 3 3 36,800 Database Investment in NetSpeed Noncontrolling interest 33,120 3,680 O 4 4 Equity in earnings of NetSpeed Investment in NetSpeed 5 5 5,580 Investment in NetSpeed Dividends declared 5,580 6 6 9,200 Amortization expense Database 9,200 7 7 Accumulated depreciation Depreciation expense > Required A Chapter 5 Homework Saved Help Save & Exit Submit 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 question 7 5.55 points On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $873,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $880,000 and Retained Earnings of $44,000. The acquisition date fair value of the 10 percent noncontrolling interest was $97,000. QuickPort attributed the $46,000 excess of NetSpeed's fair value over book value to a database with a five-year remaining life. During the next two years, NetSpeed reported the following: Dividends Net Income Declared 2017 $ 61,400 $ 6,200 2018 88,200 6,200 On July 1, 2017, QuickPort sold communication equipment to NetSpeed for $32,600. The equipment originally cost $37,200 and had accumulated depreciation of $7,000 and an estimated remaining life of three years at the date of the intra-entity transfer a. Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2018. b. Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed. Answer is not complete. 7 Required A Required B 55 -ints Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction Debit Credit 1 1 Accounts Equipment Investment in NetSpeed Accumulated depreciating 4,600 2,400 O 7,000 2 2 Common stock - NetSpeed Retained earnings-NetSpeed Investment in NetSpeed Noncontrolling interest 792,000 35,200 14,960 107,360 36,800 3 3 Database Investment in NetSpeed Noncontrolling interest 33,120 3,680 BRE C raw 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 question Investment in NetSpeed 14,960 Noncontrolling interest 107,360 3 3 36,800 Database Investment in NetSpeed Noncontrolling interest 33,120 3,680 O 4 4 Equity in earnings of NetSpeed Investment in NetSpeed 5 5 5,580 Investment in NetSpeed Dividends declared 5,580 6 6 9,200 Amortization expense Database 9,200 7 7 Accumulated depreciation Depreciation expense > Required A
