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ing are selected accounts and balances for Mergaronite Comp ite's accounts have been omitted. Credit balances are indicated iod. f goods sold iation expense ment
ing are selected accounts and balances for Mergaronite Comp ite's accounts have been omitted. Credit balances are indicated iod. f goods sold iation expense ment income led earnings, 1/1/21 nds declared nt assets ings (net) ment (net) ilities on stock tional paid-in capital me that Mergaronite acquired Hill on January 1, 2017, by issuing 6.000 but a fair value of $100 each. On January 1, 2017, Hill's land was unde 600 , and equipment was undervalued by $59,400. The buildings had ining life. A customer list with an appraised value of $104,000 was dev remaining useful life. Assume that Mergaronite acquired Hill on January 1,2017 , by issuing 6,000 shares of common stock having a par value of $10 f share but a fair value of $100 each. On January 1,2017 , Hill's land was undervalued by $18,200, its buildings were overvalued bj $28,600, and equipment was undervalued by $59,400. The buildings had a 10-year remaining life, the equipment had a 5 -year remaining life. A customertist with an appraised value of $104,000 was developed internally by Hill and was estimated to have year remaining useful life. a. Determine the December 31,2021 , consolidated totals for the following accounts: b. Intequirement(a). can the consolidated totals be determined without knowing which method the parent used to account for th subsidiany? c. If the parent uses the equity method, what consolidation entries would be used on a 2021 worksheet? ing are selected accounts and balances for Mergaronite Comp ite's accounts have been omitted. Credit balances are indicated iod. f goods sold iation expense ment income led earnings, 1/1/21 nds declared nt assets ings (net) ment (net) ilities on stock tional paid-in capital me that Mergaronite acquired Hill on January 1, 2017, by issuing 6.000 but a fair value of $100 each. On January 1, 2017, Hill's land was unde 600 , and equipment was undervalued by $59,400. The buildings had ining life. A customer list with an appraised value of $104,000 was dev remaining useful life. Assume that Mergaronite acquired Hill on January 1,2017 , by issuing 6,000 shares of common stock having a par value of $10 f share but a fair value of $100 each. On January 1,2017 , Hill's land was undervalued by $18,200, its buildings were overvalued bj $28,600, and equipment was undervalued by $59,400. The buildings had a 10-year remaining life, the equipment had a 5 -year remaining life. A customertist with an appraised value of $104,000 was developed internally by Hill and was estimated to have year remaining useful life. a. Determine the December 31,2021 , consolidated totals for the following accounts: b. Intequirement(a). can the consolidated totals be determined without knowing which method the parent used to account for th subsidiany? c. If the parent uses the equity method, what consolidation entries would be used on a 2021 worksheet
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