Land "Totals Supplies vesti Inventory Equipment Common stock Accounts payable . Accounts receivable Retained earnings , 1: 1/ 10 Additional paid - in capital Cash and short - term investments Patent 72 / 10 = 7200 Buildings'_ net ( 20 - Year likes gool Long - term liabilities ( mature 12/31 / 12 ) available on the next page for your entries . ` net ( 8 - year life ; Al` the 5 points . that date , Jackson had the following trial balanceis 2 20 $188 , 000 , and its equipment was appraised at $ 216 , 009. Any excess of consideration 24 During 2010 , Jackson reported net income of $96 , 000 while paying dividends of $12 , 000 . Required : ( A . ) Prepare consolidation worksheet entries for December 31 , 2010 . Space is During 2011 , Jackson reported net income of $132 , 000 while paying dividends of $36 , 000 . of January 1 , 2010 , Jackson's land had a fair value ( of $ 102 , 000 , it's buildings were valued at 132 . Matthews Co . acquired all of the common stock of Jackson Co. on January 1 , 2010 . As of \\2167 240, 000 V. Bob be amortized over 10 years . Matthews decided to use the equity method for this investment . transferred over fair value of assets and liabilities acquired is due to an unamortized patent to Assume that Matthews Co . acquired the common stock of Jackson Co. for $588, 000 jn cash . As \\102 20,000 |12, 000 18 80 140. 00OJ "Debit $ 720,000` $ 50,000 J \\110, 0 00 V 120.000 170.000 J THEF Credit \\$ 60.000 \\$ 720, 00`` \\180.000 120. 090 1300. 0.0 0 `60.200 9 960) 1270 0 0 5