Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

last incorrect answer is 62160. please fix the wrong answers you don't need to do the correct parts. Hiug Hroducts owns 80 percent of the

image text in transcribed

last incorrect answer is 62160. please fix the wrong answers you don't need to do the correct parts.

Hiug Hroducts owns 80 percent of the stock of spork Hiter Lompony, which it acquired at underlying book value on August 30,20x0. At thot dote, the foir volue of the noncontrolling interest wos equal to 20 percent of the book volue of Spork Filer. Summarized trial bsiance doto for the two componies as of December 31, 20X8, ore os follows: $50,000. In 208, Spark Filter spent $110,000 to produce odditionol filters, which it sold to Plug for $154,000. By December 31,208, Plug had sold all filters that had been on hand Janusry 1,20X8, but continued to hold in inventory $46,200 of the 208 purchase from Spark Filter. Required: a. Prepore all consolidotion entries needed to complete 0 consolidotion worksheet for 20XB. Note: If no entry is required for a transactionlevent, select "No journal entry required" in the first account field. b. Compute consolidated ne: income and income sasigned tothe controlling interest in the 20x8 consolidated income stotement. c. Compute the beionce assigned to the noncontrolling intarest in the consolidated balance sheet as of December 31,205. Hiug Hroducts owns 80 percent of the stock of spork Hiter Lompony, which it acquired at underlying book value on August 30,20x0. At thot dote, the foir volue of the noncontrolling interest wos equal to 20 percent of the book volue of Spork Filer. Summarized trial bsiance doto for the two componies as of December 31, 20X8, ore os follows: $50,000. In 208, Spark Filter spent $110,000 to produce odditionol filters, which it sold to Plug for $154,000. By December 31,208, Plug had sold all filters that had been on hand Janusry 1,20X8, but continued to hold in inventory $46,200 of the 208 purchase from Spark Filter. Required: a. Prepore all consolidotion entries needed to complete 0 consolidotion worksheet for 20XB. Note: If no entry is required for a transactionlevent, select "No journal entry required" in the first account field. b. Compute consolidated ne: income and income sasigned tothe controlling interest in the 20x8 consolidated income stotement. c. Compute the beionce assigned to the noncontrolling intarest in the consolidated balance sheet as of December 31,205

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What is human nature?

Answered: 1 week ago