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need help fix it Answer is complete but not entirely correct. No Entry Accounts Debit Credit 70,000 A 1 Common stock 62,000 Retained eanings Income

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Answer is complete but not entirely correct. No Entry Accounts Debit Credit 70,000 A 1 Common stock 62,000 Retained eanings Income from Soda Company 18,540 NCI in NI of Soda Company 9,660 Dividends declared 17,000 100,240 Investment in Soda Company 42,960 NCI in NA of Soda Company 2 Amortization expense 9,400 Depreciation expense 2.200 Income from Soda Company 8,120 NCI in NI of Soda Company 3,480 C Buildings and equipment 22,000 Patents 28,200 Accumulated depreciation 4,400 Income from Soda Company 32,060 NCI in NI of Soda Company 13,740 Accumulated depreciation D 4 60,000 Buildings and equipment 60,000 NCI in NA of Soda Company 5 3,480 NCI in NA of Soda Company 3,480 5 Investment in Soda Company 8,120 11,600 Cost of goods sold NCI in NA of Soda Company 2,400 x) F 6 Investment in Soda Company 5,600 8,000 x Inventory 7 Sales 122,000 Cost of goods sold 107,600 Inventory 14,400 Answer is not complete. POP CORPORATION & SUBSIDIARY Consolidated Financial Statement Worksheet For 20X3 Consolidation Entries Consolidated CR DR Soda Co. Pop Corp. Income Statement 312,000 90,000 140,000 262,000 S Sales 11,600 11,600 Other Income 232,800 37,000 81,800 188,000 Less: COGS (45,000) (20,000) (25,000) Less: Depreciation Expense (25,200) (7,200) (18,000) Less: Interest Expense Less: Amortization Expense 10,420 10,420 Income from Soda Company 496,620 0 127,000 194,600 Consolidated Net Income NCI in Net Income 429,020 496,620 127,000 Controlling Interest in Net Income Statement of Retained Earnings 429,020 194,600 182,900 62,000 120,900 Beginning balance 496,620 127,000 429,020 194,600 Net income (49,000) (32,000) (17,000) Less: Dividends declared $ 239,600 $ 127,000 630,520 517,920 Ending Balance Balance Sheet 41,000 23,600 17,400 Cash and Accounts Receivable 167,000 37,000 37,000 167,000 Inventory Balance Sheet Cash and Accounts Receivable 41,000 17,400 $ 23,600 Inventory 167,000 167,000 37,000 37,000 Land 82,000 124,000 42,000 Buildings & Equipment 360,000 262,000 622,000 Less: Accumulated Depreciation (90,000) (232,000) (142,000) Investment in Soda Company 117,100 117,100 Patents Total Assets $ 601,500 $ $ 37,000 839,100 274,600 0 Accounts Payable $ $ 94,400 37,000 131,400 Bonds Payable 234,180 90,000 324,180 Bonds Premium 1,600 1,600 Common Stock 122,000 122,000 Retained Earnings 517,920 517,920 NCI in NA of Soda Company 1,097,100 Total Liabilities & Equity $ 128,600 $ 968,500 2. Award: 25.00 points Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, for $114,800. At that date, the noncontrolling interest had a fair value of $49,200 and Soda reported $70,000 of common stock outstanding and retained earnings of $25,000. The differential is assigned to buildings and equipment, which had a fair value $22,000 higher than book value anda remaining 10-year life, and to patents, which had a fair value $47,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: Pop Corporation Soda Company Cti Pnhi follows: op Corporation Debit 17,400 167,000 Soda Company Debit 23,600 37,000 42,000 Credit Credit Item Cash & Accounts Receivable Inventory Land Buildings & Equipment Investment in Soda Company Cost of Goods Sold 82,000 360,000 262,000 117,100 188,000 81,800 20,000 Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premium 25,000 18,000 7,200 32,000 17,000 $ 90,000 142,000 94,400 234,180 37,000 90,000 1,600 70,000 62,000 140,000 Common Stock 122,000 129,900 262,000 11,600 10,420 Retained Earnings Sales Other Income Income from Soda Company $1,006,500 $1,006,500 $490,600 $490,600 On December 31, 20X2, Soda purchased inventory for $30,000 and sold it to Pop On December 31, 20X2, Soda purchased inventory for $30,000 and sold it to Pop for $50,000. Pop resold $29,000 of the inventory (i.e., $29,000 of the $50,000 acquired from Soda) during 20X3 and had the remaining balance in inventory at December 31, 20X3. During 20X3, Soda sold inventory purchased for $54,000 to Pop for $90,000, and Pop resold all but $26,000 of its purchase. On March 10, 20X3, Pop sold inventory purchased for $16,000 to Soda for $32,000. Soda sold all but $8,000 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method, that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition Required: a. Prepare all conso lidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X3, for Pop and Soda. (If no entry is required for a transaction/event, select "No journal entry required" in the Answer is complete but not entirely correct. No Entry Accounts Debit Credit 70,000 A 1 Common stock 62,000 Retained eanings Income from Soda Company 18,540 NCI in NI of Soda Company 9,660 Dividends declared 17,000 100,240 Investment in Soda Company 42,960 NCI in NA of Soda Company 2 Amortization expense 9,400 Depreciation expense 2.200 Income from Soda Company 8,120 NCI in NI of Soda Company 3,480 C Buildings and equipment 22,000 Patents 28,200 Accumulated depreciation 4,400 Income from Soda Company 32,060 NCI in NI of Soda Company 13,740 Accumulated depreciation D 4 60,000 Buildings and equipment 60,000 NCI in NA of Soda Company 5 3,480 NCI in NA of Soda Company 3,480 5 Investment in Soda Company 8,120 11,600 Cost of goods sold NCI in NA of Soda Company 2,400 x) F 6 Investment in Soda Company 5,600 8,000 x Inventory 7 Sales 122,000 Cost of goods sold 107,600 Inventory 14,400 Answer is not complete. POP CORPORATION & SUBSIDIARY Consolidated Financial Statement Worksheet For 20X3 Consolidation Entries Consolidated CR DR Soda Co. Pop Corp. Income Statement 312,000 90,000 140,000 262,000 S Sales 11,600 11,600 Other Income 232,800 37,000 81,800 188,000 Less: COGS (45,000) (20,000) (25,000) Less: Depreciation Expense (25,200) (7,200) (18,000) Less: Interest Expense Less: Amortization Expense 10,420 10,420 Income from Soda Company 496,620 0 127,000 194,600 Consolidated Net Income NCI in Net Income 429,020 496,620 127,000 Controlling Interest in Net Income Statement of Retained Earnings 429,020 194,600 182,900 62,000 120,900 Beginning balance 496,620 127,000 429,020 194,600 Net income (49,000) (32,000) (17,000) Less: Dividends declared $ 239,600 $ 127,000 630,520 517,920 Ending Balance Balance Sheet 41,000 23,600 17,400 Cash and Accounts Receivable 167,000 37,000 37,000 167,000 Inventory Balance Sheet Cash and Accounts Receivable 41,000 17,400 $ 23,600 Inventory 167,000 167,000 37,000 37,000 Land 82,000 124,000 42,000 Buildings & Equipment 360,000 262,000 622,000 Less: Accumulated Depreciation (90,000) (232,000) (142,000) Investment in Soda Company 117,100 117,100 Patents Total Assets $ 601,500 $ $ 37,000 839,100 274,600 0 Accounts Payable $ $ 94,400 37,000 131,400 Bonds Payable 234,180 90,000 324,180 Bonds Premium 1,600 1,600 Common Stock 122,000 122,000 Retained Earnings 517,920 517,920 NCI in NA of Soda Company 1,097,100 Total Liabilities & Equity $ 128,600 $ 968,500 2. Award: 25.00 points Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, for $114,800. At that date, the noncontrolling interest had a fair value of $49,200 and Soda reported $70,000 of common stock outstanding and retained earnings of $25,000. The differential is assigned to buildings and equipment, which had a fair value $22,000 higher than book value anda remaining 10-year life, and to patents, which had a fair value $47,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: Pop Corporation Soda Company Cti Pnhi follows: op Corporation Debit 17,400 167,000 Soda Company Debit 23,600 37,000 42,000 Credit Credit Item Cash & Accounts Receivable Inventory Land Buildings & Equipment Investment in Soda Company Cost of Goods Sold 82,000 360,000 262,000 117,100 188,000 81,800 20,000 Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premium 25,000 18,000 7,200 32,000 17,000 $ 90,000 142,000 94,400 234,180 37,000 90,000 1,600 70,000 62,000 140,000 Common Stock 122,000 129,900 262,000 11,600 10,420 Retained Earnings Sales Other Income Income from Soda Company $1,006,500 $1,006,500 $490,600 $490,600 On December 31, 20X2, Soda purchased inventory for $30,000 and sold it to Pop On December 31, 20X2, Soda purchased inventory for $30,000 and sold it to Pop for $50,000. Pop resold $29,000 of the inventory (i.e., $29,000 of the $50,000 acquired from Soda) during 20X3 and had the remaining balance in inventory at December 31, 20X3. During 20X3, Soda sold inventory purchased for $54,000 to Pop for $90,000, and Pop resold all but $26,000 of its purchase. On March 10, 20X3, Pop sold inventory purchased for $16,000 to Soda for $32,000. Soda sold all but $8,000 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method, that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition Required: a. Prepare all conso lidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X3, for Pop and Soda. (If no entry is required for a transaction/event, select "No journal entry required" in the

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