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Need help on HW question Prepare the journal entry required on the books of Pauline Corporation when it acquired Rebecca Company on January 1, 20XX.

Need help on HW question

  1. image text in transcribedPrepare the journal entry required on the books of Pauline Corporation when it acquired Rebecca Company on January 1, 20XX.
  2. Also, prepare any normal or required equity-method entry(ies) related to the investment in Rebecca Company during 20XX.
  3. Prepare a consolidation worksheet for 20XX in good form
As of December 31, 20XX and for Year Ended December 31, 2 Pauline Rebecca Income Statement Sales Less: COGS Less: Depreciation Expense Less: Other Expenses Income from Rebecca Net Income 800,000 (200,000) (50,000) (225,000) 75,000 400,000 250,000 (125,000) (10,000) (40,000) 75,000 Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance 225,000 400,000 (100,000) 525,000 100,000 75,000 (20,000) 155,000 80,000 65,000 75,000 Balance Sheet Cash Accounts Receivable Inventory Investment in Rebecca Land Buildings & Equipment Less: Accumulated Depreciation Total Assets 130,000 165,000 200,000 355,000 200,000 700,000 (450,000) 1,300,000 100,000 200,000 (20,000) 500,000 Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity 75,000 200,000 500,000 525,000 1,300,000 60,000 85,000 200,000 155,000 500,000 As of December 31, 20XX and for Year Ended December 31, 2 Pauline Rebecca Income Statement Sales Less: COGS Less: Depreciation Expense Less: Other Expenses Income from Rebecca Net Income 800,000 (200,000) (50,000) (225,000) 75,000 400,000 250,000 (125,000) (10,000) (40,000) 75,000 Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance 225,000 400,000 (100,000) 525,000 100,000 75,000 (20,000) 155,000 80,000 65,000 75,000 Balance Sheet Cash Accounts Receivable Inventory Investment in Rebecca Land Buildings & Equipment Less: Accumulated Depreciation Total Assets 130,000 165,000 200,000 355,000 200,000 700,000 (450,000) 1,300,000 100,000 200,000 (20,000) 500,000 Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity 75,000 200,000 500,000 525,000 1,300,000 60,000 85,000 200,000 155,000 500,000

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