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Need help with the attached 4 accounting consolidation numerical in excel - Need it within 5 hours - Thanks Answer ALL of the questions COMPLETELY....Showing
Need help with the attached 4 accounting consolidation numerical in excel - Need it within 5 hours - Thanks
Answer ALL of the questions COMPLETELY....Showing All work: Parent Corp acquired a 90% interest in Sub Corp on Jan 1, 2011. Sub regularly sells inventory to the parent at a 30% mark-up. Intercompany purchases and sales of INVENTORY for 2011, 2012 & 2013 are as follows: YEAR INTERCO SALES Interco End Inventory 2011 2012 2013 $400,000 $300,000 $600,000 $50,000 $45,000 $55,000 Selected data for Dec 31, 2013 for Parent and Sub are as follows: Parent Sub Income Statement: Sales Cost of Goods Sold Operating Expenses Sub Income ($1,800,000) 1,250,000 450,000 ($270,000) ($1,200,000) 600,000 300,000 0 Balance Sheet: Inventory $300,000 $160,000 Required: Prepare the Elimination entries for 2011, 2012 & 2013 for intercompany Inventory transactions Prepare the Consolidated Income Statement for 2013 What is the NCI net income for 2013? What is the value of ending inventory on the Consolidated Balance Sheet at Dec 31, 2013? On Jan 1, 2013 the Sub issues $550,000 in 6% 8 year Bonds at 103%, interest payable Dec 31. On June 30, 2017, the Parent acquires the Sub's bonds for $498,500. The Sub is 65% owned by the parent. Required: Record the elimination entries for Dec 31, 2017 and 2018 What is the impact on the Sub's Net Income for 2017? What is the impact on the Sub's Income for 2018? On Jan 1, 2013, the Sub acquires land, at a cost of $250,000 and a Building with a cost of $625,000. The building has a $50,000 salvage value and a 15 year estimated useful life. On Jun 30, 2020, the Sub sells the land and the building to the parent for $1,250,000 (30% land & 70% building). The Sub is 75% owned by the Parent. Required: Prepare the Elimination & Adjustment entries for 2020 and 2021. What is the impact on the Sub's internally generated profit for 2020 and 2021? What is the impact on the NCI Net Income for 2020 & 2021? What is the value reported on the Consolidated Balance Sheet for Land & Building & Accumulated Depreciation for 2020 & 2021? On Jan 1, 2014, the Sub issues $400,000 7.5% 8 year bonds at 92% interest payable annually on Dec 31. The Sub is 85% owned by the Parent. On Jan 1, 2017, the Parent purchases the Sub's Bonds for $412,500. Required: Record the Elimination and Adjustment Entries for Dec 31, 2017 & 2018. What is the impact of the Sub's Internally generated Net Income? What is the impact on the NCI net income for 2017 & 2018? What is the value reported on the Consolidated Balance Sheet for Bonds Payable & Discount/Premium on Dec 31, 2017Step by Step Solution
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