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B 2-1 Discussion: Pushdown Ac X @ Reading and Resources - ACC X Question 2 - 2-2 Assignment X M MHE Reader X G Prince Corporation acquired x Homework Help - Q&A from x + X - C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEP... Apps s A Self-Service Login A Self-Service Home @ Homepage - South.. . Mail - Lopez-Grove.. 2-2 Assignment: Less-Than-Wholly-Owned With No Differential Wholly Owned Acquired at Mor... Saved Help Save & Exit Submit 2 Check my work . Prepare a three-part consolidation worksheet as of December 31, 20X7. (Values In the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, while all values In the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all 25 debit entries Into one amount and enter this amount In the debit column of the worksheet. Similarly, combine all credit entries Into points one amount and enter this amount In the credit column of the worksheet.) PRINCE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet =Book December 31, 20X7 Consolidation Entries Prince Corp Sword Co DR CR Print Consolidated Income Statement Sales S 693,000 S 413,000 Less: COGS $ 1,106,000 References 493,000) 259,000) (752,000) Less: Depreciation expense (22,000) (12,000) (34,000 Less: Other expense (64,000) (64,000) 128,000) Income from Sword Co. 75,000 75,000 Net Income 189,000 78,000 267,000 Statement of Retained Earnings Beginning balance 344,000 90,000 434,000 Net income 189,000 78,000 267,00 Less: Dividends declared (69,000) (28,000) 97,000) Ending Balance 464,000 $ 140,000 $ o S o S 604,000 Balance Sheet Asset Cash 's 83,000 5 27,000 S 110,000 Accounts receivable 60,000 65,000 Inventory 125,000 181,00 107,000 288,000 Land 31,000 22,000 103,000 Buildings & equipment 493,000 168,000 661,000 Less: Accumulated depreciation 140,000) 60,000) 200,000) Investment in Sword Co. 243,000 Goodwill 243,000 Total Assets 1,001,000 S 329,000 0 $ 1,330,000 Liabilities & Equity Accounts payable 52,000 22,000 74,000 Mortgages payable 196,000 22,000 Common stock $18,000 289,00 45,000 334,000 Retained earnings 464,000 140,000 604,000 Total Liabilities & Equity $ 1,001,000 $ 29,000 $ o S 0 5 1,330,000 Type here to search O BI BA 9 ? 12:24 PM 3/12/2021B 2-1 Discussion: Pushdown Ac X @ Reading and Resources - ACC X Question 2 - 2-2 Assignment X M MHE Reader X G Prince Corporation acquired X Homework Help - Q&A from x + X -> C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEP... : Apps & A Self-Service Login A Self-Service Home @ Homepage - South... 9Mail - Lopez-Grove... 2-2 Assignment: Less-Than-Wholly-Owned With No Differential Wholly Owned Acquired at Mor... @ Saved Help Save & Exit Submit Check my work 2 Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $196,000. The trial balances for the two companies on December 31, 20X7, Included the following amounts: 25 Prince Corporation Sword Company points Item Debit Credit Debit Credit cash $ 83, 080 27,080 Accounts Receivable 60,080 65,080 Inventory 181, 080 107, 080 Land 81, 608 22, 088 Book Buildings and Equipment 493, 0 168, 080 Investment in Sword Company 243, 080 Cost of Goods Sold 493, 080 259, 080 Depreciation Expense 22,080 12, 080 Print Other Expenses 64, 080 64, 080 Dividends Declared 69,080 28,080 Accumulated Depreciation $ 140,080 $ 60,080 Accounts Payable 52, 080 22, 080 References Mortgages Payable 196, 080 122, 080 Common Stock 289, 080 45, 080 Retained Earnings 344, 080 90,080 Sales 593, 080 413, 080 Income from Sword Company 75, 008 $1, 789,080 $1, 789,080 $752, 080 $752,600 Additional Information 1. On January 1, 20X7, Sword reported net assets with a book value of $135,000. A total of $28,000 of the acquisition price is applied to goodwill, which was not Impaired In 20X7. 2. Sword's depreciable assets had an estimated economic life of 11 years on the date of combination. The difference between fair value and book value of tangible assets is related entirely to buildings and equipment. B. Prince used the equity-method in accounting for its Investment In Sword. 4. Detailed analysis of receivables and payables showed that Sword owed Prince $17,000 on December 31, 20X7. Required: . Prepare all Journal entries recorded by Prince with regard to Its Investment In Sword during 20X7. (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction list View journal entry worksheet x No Event General Journal Debit Credit A Investment in Sword Company Cast Type here to search 12:24 PM 9 ? 3/12/2021B 2-1 Discussion: Pushdown Ac X @ Reading and Resources - ACC X Question 2 - 2-2 Assignment X M MHE Reader X G Prince Corporation acquired X Homework Help - Q&A from x + X - C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEP... : Apps & A Self-Service Login A Self-Service Home @ Homepage - South... 9Mail - Lopez-Grove... 2-2 Assignment: Less-Than-Wholly-Owned With No Differential Wholly Owned Acquired at Mor... i Saved Help Save & Exit Submit Check my work 2 25 points =Book b. Prepare all consolidating entries needed to prepare a full set of consolidated financial statements for 20X7. (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field.) Print view transaction list References Consolidation Worksheet Entries B C D E Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit Record entry Clear entry view consolidation entries c. Prepare a three-part consolidation worksheet as of December 31, 20X7. (Values In the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, while all values In the "Consolidation Type here to search O OBA 9 12:25 PM ? 3/12/2021 E