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subject :Advanced financial accounting (act460)

as per IAS

SOLUTION Equity method journal entries related to the investment ACCOUNT TITLE Debit Credit Book Value Calculations Book Value Calculation Total Book Value Common Stock Retained Earnings Basic Consolidation entry ACCOUNT TITLE Debit Credit Accumulated depreciation consolidation Entry ACCOUNT TITLE Debit Credit Consolidation worksheet Income Statement Pink Pink Scarlet Elimination Entries DR CR Consolidated Sales Less: COGS Less: Depreciation Expense Less: Other Expenses Income from Scarlet Company Net Income Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Assets: Cash Accounts Receivable Inventory Investment in Scarlet Company Land Buildings & Equipment Less: Accumulated Depreciation Total Assets Liabilities and Equity: Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity Pink Company and Subsidiary Consolidated Balance Sheet December 31, 2020 SOLUTION Equity method journal entries related to the investment ACCOUNT TITLE Debit Credit Book Value Calculations Book Value Calculation Total Book Value Common Stock Retained Earnings Basic Consolidation entry ACCOUNT TITLE Debit Credit Accumulated depreciation consolidation Entry ACCOUNT TITLE Debit Credit Consolidation worksheet Income Statement Pink Pink Scarlet Elimination Entries DR CR Consolidated Sales Less: COGS Less: Depreciation Expense Less: Other Expenses Income from Scarlet Company Net Income Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Assets: Cash Accounts Receivable Inventory Investment in Scarlet Company Land Buildings & Equipment Less: Accumulated Depreciation Total Assets Liabilities and Equity: Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity Pink Company and Subsidiary Consolidated Balance Sheet December 31, 2020