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On 1/1/2020, Company AAA purchased 80% of the shares of Company BBB for $ 10,000. On that date, Company BBB had shareholders' equity of capital

On 1/1/2020, Company AAA purchased 80% of the shares of Company BBB for $ 10,000. On that date, Company BBB had shareholders' equity of capital $ 6,000, additional paid-in capital $ 2,000, and retained earnings $ 2,000.

On 1/1/2020, Company BBB had overvalued inventory of $ 1,000 (all sold in 2020), undervalued land by $ 2,000, and undervalued equipment by $ 1,400 (7 years expected useful life).

The following are the statements of financial position for both companies at 31/12/2020.

In 2020, BBB declared dividends of $ 200 and had net income $ 2,000

31/12/2020

AAA

BBB

Dr.

Cr.

Consolidation

Cash

2,000

1,000

Accounts receivable

4,000

3,000

Dividends receivable

160

-

Inventory

1,000

2,000

Equipment

10,000

4,000

Buildings

20,000

2,000

Land

40,000

4,000

Investment in BBB

12,080

-

Goodwill

-

-

TOTAL

89,240

16,000

Accounts payable

6,640

4,000

Dividends payable

-

200

Capital stock

50,000

6,000

Additional paid-in capital

20,000

2,000

Retained earnings

12,600

3,800

Noncontrolling interest

-

-

TOTAL

89,240

16,000

Required

As at 31/12/2020, compute the consolidated amount for the following , showing your detailed computations

1- The consolidated amount for cash

2- The consolidated amount for inventory

3- The consolidated amount for equipment

4- The consolidated amount for land

5- The consolidated amount for goodwill

6- The consolidated amount for accounts payable

7- The consolidated amount for dividends payable

8- The consolidated amount for additional paid in capital

9- The consolidated amount for noncontrolling interest

10- The total assets amount for the consolidated financial statements

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