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please answer all journal entry thx Softball Corporation reported the following balances at January 1,20X9: On January 1, 20X9, Pitcher Corporation purchased 100 percent of
please answer all journal entry thx
Softball Corporation reported the following balances at January 1,20X9: On January 1, 20X9, Pitcher Corporation purchased 100 percent of Softball's stock. All tangible assets had a remaining economic life of 5 years at January 1, 20X9. Both companies use the FIFO inventory method. Softball reported net income of $24,000 in 209 and paid dividends of $5,200. Pitcher uses the equity method in accounting for its investment in Softball. Required: Prepare all journal entries that Pitcher recorded during 209 with respect to its investment assuming Pitcher paid $472,500 for the ownership of Softball on January 1,20X9. The amount of the differential assigned to goodwill is not impaired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of Softball. Note: Enter debits before credits. Journal entry worksheet Record the dividend received from Softball. Note: Enter debits before credits. Journal entry worksheet Record the equity-method income/loss. Note: Enter debits before credits. Journal entry worksheet Record the amortization of the differential assigned to inventory carried on a FIFO basis. Note: Enter debits before credits. Journal entry worksheet Record the amortization of the differential assigned to buildings and equipment. Note: Enter debits before credits Step by Step Solution
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