Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please do all journal entries correct thx Give the journal entries recorded by Trim Corporation during 202 on its books if Trim accounts for its

Please do all journal entries correct thx
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Give the journal entries recorded by Trim Corporation during 202 on its books if Trim accounts for its investment in Round using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record Trim Corp.'s 100\% share of Round Corp.'s 202 income. Note: Enter debits before credits. Give the journal entries recorded by Trim Corporation during 202 on its books if Trim accounts for its investment in Round using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record Trim Corp.'s 100\% share of Round Corp.'s 20X2 dividend. Note: Enter debits before credits. Give the consolidation entries needed at December 31,202, to prepare consolidated financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Note: Enter debits before credits. Give the journal entries recorded by Trim Corporation during 202 on its books if Trim accounts for its investment in Round using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the initial investment in Round Corporation. Note: Enter debits before credits. Trim Corporation acquired 100 percent of Round Corporation's voting common stock on January 1,20X2, for $408,000. At that date, the book values and fair values of Round's assets and liabilities were equal, Round reported the following summarized balance sheet data: Round reported net income of $70,000 for 202 and paid dividends of $22,000. Required: a. Give the journal entries recorded by Trim Corporation during 202 on its books if Trim accounts for its investment in Round using the equity method. b. Give the consolidation entries needed at December 31, 202, to prepare consolidated financial statements. Complete this question by entering your answers in the tabs below

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Eco Management And Auditing A Practical Guide To EC Regulations

Authors: Joseph Tanega

1st Edition

1859070094, 978-1859070093

More Books

Students also viewed these Accounting questions