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PLEASE HELP ME, it is been three days! Parson Company acquired an 80 percent interest in Syber Company on January 1, 2017. Any portion of
PLEASE HELP ME, it is been three days!
Parson Company acquired an 80 percent interest in Syber Company on January 1, 2017. Any portion of Syber's business fair value in excess of its corresponding book value was assigned to trademarks. This intangible asset has subsequently undergone annual amortization based on a 15-year life. Over the past two years, regular intra-entity inventory sales transpired between the two companies. No payment has yet been made on the latest transfer. All dividends are paid in the same period as declared The individual financial statements for the two companies as well as consolidated totals for 2018 follow Consolidated Totals (1,622,000) Parson Sales Cost of goods sold Operating expenses Income of Syber Company (790,000) 495,000 157,000 $ (990,000) 595,000 138,000 (103,300) (360,300) 946,000 298,000 (138,000) Separate company net income Consolidated net income Net income attributable to $ (378,000) 17,700 noncontrolling interest Net income attributable to Parson Company Retained earnings, 1/1/18 Net income (above) Dividends declared $ (360,300) $ 640,100) $ (640,100) (328,000) (138,000) 49,000 (417,000) (360,300) (360,300) Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Syber Company Land, buildings, and equipment Trademarks 68,000 $ (932,400) $488,000 209,000 446,400 418,000 68,000 $ (932,400) $561,200 388,000 198,000 317,000 735,000 32,500 1,716,700 1,561,400 $ 614,000 Total assets Liabilities Common stock Additional paid-in capital Noncontrolling interest in Sy Retained earnings (above) Total liabilities and equities $ (365, 000) (215,000) (49,000) s (119 (423,800) (215,000) (49,000) (78,000) (932,400)(417,000 (614,000) 932,400 (1,561,400) (1,716,700) a. What method does Parson use to account for its investment in Syber? b. What is the balance of the intra-entitv inventorv aross profit deferred at the end of the current period? Complete this question by entering your answers in the tabs below. Req A to H Req I and a. What method does Parson use to account for its investment in Syber? b. What is the balance of the intra-entity inventory gross profit deferred at the end of the current period? c. What amount was originally allocated to the trademarks? d. What is the amount of the current year intra-entity inventory sales? e. Were the intra-entity inventory sales made upstream or downstream? f. What is the balance of the intra-entity liability at the end of the current year? g. What amount of intra-entity gross profit was deferred from the preceding period and recognized in the current period? h. What was the ending Noncontrolling Interest in Syber Company computed? Show less a. Method that Parson use to account for its investment b. Balance of the intra-entity inventory gross profit c. Amount allocated to trademarks d. Current year intra-entity inventory sales e. Intra-entity inventory sales made f. Balance of the intra-entity liability g Intra-entity gross profit was deferred from the preceding period h. Ending noncontrolling interest Req A to H Req l and J Req A to HReq I and J . With a tax rate of 40 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax return? j. With a tax rate of 40 percent, what income tax journal entry is recorded if these two companies prepare separate tax returns? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record the income tax expense. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Req A to H Re I and i. With a tax rate of 40 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax returr j. With a tax rate of 40 percent, what income tax journal entry is recorded if these two companies prepare separate tax retur (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the income tax expense for Parson. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal Req A to H | Req 1 and i. With a tax rate of 40 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax return? j. With a tax rate of 40 percent, what income tax journal entry is recorded if these two companies prepare separate tax returns? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record the income tax expense for Syber Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Parson Company acquired an 80 percent interest in Syber Company on January 1, 2017. Any portion of Syber's business fair value in excess of its corresponding book value was assigned to trademarks. This intangible asset has subsequently undergone annual amortization based on a 15-year life. Over the past two years, regular intra-entity inventory sales transpired between the two companies. No payment has yet been made on the latest transfer. All dividends are paid in the same period as declared The individual financial statements for the two companies as well as consolidated totals for 2018 follow Consolidated Totals (1,622,000) Parson Sales Cost of goods sold Operating expenses Income of Syber Company (790,000) 495,000 157,000 $ (990,000) 595,000 138,000 (103,300) (360,300) 946,000 298,000 (138,000) Separate company net income Consolidated net income Net income attributable to $ (378,000) 17,700 noncontrolling interest Net income attributable to Parson Company Retained earnings, 1/1/18 Net income (above) Dividends declared $ (360,300) $ 640,100) $ (640,100) (328,000) (138,000) 49,000 (417,000) (360,300) (360,300) Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Syber Company Land, buildings, and equipment Trademarks 68,000 $ (932,400) $488,000 209,000 446,400 418,000 68,000 $ (932,400) $561,200 388,000 198,000 317,000 735,000 32,500 1,716,700 1,561,400 $ 614,000 Total assets Liabilities Common stock Additional paid-in capital Noncontrolling interest in Sy Retained earnings (above) Total liabilities and equities $ (365, 000) (215,000) (49,000) s (119 (423,800) (215,000) (49,000) (78,000) (932,400)(417,000 (614,000) 932,400 (1,561,400) (1,716,700) a. What method does Parson use to account for its investment in Syber? b. What is the balance of the intra-entitv inventorv aross profit deferred at the end of the current period? Complete this question by entering your answers in the tabs below. Req A to H Req I and a. What method does Parson use to account for its investment in Syber? b. What is the balance of the intra-entity inventory gross profit deferred at the end of the current period? c. What amount was originally allocated to the trademarks? d. What is the amount of the current year intra-entity inventory sales? e. Were the intra-entity inventory sales made upstream or downstream? f. What is the balance of the intra-entity liability at the end of the current year? g. What amount of intra-entity gross profit was deferred from the preceding period and recognized in the current period? h. What was the ending Noncontrolling Interest in Syber Company computed? Show less a. Method that Parson use to account for its investment b. Balance of the intra-entity inventory gross profit c. Amount allocated to trademarks d. Current year intra-entity inventory sales e. Intra-entity inventory sales made f. Balance of the intra-entity liability g Intra-entity gross profit was deferred from the preceding period h. Ending noncontrolling interest Req A to H Req l and J Req A to HReq I and J . With a tax rate of 40 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax return? j. With a tax rate of 40 percent, what income tax journal entry is recorded if these two companies prepare separate tax returns? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record the income tax expense. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Req A to H Re I and i. With a tax rate of 40 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax returr j. With a tax rate of 40 percent, what income tax journal entry is recorded if these two companies prepare separate tax retur (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the income tax expense for Parson. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal Req A to H | Req 1 and i. With a tax rate of 40 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax return? j. With a tax rate of 40 percent, what income tax journal entry is recorded if these two companies prepare separate tax returns? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record the income tax expense for Syber Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalStep by Step Solution
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