please help with B, parts b and c.
Complete this question by entering your answers in the tabs below. Prepare the journal entries recorded by Point Corporation during 203 on its books if Point accounts for its investment in Stich using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Exercise 4-19 (Static) Wholly Owned Subsidiary with a Differential LO 4-3 Stick Corporation is a wholly owned subsidiary of Point Corporation. Point acquired ownership of Stick on January 1, 20X3, for $28,00 above Stick's reported net assets. At that date, Stick reported common stock outstanding of $60,000 and retained earnings of $90,000. The differential is assigned to equipment with an economic life of seven years at the date of the business combination. Stick reported net income of $30,000 and paid dividends of $12,000 in 203. Required: a. Prepare the journal entries recorded by Point Corporation during 203 on its books if Point accounts for its investment in Stick using the equity method. b. Prepare the consolidating entries needed at December 31,203, to prepare consolidated financial statements. 8 Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the journal entries recorded by Point Corporation during 203 on its books if Point accounts for its investment in Stick using the equity method. 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 excess value (differential) reclassification entry. Note: Enter debits before credits. Journal entry worksheet Record the amortized excess value reclassification entry. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the consolidating entries needed at December 31, 20x3, 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. Complete this question by entering your answers in the tabs below. Prepare the journal entries recorded by Point Corporation during 203 on its books if Point accounts for its investment in Stich using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Exercise 4-19 (Static) Wholly Owned Subsidiary with a Differential LO 4-3 Stick Corporation is a wholly owned subsidiary of Point Corporation. Point acquired ownership of Stick on January 1, 20X3, for $28,00 above Stick's reported net assets. At that date, Stick reported common stock outstanding of $60,000 and retained earnings of $90,000. The differential is assigned to equipment with an economic life of seven years at the date of the business combination. Stick reported net income of $30,000 and paid dividends of $12,000 in 203. Required: a. Prepare the journal entries recorded by Point Corporation during 203 on its books if Point accounts for its investment in Stick using the equity method. b. Prepare the consolidating entries needed at December 31,203, to prepare consolidated financial statements. 8 Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the journal entries recorded by Point Corporation during 203 on its books if Point accounts for its investment in Stick using the equity method. 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 excess value (differential) reclassification entry. Note: Enter debits before credits. Journal entry worksheet Record the amortized excess value reclassification entry. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the consolidating entries needed at December 31, 20x3, 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
