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9. On November 8, 2018, Power Corp. sold land to Wood Co, its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized? A) Proportionately over a designated period of years B) When Wood Co. sells the land to a third party C) No gain may be recognized D) As Wood uses the land. E) When Wood Co. begins using the land productively. 10 How would consolidated cost of goods sold have differed if the inventory transfers had been for the same amount and cost, but from Stendall to Edgar? A) Consolidated cost of goods sold would have remained $2,140,000. B) Consolidated cost of goods sold would have been more than $2,140,000 because of the controlling interest in the subsidiary C) Consolidated cost of goods sold would have been less than $2.140,000 because of the noncontrolling interest in the subsidiary D) Consolidated cost of goods sold would have been more than $2,140,000 because of the noncontrolling interest in the subsidiary E) The effect on consolidated cost of goods sold cannot be predicted from the information provided. 11. How would net income attributable to the noncontrolling interest be different if the transfers had been for the same amount and cost, but from Stendall to Edgar? A) Net income attributable to the noncontrolling interest would have decreased by $6,000. B) Net income attributable to the noncontrolling interest would have increased by $24,000. C) Net income attributable to the noncontrolling interest would have increased by $20,000. D) Net income attributable to the noncontrolling interest would have decreased by $18,000. E) Net income attributable to the noncontrolling interest would have decreased by $56,000. 12. On January 1, 2018, Race Corp. acquired 80% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $450,000 goods that cost S3 30,000. At year-end, Gallow owned 15% of the goods transferred. Gallow reported net income of $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, what was the net income attributable to the noncontrolling interest? A) S 3,600. B) $22,800. C) $30,900. D) $32,900. E) $40,800 13 Webb Co. acquired 100% of Rand Inc. on January 5, 2018. During 2018, Webb sold goods to Rand for $2,400,000 that cost Webb $1,800,000. Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. What was consolidated cost of goods sold? A) $17,200,000. B) $ 15,040,000. C) $14,800,000. D) $15,400,000. E) $14,560,000. 14. Gentry Inc. acquired 100% of Gaspard Farms on January 5, 2017, During 2017, Gentry sold Gaspard Farms S625.000 of goods, which had cost $425,000. Gaspard Farms still owned 12% of the goods at the end of the year. In 2018, Gentry sold goods with a cost of $800,000 to Gaspard Farms for $1,000,000, and Gaspard Farms still owned 10% of the goods at year-end. For 2018, the cost of goods sold totaled 55,400,000 for Gentry, and $1,200,000 for Gaspard Farms. What was consolidated cost of goods 2018? or A) $6,600,000 B) $6,604,000 C) $5,620,000 D) $5,596,000 E) $5,625,000. 15, X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2018, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. Atthe end of the year, 20% of the goods were still in X-Beams inventory Kent's reported net income was intra-entity asset transfers, what was the net income atribuable to the noncontrolling interest in Ken $300,000. Assuming there are no excess amortizations associated with the consolidation, and no other A) $90,000 B) $85,200 C) $54,000. D) $94,800. E) $86,640 16. Included in the amounts for Skille's sales were intra-entity gross profits related to Skillet's intra- entity transfer of merchandise to Pot for $140,000. There were no intra-entity transfers from Pot to Skillet. Intra-entity transfers had the same markup as sales to outsiders. Pot still had 40% of the intra- entity gross profit remaining in ending inventory at the end of 2018. What are consolidated sales and cost of goods sold for 2018? A$1,400,000 and $ 952,000 B) $1,400,000 and $ 966,000. C) $1,540,000 and $1,078,000. D) $1,400,000 and $ 974,400 E) $1,540,000 and $1,092,000. 17. Included in the amounts for Pot's sales were Pot's sales for merchandise to Skillet for $140,000. There were no sales from Skillet to Pot. Intra-entity transfers had the same markup as sales to outsiders Skillet had resold all of the intra-entity transfers (purchases) from Pot to outside parties during 2018 What are consolidated sales and cost of goods sold for 2018? A $1,400,000 and $952,000. ) $1,400,000 and $1,092,000. C) $1,540,000 and $952,000 D) $1,400,000 and $1,232,000 E) $1,540,000 and $1,092,000. 18. Dalton Corp. owned 70% of the outstanding common stock of Shrugs Inc. On January 1, 2016, Dalton acquired a building with a ten-year life for $420,000. No salvage value was anticipated and the building was to be depreciated on the straight-line basis. On January 1, 2018, Dalton sold this building to Shrugs for $392,000. At that time, the building had a remaining life of eight years but still no expected salvage value. For consolidation purposes, what is the Excess Depreciation (ED entry) for this building for 2018? A) Accumulated Depreciation 7,000 Depreciation expense Depreciation Expense Accumulated Accumulated Depreciation Depreciation Expense 7,000 B) Accumulated Depreciation C) Depreciation Expense D) Depreciation Expense ,900 E) Accumulated Depreciation 4,900 4,900 7,000 0,0 4,900 42,000 42,000 As of December 31, 2018, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride Inc. Strong Corp $ 420,000 $280,000 (196,000) (112,000) Revenues Cost of goods sold Operating expenses (28,000) 4,000 Net income S 196.000 $154,000 Retained carnings, 1/1/18 Net income (above) Dividends paid Retained earnings, 12/31/18 S 420,000 $210,000 154,000 196,000 S 616.000 364,000 Cash and receivables Inventory Investment in Strong Corp Equipment (net) Total assets S 294,000 $126,000 364,000 154,000 616,000 420.000 S1.484,000 700.000 Liabilities s 588,000 $196,000 140,000 616.000 364,000 1.484.000 700000 Common stock Retained earnings, 12/31/18 (above) 280,000 Total liabilities and stockholders' equity During 2018, Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of the inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31, 2018, 60% of these goods remained in the company's possession. 19. What is the total of consolidated revenues? A) $700,000. B) $644,000. C) $588,000. D) $560,000. ) $840,000