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**Please show all steps (how you get each numbers) **Please make sure the answer is correct...... **Please indicate the answers Thank you! :) On January
**Please show all steps (how you get each numbers)
**Please make sure the answer is correct......
**Please indicate the answers
Thank you! :)
On January 1, 2020. QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $855,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $850.000 and Retained Earnings of $43.000. The acquisition-date fair value of the 10 percent noncontrolling interest was $95.000. QuickPort attributed the $47.000 excess of NetSpeed's fair value over book value to a database with a five-year remaining life. During the next two years, NetSpeed reported the following: 2020 2021 Net Income $ 62,700 90,100 Dividends Declared $ 6,300 6,388 On July 1, 2020. QuickPort sold communication equipment to NetSpeed for $33.100. The equipment originally cost $37.800 and had accumulated depreciation of $7,100 and an estimated remaining life of three years at the date of the intra-entity transfer. e. Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2021. b. Prepare the worksheet adjustments for the December 31, 2021, consolidation of QuickPort and NetSpeed. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2021. Investment in NetSpeed, Inc., 12/31/21 Required A Required B Prepare the worksheet adjustments for the December 31, 2021, consolidation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction Accounts Debit Credit 1 4,700 Equipment Investment in NetSpeed Accumulated depreciation 00 2 2 99.400 Common stock - NetSpeed Retained earnings-NetSpeed Investment in NetSpeed Noncontrolling interest olololo 3 3 Database Investment in NetSpeed Noncontrolling interest Blolo 4 Equity in earnings of NetSpeed Investment in NetSpeed 5 5 5.670 Investment in NetSpeed Dividends declared ol 5.670 6 9.400 Amortization expense Database pl 9,400 7 7 Accumulated depreciation Depreciation expense On January 1, 2020. QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $855,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $850.000 and Retained Earnings of $43.000. The acquisition-date fair value of the 10 percent noncontrolling interest was $95.000. QuickPort attributed the $47.000 excess of NetSpeed's fair value over book value to a database with a five-year remaining life. During the next two years, NetSpeed reported the following: 2020 2021 Net Income $ 62,700 90,100 Dividends Declared $ 6,300 6,388 On July 1, 2020. QuickPort sold communication equipment to NetSpeed for $33.100. The equipment originally cost $37.800 and had accumulated depreciation of $7,100 and an estimated remaining life of three years at the date of the intra-entity transfer. e. Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2021. b. Prepare the worksheet adjustments for the December 31, 2021, consolidation of QuickPort and NetSpeed. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2021. Investment in NetSpeed, Inc., 12/31/21 Required A Required B Prepare the worksheet adjustments for the December 31, 2021, consolidation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction Accounts Debit Credit 1 4,700 Equipment Investment in NetSpeed Accumulated depreciation 00 2 2 99.400 Common stock - NetSpeed Retained earnings-NetSpeed Investment in NetSpeed Noncontrolling interest olololo 3 3 Database Investment in NetSpeed Noncontrolling interest Blolo 4 Equity in earnings of NetSpeed Investment in NetSpeed 5 5 5.670 Investment in NetSpeed Dividends declared ol 5.670 6 9.400 Amortization expense Database pl 9,400 7 7 Accumulated depreciation Depreciation expenseStep by Step Solution
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