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Please tell me the correct answers for the ones in red Large Ltd. purchased 75% of Small Company on January 1. Year 6, for $615.000.

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Please tell me the correct answers for the ones in red

Large Ltd. purchased 75% of Small Company on January 1. Year 6, for $615.000. when the statement of financial position for Small showed common shares of $450.000 and retained earnings of $150,000. On that date, the inventory of Small was undervalued by $45.000, and a patent with an estimated remaining life of five years was overvalued by $68.000. Small reported the following subsequent to January 1, Year 6: Year 6 Year 7 Year 8 Profit (Loss) $180, eee (48,eee) 95, eee Dividends $30,000 15,000 45,880 A test for goodwill impairment on December 31. Year 8. Indicated a loss of $19.800 should be reported for Year 8 on the consolidated Income statement. Large uses the cost method to account for its Investment in Small and reported the following for Year 8 for its separate-entity statement of changes in equity: Retained earnings, beginning Profit Dividends Retained earnings, end $ 550,eee 25e,eee (65,eee) $ 735,eee Required: (a) Prepare the cost method Journal entries of Large for each year. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) Year 6 No Date General Journal Debit Credit 1 Year 8 615,000 Investment in Small Cash 815,000 Year 6 Cash 22,500 . Dividend income 22,500 Year 7 No Date General Journal Credit Debit 11,250 1 Year 7 Cash lo Dividend income 11,250 Year 8 No General Journal Credit Date Year 8 Debit 33,750 1 Cash Dividend income olol 33,750 (b) Compute the following on the consolidated financial statements for the year ended December 31, Year 8: Omit $ sign in your response.) (1) Goodwill Goodwill $ 223,200 (11) Non-controlling Interest on the statement of financial position Non-controlling interest $ 215.250 (1) Retained earnings, beginning of year Retained earnings, beginning of year $ 150,000 (IV) Profit attributable to Large's shareholders Profit attributable to Large's shareholders $ 282,850 (V) Profit attributable to non-controlling interest Profit attributable to non-controlling Interest $ 22,200 (c) Now assume that Large is a private entity, uses ASPE, and chooses to use the equity method to report its Investment in Small. (Prepare Large's journal entries for each year related to its Investment in Small. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) Year 6 Year 6 No Date General Journal Debit Credit 1 Year 6 130,000 Investment in Small Cash 010 130,000 2 Year 6 75,000 Investment in Small Account receivable x 75,000 3 Year 6 Cash 22.500 Dividend income X 22,500 4 Year 8 Cash x 220,000 $ Investment in Small 220,000 Year 7 No Date General Journal Credit Debit 30,000 1 Year 7 X Cash Investment in Small 0 30,000 2 Year 7 11,250 Cash Equity method income SIX 11,250 3 Year 7 10 15,000 Investment in Small Equity method loss 15,000 X Year 8 No Credit Date Year 8 Debit 71.250 0 General Journal Cash Equity method income 1 X 71,250 2 Year 8 11,250 Cash Equity method income X 11,250 x 3 Year 8 198,000 Equity method income Investment in Small O 196,000 X (11) Determine the Investment in Small at December 31, Year 8. (Omit $ sign in your response.) Investment in Small under equity method $ 615,000

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