Points: 1.6 of 2 On March 22, 2020, Pink Corp paid $1,575,000 to purchase 70 percent of the common shares of Salmon Inc., and Pink Corp owes Salmon Inc. $400,000 on a note payable The fair market value of Salmon Inc's net assets equalled the book value Immediately after the purchase, the two companies' balance sheets were as follows (Click the icon to view the balance sheets.) Required Prepare a consolidation worksheet Save On March 22, 2020, Pink Corp paid $1,575,000 to purchase 70 percent of the common shares of Salmon Inc and Pink Corp owes Salmon Inc $400,000 on a note payable. The fair market value of Salmon Inc's net assets equalled the book value Immediately after the purchase, the two companies' balance sheets were as follows (Click the icon to view the balance sheets.) Required Prepare a consolidation worksheet Prepare the consolidation worksheet for Pink Corp First record elimination entries in order to avoid double-counts on the consolidated statements Then complete the consolidation worksheet (Leave any unused cells blank. Enter a "0" when there is a zero balance for an account.) Pink Corp. Consolidation Worksheet March 22 2020 Assets Pink Corp. Eliminations Salmon Inc. Debit Cash Accounts receivable net Note receivable from Pink Corp Inventory Investment in Salmon Inc $ 570 000 $ 150,000 540,000 440 000 400 000 750 000 540.000 1.575 000 Goodwill 1 797 000 1,520,000 Property plant and equipment net Credit Consolidated Amounts Help me solve this Calculator Ask my instructor 21C OLD O B W Clear all Check answer ENG US 3:30 PM 2022-07-15 mid $1,575,000 to purchase 70 per e two companies' balance sheets alance sheets.) Balance sheets Cash Assets for Pink Corp. First record elimi Pink Cor Consolidation W Accounts receivable, net Note receivable from Pink Corp. Inventory Investment in Salmon Inc. lom 12 ED Thankletatiol Property, plant, and equipment, net March 22, 2 Total assets Pink Liabilities and Shareholders' Equity Corp. Accounts payable Notes payable 570,000 $ Note payable to Salmon Inc. 540,000 Other liabilities Non-controlling interest 750,000 1,575,000 Pink Salmon Corp. Inc. HW Score: 96%, 9.6 of 10 points of 2 value of Salmon Inc.' $ 69 570,000 $ 150,000 540,000 440,000 (Leave any unus 400,000 750,000 540,000 1,575,000 1,797,000 1,520,000 $ 5,232,000 $ 3,050,000 480,000 $ 420,000 1,077,000 270,000 400,000 155,000 230,000 o purchase 70 perc s' balance sheets Balance sheets Question 1 Drahlom 46 ED (hookletatiol HW Score: 96%, 9.6 of 10 points of 2 - X value of Salmon Inc's ne Gash Accounts receivable, net Note receivable from Pink Corp. Inventory Investment in Salmon Inc. 69 $ 570,000 $ 150,000 540,000 440,000 400,000 750,000 540,000 1,575,000 First record elimi Property, plant, and equipment, net 1,797,000 1,520,000 (Leave any unused c $ 5,232,000 $ 3,050,000 Total assets Pink Cor Liabilities and Shareholders' Equity Consolidation W Accounts payable $ 480,000 $ 420,000 March 22, 2 Notes payable 1,077,000 270,000 ink Note payable to Salmon Inc 400,000 orp. Other liabilities 155,000 230,000 Non-controlling interest 570,000 $ 540,000 Common shares 1,170,000 540,000 Retained earnings 1,950,000 1,590,000 $ 5,232,000 $ 3,050,000 Total liabilities and shareholders' equity 750,000 ,575,000 Salmon Inc., and Pink Corp owes Salmon Inc $400,000 purchase, the two companies' balance sheets were as follows BEE (Click the icon to view the balance sheets.) Required Prepare a consolidation worksheet. zero balance for an account.) Cash Assets Accounts receivable net Note receivable from Pink Corp Inventory Investment in Salmon Inc Goodwill Property plant and equipment, net Total assets Pink Corp. Consolidation Worksheet March 22, 2020 Pink Salmon Eliminations Consolidated Corp. Inc. Debit Credit Amounts $ 570 000 $ 150,000 540,000 440,000 400,000 750,000 540,000 1,575,000 1 797,000 1,520,000 $ 5,232,000 $ 3,050,000 Help me solve this Calculator Ask my instructor Inventory Investment in Salmon Inc. 750,000 540,000 1,575,000 Goodwill Property, plant, and equipment, net 1,797,000 1,520,000 $ Total assets 5,232,000 $ 3,050,000 Liabilities and Shareholders' Equity Accounts payable $ 480,000 $ 420,000 Notes payable 1,077,000 270,000 Note payable to Salmon Inc 400,000 Other liabilities 155,000 230,000 Non-controlling interest Common shares Retained earnings Total liabilities and shareholders' equity 1,170,000 540,000 1,950,000 1,590,000 $ 5,232,000 $ 3,050,000 Help me solve this Calculator Ask my instructor On March 22, 2020, Pink Corp. paid $1,575,000 to purchase 70 percent of the common shares of Salmon Inc., and Pink Corp owes Salmon Inc $400,000 on a note payable. The fair market value of Salmon Inc.'s net assets equalled the book value Immediately after the purchase, the two companies' balance sheets were as follows BB (Click the icon to view the balance sheets.) Required Prepare a consolidation worksheet. Prepare the consolidation worksheet for Pink Corp First record elimination entries in order to avoid double-counts on the consolidated statements Then complete the consolidation worksheet (Leave any unused cells blank. Enter a "0" when there is a zero balance for an account.) Pink Corp. Consolidation Worksheet March 22 2020 Assets Cash Accounts receivable net Note receivable from Pink Corp Inventory Investment in Salmon Inc Pink Corp. Salmon Eliminations Inc. Debit Credit Consolidated Amounts $ 570,000 $ 150.000 540.000 440 000 400.000 750,000 540,000 1,575,000 Help me solve this Calculator Ask my instructor Clear all Check answer Incorrect: 1 ENG work: 2020, F Fair mar Balance sheets e icon t ets ati Cash Assets nsolida on wor Accounts receivable, net Note receivable from Pink Corp Inventory Investment in Salmon Inc. Property, plant, and equipment, net Total assets Liabilities and Shareholders' Equity Accounts payable Notes payable Ass Note payable to Salmon Inc evable ble from Salm Other liabilities Non-controlling interest S S ts $400,00 sheets w Pink Corp. Salmon Inc. 570,000 $ 150,000 540,000 440,000 400,000 750,000 540,000 s. Then 1,575,000 1,797,000 1,520,000 5,232,000 $ 3,050,000 $ 480,000 $ 420,000 1,077,000 270,000 400,000 155,000 230.000 Print Done ework: 2, 2020, F e fair mar the icon t consolidatio Balance sheets Cash Accounts receivable, net Note receivable from Pink Corp. Inventory - X ts $ 570,000 $ 150,000 $400,000 sheets w 540,000 440,000 400,000 750,000 540,000 Investment in Salmon Inc. 1,575,000 1,797,000 Property, plant, and equipment, net 1,520,000 $ 5,232,000 $ 3,050,000 Total assets e consolida dation work ts. Then c Liabilities and Shareholders' Equity Accounts payable S Notes payable Note payable to Salmon Inc. Other liabilities 480,000 $ 420,000 1,077,000 270,000 400,000 155,000 230,000 Non-controlling interest Common shares 1,170,000 540,000 Ass 1.950,000 1,590,000 Retained earnings $ 5,232,000 $ 3,050,000 Total liabilities and shareholders' equity S receivable Ceivable from y ent in Salm Print Done On March 22, 2020, Pink Corp paid $1,575,000 to purchase 70 percent of the common shares of Salmon Inc., and Pink Corp owes Salmon Inc. $40 payable The fair market value of Salmon Inc's net assets equalled the book value. Immediately after the purchase, the two companies' balance shee follows BEE (Click the icon to view the balance sheets.) Required Prepare a consolidation worksheet. Investment in Salmon Inc. Goodwill Property, plant, and equipment, net Total assets Liabilities and Shareholders' Equity Accounts payable Notes payable Note payable to Salmon Inc. Other liabilities Non-controlling interest 1,575,000 1,797,000 1,520,000 $ 5,232,000 $ 3,050,000 $ 480,000 $ 420,000 1,077,000 270,000 400,000 155,000 230,000 Common shares 1,170,000 540,000 Retained eamings 1,950,000 1,590,000 $ 5,232 000 $ 3,050,000 Total liabilities and shareholders' equity Help me solve this Calculator Ask my instructor Clear all C Prepare the consolidation worksheet for Pink Corp. First record elimination entries in order to avoid double counts on the consolidated statements. Then complete the consolidation worksheet (Leave any unused cells blank. Enter a "0" when there is a zero balance for an account.) Pink Corp. Consolidation Worksheet March 22, 2020 Assets Cash Accounts receivable, net Note receivable from Pink Corp Inventory Investment in Salmon Inc Pink Salmon Eliminations Corp. Inc. Debit Credit Consolidated Amounts $ 570,000 $ 150,000 540,000 440,000 400,000 750,000 540,000 1,575,000 Help me solve this Calculator Ask my instructor Clear all Check answer > 61 Salmon Inc and Pink Corp owes Salmon Inc $400,000 on a r payable. The fair market value of Salmon Inc's net assets equalled the book value. Immediately after the purchase, the two companies' balance sheets were as follows BEE (Click the icon to view the balance sheets.) Required Prepare a consolidation worksheet. Goodwill Property, plant, and equipment, net Total assets Liabilities and Shareholders' Equity 1,797,000 1,520,000 $ 5,232,000 $ 3,050,000 Accounts payable Notes payable Note payable to Salmon Inc Other liabilities $ 480,000 $ 420,000 1,077,000 270,000 400,000 155,000 230,000 Non-controlling interest Common shares 1,170,000 540,000 1,950,000 1,590,000 Retained earnings $ 5,232,000 $ 3,050,000 Total liabilities and shareholders' equity Help me solve this Calculator Ask my instructor D amazon Clear all Check answ