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Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. (For accounts where multiple consolidation entries are required, cor- all debit entries into one
Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. (For accounts where multiple consolidation entries are required, cor- all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for the Noncontrolling 1 and Consolidated Totals columns should be entered with a minus sign. Round your answers to nearest whole dollar amount. ) Show TRAVERS COMPANY AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Travers Yarrow Stookey Debit Credit Company Company Company (1,030,000) (700,100) (526,000) 548,900 373,300 315,600 114,300 93,000 105,200 (366,800) (233,800) (105,200) Noncontrolling Consolidated Interest Balance Accounts Sales and other revenue Cost of goods sold Operating expenses Separate company net income Consolidated net income Net income attributable to NCI (Yarrow) Net income attributable to NCI (Stookey) Net income attributable to Travers Company Retained earnings, 1/1/18: Travers Company Yarrow Company Stookey Company (830,000) (701,400) (417,000) Note: Parentheses indicate a credit balance. a. Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. b. Determine the amount of income tax for Travers and Yarrow on a consolidated tax return for 2018. c. Determine the amount of Stookey's income tax on a separate tax return for 2018. d. Based on the answers to requirements (b) and (c), what journal entry does this combination make to record 2018 income tax? Complete this question by entering your answers in the tabs below. Req A Reg B and C Req D b. Determine the amount of income tax for Travers and Yarrow on a consolidated tax return for 2018. c. Determine the amount of Stookey's income tax on a separate tax return for 2018. b. Income tax payable C. Income tax payable Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. (For accounts where multiple consolidation entries are required, cor- all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for the Noncontrolling 1 and Consolidated Totals columns should be entered with a minus sign. Round your answers to nearest whole dollar amount. ) Show TRAVERS COMPANY AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Travers Yarrow Stookey Debit Credit Company Company Company (1,030,000) (700,100) (526,000) 548,900 373,300 315,600 114,300 93,000 105,200 (366,800) (233,800) (105,200) Noncontrolling Consolidated Interest Balance Accounts Sales and other revenue Cost of goods sold Operating expenses Separate company net income Consolidated net income Net income attributable to NCI (Yarrow) Net income attributable to NCI (Stookey) Net income attributable to Travers Company Retained earnings, 1/1/18: Travers Company Yarrow Company Stookey Company (830,000) (701,400) (417,000) Note: Parentheses indicate a credit balance. a. Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. b. Determine the amount of income tax for Travers and Yarrow on a consolidated tax return for 2018. c. Determine the amount of Stookey's income tax on a separate tax return for 2018. d. Based on the answers to requirements (b) and (c), what journal entry does this combination make to record 2018 income tax? Complete this question by entering your answers in the tabs below. Req A Reg B and C Req D b. Determine the amount of income tax for Travers and Yarrow on a consolidated tax return for 2018. c. Determine the amount of Stookey's income tax on a separate tax return for 2018. b. Income tax payable C. Income tax payable
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