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Problem 3 - 3 2 ( Algo ) ( LO 3 - 1 , 3 - 3 , 3 - 4 ) The following are

Problem 3-32(Algo)(LO 3-1,3-3,3-4)
The following are selected accounts and balances for Jonah Company and Hill, Incorporated, as of December 31,2024. Several of Jonahs accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period.
Accounts Jonah Hill
Revenues $ (598,000) $ (248,000)
Cost of goods sold 290,00088,000
Depreciation expense 110,00046,000
Investment income Not given Not given
Retained earnings, 1/1/24(882,000)(598,000)
Dividends declared 136,00044,000
Current assets 212,000682,000
Land 288,00086,000
Buildings (net)488,000134,000
Equipment (net)200,000250,000
Liabilities (418,000)(314,000)
Common stock (314,000)(36,000)
Additional paid-in capital (58,000)(918,000)
Assume that Jonah acquired Hill on January 1,2020, by issuing 6,000 shares of common stock having a par value of $10 per share but a fair value of $100 each. On January 1,2020, Hills land was undervalued by $18,200, its buildings were overvalued by $28,600, and equipment was undervalued by $59,400. The buildings had a 10-year remaining life; the equipment had a 5-year remaining life. A proprietary database with an appraised value of $104,000 was developed internally by Hill and was estimated to have a 20-year remaining useful life.
Required:
Determine the December 31,2024, consolidated totals for the following accounts:
Revenues
Cost of goods sold
Depreciation expense
Amortization expense
Buildings
Equipment
Database
Common stock
Additional paid-in capital
In requirement part (a), can the consolidated totals be determined without knowing which method the parent used to account for the subsidiary?
If the parent uses the equity method, what consolidation entries would be used on a 2024 worksheet?

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