Protecte Coporation purchased 70 percent of 5 trand Coenpary's outstanding shares on january 1 , 201, for $33,600 more than book value. At that date, the far value of the noncontroling interest was $14,400 frore than 30 percent of Strand s book value. The full amount of the differential is considered related to patents and is being amortized over an eight-year period. in 201, Strand purchased a piece of land lor 336 , 000 and later in the year sold it to Proteclo for 548,000 . Protecto is stal holding the land as an investrient. Dring 203, Protecto bonds with a value of 5105.000 were excharged for equipenent valued at 5105,000 On Januny 1, 20xa, Protecto held inventory purchased previously trom Strand for 340200 . During 20x3, Protecto purchased an addtonal 392.006. of goods frem Strand and held $5.,200 of this inventery on December 31, 20x.3. Strand selle merchandise to the parent at cost plus a 20 percert markup. Strand also purchases inventory thems from Protecio. On Jaruary 1, 20x3, Strand held inventory it had previcusly purchased from Proteclo for 514,700 , and on December 31, 20x3, it held goods it had purchased trem Protecto for 58,400 during 200c3. 56rand s total purchases trom Protecto in 203 were $24,000. Protecto seils imentiory to 56 and at oost clus a 40 percent mankip. The consoldaled balance sheel al December 31, 20x2, comained the folowing amounts The consoldaton worksheet below was prepared on December 31, 20x3, Al censolidation entries and ac;ustments have been entered preperty in the worksheet. Prolectio acoounts for its investment in Strand using the fully adjusted equily method. Reguited: amsiant in tha erede celumn of the workshert) b. Prepare a consolitsled atatemer of tash fisws for 20xi3. (Amounts to be deducted whould be indicated with a minus sign? Protecte Coporation purchased 70 percent of 5 trand Coenpary's outstanding shares on january 1 , 201, for $33,600 more than book value. At that date, the far value of the noncontroling interest was $14,400 frore than 30 percent of Strand s book value. The full amount of the differential is considered related to patents and is being amortized over an eight-year period. in 201, Strand purchased a piece of land lor 336 , 000 and later in the year sold it to Proteclo for 548,000 . Protecto is stal holding the land as an investrient. Dring 203, Protecto bonds with a value of 5105.000 were excharged for equipenent valued at 5105,000 On Januny 1, 20xa, Protecto held inventory purchased previously trom Strand for 340200 . During 20x3, Protecto purchased an addtonal 392.006. of goods frem Strand and held $5.,200 of this inventery on December 31, 20x.3. Strand selle merchandise to the parent at cost plus a 20 percert markup. Strand also purchases inventory thems from Protecio. On Jaruary 1, 20x3, Strand held inventory it had previcusly purchased from Proteclo for 514,700 , and on December 31, 20x3, it held goods it had purchased trem Protecto for 58,400 during 200c3. 56rand s total purchases trom Protecto in 203 were $24,000. Protecto seils imentiory to 56 and at oost clus a 40 percent mankip. The consoldaled balance sheel al December 31, 20x2, comained the folowing amounts The consoldaton worksheet below was prepared on December 31, 20x3, Al censolidation entries and ac;ustments have been entered preperty in the worksheet. Prolectio acoounts for its investment in Strand using the fully adjusted equily method. Reguited: amsiant in tha erede celumn of the workshert) b. Prepare a consolitsled atatemer of tash fisws for 20xi3. (Amounts to be deducted whould be indicated with a minus sign
