Question Completion Status: 10 50 60 70 80 90 100 11 12 13 14 15 16 17 20 30 40 QUESTION 11 7 points Save Answer Please use the following question to answer questions 14-20 On January 1, 2010, P Company purchased an 80% interest in s Company for $900,000. At that time, S Company had capital stock of $600,000 and retained earnings of $100,000. Differences between the fair value and the book value of the identifiable assets of Salem Company were as follows: Pair Value in Excess of Book Value Equipment $ Land 180,000 20,000 20,000 Inventory The book values of all other assets and liabilities of S Company were equal to their fair values on January 1, 2010. The equipment had a remaining life of five years. The inventory was sold in 2010. S Company's net income and dividends declared in 2010 Net Income of $120,000; Dividends Declared of $30,000 14. Prepare JE at date of purchase Arlal TT TT Paragraph %DOQ fx Mashups - 15 3 (12pt) - E - T- TT, es qq -- B E B E I HTML CSS QUESTION 12 7 points Save Answer 15. Prepare W/P at date of purchase to eliminate the equity of S and investment of P (see above question) TT T F Paragraph ^ Arial % DO Q Ofe Mashups - 16 3 (12pt) - E - T- S T Tz @ 's T 1 - 8 = E E 3. 2 - - - HTML CSS Path: p Words:0 QUESTION 14 7 points Save Answer 17. Prepare J/E under cost method for Nl and Dividends (see above question) T T T F Paragraph ^ Arial % DO Q E fx Mashups - 16 3 (12pt) SE T' T: O 9 5 2 2 != - E - T- aq q - - - - 3 3 O HTML CSS Path: p Words:0 QUESTION 15 7 points Save Answer 18. Prepare W/P entries to eliminate Dividends and convert cost to equity (see above question) T T T F Paragraph ^ Arial 3 (12pt) :- % DO Q U ES3 T T 035 A 9 - - - RS fx Mashups - 16 25 2 9 399: HTML CSS Path: p Words:0 QUESTION 16 QUESTION 16 8 points Save Answer 19. Prepare W/P entry to eliminate the equity of S and investment of P at 12/31 (see above question) TT TT Paragraph ^ Arial 3 (12pt) - E - T- % DO Q E S T Tz @ 's T 1 - - - - fx . Mashups - 16 = 2# EE EBOD HTML CSS Path: p Words:0 QUESTION 17 7 points Save Answer 20. Prepare W/P to allocate differences (all inventory has been sold), and the extra depreciation entry (see above question) Arial 3 (12pt) TTTF Paragraph 4 Arial A 3 (12pt) == - = - T- % DOO 333 T Trees TT - - - fx . Mashups - 15 2 # E 3 3 E - HTML CSS Path: p Words:0 QUESTION 13 7 point 16. Prepare W/P to allocate the differences (see above question) T T T F Paragraph ^ Arial 3 (12pt) 4 = - E - T- * DOQ = T T 005 A 9 - - - MES fx Mashups - 16 * E B 2 E 1E 2 HTML css Path: p Words:0 Question Completion Status: 10 50 60 70 80 90 100 11 12 13 14 15 16 17 20 30 40 QUESTION 11 7 points Save Answer Please use the following question to answer questions 14-20 On January 1, 2010, P Company purchased an 80% interest in s Company for $900,000. At that time, S Company had capital stock of $600,000 and retained earnings of $100,000. Differences between the fair value and the book value of the identifiable assets of Salem Company were as follows: Pair Value in Excess of Book Value Equipment $ Land 180,000 20,000 20,000 Inventory The book values of all other assets and liabilities of S Company were equal to their fair values on January 1, 2010. The equipment had a remaining life of five years. The inventory was sold in 2010. S Company's net income and dividends declared in 2010 Net Income of $120,000; Dividends Declared of $30,000 14. Prepare JE at date of purchase Arlal TT TT Paragraph %DOQ fx Mashups - 15 3 (12pt) - E - T- TT, es qq -- B E B E I HTML CSS QUESTION 12 7 points Save Answer 15. Prepare W/P at date of purchase to eliminate the equity of S and investment of P (see above question) TT T F Paragraph ^ Arial % DO Q Ofe Mashups - 16 3 (12pt) - E - T- S T Tz @ 's T 1 - 8 = E E 3. 2 - - - HTML CSS Path: p Words:0 QUESTION 14 7 points Save Answer 17. Prepare J/E under cost method for Nl and Dividends (see above question) T T T F Paragraph ^ Arial % DO Q E fx Mashups - 16 3 (12pt) SE T' T: O 9 5 2 2 != - E - T- aq q - - - - 3 3 O HTML CSS Path: p Words:0 QUESTION 15 7 points Save Answer 18. Prepare W/P entries to eliminate Dividends and convert cost to equity (see above question) T T T F Paragraph ^ Arial 3 (12pt) :- % DO Q U ES3 T T 035 A 9 - - - RS fx Mashups - 16 25 2 9 399: HTML CSS Path: p Words:0 QUESTION 16 QUESTION 16 8 points Save Answer 19. Prepare W/P entry to eliminate the equity of S and investment of P at 12/31 (see above question) TT TT Paragraph ^ Arial 3 (12pt) - E - T- % DO Q E S T Tz @ 's T 1 - - - - fx . Mashups - 16 = 2# EE EBOD HTML CSS Path: p Words:0 QUESTION 17 7 points Save Answer 20. Prepare W/P to allocate differences (all inventory has been sold), and the extra depreciation entry (see above question) Arial 3 (12pt) TTTF Paragraph 4 Arial A 3 (12pt) == - = - T- % DOO 333 T Trees TT - - - fx . Mashups - 15 2 # E 3 3 E - HTML CSS Path: p Words:0 QUESTION 13 7 point 16. Prepare W/P to allocate the differences (see above question) T T T F Paragraph ^ Arial 3 (12pt) 4 = - E - T- * DOQ = T T 005 A 9 - - - MES fx Mashups - 16 * E B 2 E 1E 2 HTML css Path: p Words:0