rio.com/secured lockdown abled: Assignment 2 On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Lad $2040.000 At Spruce had common shares of $500,000 and retained earnings of $1.290.000 and accumuleted deprecedon of $640.000 Pac Spruce shares to obtain control of mineral rights owned by Spruce. At the date of $760,000, were not recognized on Spruce's separate entity balance sheet, and t these rights, the carrying amount of the recorded assets and labites of Spruce were equal to their trial balances of the two companies were as follows Cash Accounts receivable Inventory plant and equipment Investment in Spruce (coat) $1,045,000 3,130,000 2,540,000 December Investment in bonds Cost of goods sold Other expenses Interest expense Income ta Dividends Accounts payable Accumulated depreciations plant and equipment Bonds payable Premium on bonds payable Common shares Retained earnings, January 1 Sales Dividend revenue i Interest revenue 242,006 954,900 971,000 304,590 33,000 663,300 390,000 400,900 250.000 327,551,300 $7,930,800 $3,538,000 $3,510,500 4,064,400 3.040.006 500,000 12,000 4,500,000 500,000 10,006,000 4,940,000 3,904,900 3,043,500 200,000 22,000 $37,551,200 $7,930,000 Additional Information The Year 7 net incomes of the two companies are as follows: Poplar Ltd. $1,028,800 Spruce Ltd. 514,700 @ NO 2 W #3 E 4 C Prev 1 of 6 Next > 50 % MacBook Pro R T 6 Y LL F B G H