the percentage changed from 80% to 70%. the amount paid from 53,000 to 52,500. figures have been changed already in pic 2 & 3
Shop Now j On January 1, 2016, Plank Company purchased 80% of the outstanding capital stock of Scoba Company for $53,000. At that time, Scoba's stockholders' equity consisted of capital stock, $55,000; other contributed capital, $5,000; and retained earnings, $4,000. On December 31, 2020, the two companies' trial balances were as follows: Plank Scoba Cash $ 42,000 $ 22,000 Accounts Receivable 21,000 17,000 Inventory 15,000 8,000 Investment in Scoba Company 69,800 -O- Land 52,000 48.000 Dividends Declared 10,000 8,000 Cost of Goods Sold 85.400 20,000 Other Expense 10,000 12.000 $305,200 $135,000 Accounts Payable $ 12,000 $ 6,000 Other Liabilities 5,000 4.000 Capital Stock 100.000 55.000 Other Contributed Capital 20,000 5.000 Retained Earnings, 1/1 48,800 15.000 Sales 105,000 50,000 Equity in Subsidiary Income 14.400 S305,200 $135,000 181 ng 123 Po 1810 At @ Ho 2 MacBook Air * % 5 6 & 7 8 9 0 . Y U 1 O P I 2020 Book1.xlsx 4-6 2020 Book 1.xlsx (14.7 KB) Noncontrolling Interest Consolidated Balance Problem 4-6 V2 Plank Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2020 Plank Scoba Eliminating Entries C. Company Dr. Company Income Statement Sales 105,000 50,000 Equity Income 12.500 Total Revenue 117,600 50,000 Cost of Goods Sold 85,400 20,000 Other Expenses 30,000 12,000 Total Cost and Expense 95.400 32.000 Not Income 22,200 18,000 Noncontrolling Interest Net Income to Retained Earnings 22,200 18,000 Retained Earnings Statement Retained Eamings 111 Plank Company 63.850 Sooba Company 15,000 Net Income from Above 22.200 18,000 Dividends Declared Plank Company 110,000) Scoba Company 18.000 Retired Earnings 12/31 76,050 25.000 5.400 5,400 5.400 5.400 Balance Sheet Cash Accounts Receivable 57.850 21,000 22.000 17.000 ROV MacBook Air 4-6 2020 Book1.xlsx (14.7 KB) wapuu 15,000 18.000 22,200 5.400 Scoba Company Net Income from Above Dividends Declared Plank Company Scoba Company Retained Earnings 12/31 (10,000) 18.0001 25.000 76,050 5,400 Balance Sheet Cash Accounts Receivable Inventory 12/31 Investment in Scoba 57.850 21,000 15,000 67,200 22,000 17,000 8,000 3 48,000 95,000 6,000 4.000 Difference b/w Implied & Book Value Land 52,000 Total 213,050 Accounts Payable 12.000 Other Liabilities 5,000 Common Stock Plank Company 100,000 Scoba Company Other Contributed Capital Plank Company 20,000 Scob Company Retained Earnings from Abov 76,050 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest Total 213.050 55,000 5,000 25,000 5.400 5.400 95.000 KUW MacBook Air FS F7 Shop Now j On January 1, 2016, Plank Company purchased 80% of the outstanding capital stock of Scoba Company for $53,000. At that time, Scoba's stockholders' equity consisted of capital stock, $55,000; other contributed capital, $5,000; and retained earnings, $4,000. On December 31, 2020, the two companies' trial balances were as follows: Plank Scoba Cash $ 42,000 $ 22,000 Accounts Receivable 21,000 17,000 Inventory 15,000 8,000 Investment in Scoba Company 69,800 -O- Land 52,000 48.000 Dividends Declared 10,000 8,000 Cost of Goods Sold 85.400 20,000 Other Expense 10,000 12.000 $305,200 $135,000 Accounts Payable $ 12,000 $ 6,000 Other Liabilities 5,000 4.000 Capital Stock 100.000 55.000 Other Contributed Capital 20,000 5.000 Retained Earnings, 1/1 48,800 15.000 Sales 105,000 50,000 Equity in Subsidiary Income 14.400 S305,200 $135,000 181 ng 123 Po 1810 At @ Ho 2 MacBook Air * % 5 6 & 7 8 9 0 . Y U 1 O P I 2020 Book1.xlsx 4-6 2020 Book 1.xlsx (14.7 KB) Noncontrolling Interest Consolidated Balance Problem 4-6 V2 Plank Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2020 Plank Scoba Eliminating Entries C. Company Dr. Company Income Statement Sales 105,000 50,000 Equity Income 12.500 Total Revenue 117,600 50,000 Cost of Goods Sold 85,400 20,000 Other Expenses 30,000 12,000 Total Cost and Expense 95.400 32.000 Not Income 22,200 18,000 Noncontrolling Interest Net Income to Retained Earnings 22,200 18,000 Retained Earnings Statement Retained Eamings 111 Plank Company 63.850 Sooba Company 15,000 Net Income from Above 22.200 18,000 Dividends Declared Plank Company 110,000) Scoba Company 18.000 Retired Earnings 12/31 76,050 25.000 5.400 5,400 5.400 5.400 Balance Sheet Cash Accounts Receivable 57.850 21,000 22.000 17.000 ROV MacBook Air 4-6 2020 Book1.xlsx (14.7 KB) wapuu 15,000 18.000 22,200 5.400 Scoba Company Net Income from Above Dividends Declared Plank Company Scoba Company Retained Earnings 12/31 (10,000) 18.0001 25.000 76,050 5,400 Balance Sheet Cash Accounts Receivable Inventory 12/31 Investment in Scoba 57.850 21,000 15,000 67,200 22,000 17,000 8,000 3 48,000 95,000 6,000 4.000 Difference b/w Implied & Book Value Land 52,000 Total 213,050 Accounts Payable 12.000 Other Liabilities 5,000 Common Stock Plank Company 100,000 Scoba Company Other Contributed Capital Plank Company 20,000 Scob Company Retained Earnings from Abov 76,050 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest Total 213.050 55,000 5,000 25,000 5.400 5.400 95.000 KUW MacBook Air FS F7
