This window shows your responses and what was marked correct and incorrect from your previous attempt. On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $1,152.000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $1,210,000 and Retained Earnings of $60,500. The acquisition-date fair value of the 10 percent noncontrolling interest was $128,000. QuickPort attributed the $9,500 excess of NetSpeed's fair value over book value to a database with a five-year remaining life. During the next two years, NetSpeed reported the following: Dividends Net Income $ 13,30e 19,000 Declared 2017 $ 1,900 1,90e 2818 On July 1, 2017, QuickPort sold communication equipment to NetSpeed for $15,500. The equipment originally cost $18,200 and had accumulated depreciation of $4,200 and an estimated remaining life of three years at the date of the intra-entity transfer. n. Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2018. o. Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed. Complete this question by entering your answers in the tabs below. Required B Required A Prepare the worksheet adjustments for the December 31, 2018, consolldation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) Credit Debit Accounts Transaction No 1 Common stock- NetSpeed 2 2 Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Accounts Debit Credit No Transaction 1 1 Common stock- NetSpeed 2 2 3 4 4 Dividends declared 5 Investment in QuickPort Accumulated depreciation 6 Depreciation expense 2,700 Accumulated depreciation 2,700 7 Depreciation expense Required A 55 This window shows your responses and what was marked correct and incorrect from your previous attempt. On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $1,152.000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $1,210,000 and Retained Earnings of $60,500. The acquisition-date fair value of the 10 percent noncontrolling interest was $128,000. QuickPort attributed the $9,500 excess of NetSpeed's fair value over book value to a database with a five-year remaining life. During the next two years, NetSpeed reported the following: Dividends Net Income $ 13,30e 19,000 Declared 2017 $ 1,900 1,90e 2818 On July 1, 2017, QuickPort sold communication equipment to NetSpeed for $15,500. The equipment originally cost $18,200 and had accumulated depreciation of $4,200 and an estimated remaining life of three years at the date of the intra-entity transfer. n. Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2018. o. Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed. Complete this question by entering your answers in the tabs below. Required B Required A Prepare the worksheet adjustments for the December 31, 2018, consolldation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) Credit Debit Accounts Transaction No 1 Common stock- NetSpeed 2 2 Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Accounts Debit Credit No Transaction 1 1 Common stock- NetSpeed 2 2 3 4 4 Dividends declared 5 Investment in QuickPort Accumulated depreciation 6 Depreciation expense 2,700 Accumulated depreciation 2,700 7 Depreciation expense Required A 55
