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Timothy Company acquired all of Jackeline Company's outstanding stock on January 1, 2021, for $280,200 in cash Jackeline had a book value of only $199,400
Timothy Company acquired all of Jackeline Company's outstanding stock on January 1, 2021, for $280,200 in cash Jackeline had a book value of only $199,400 on that date. However, equipment (having an eight-year remaining life) was undervalued by $56,000 on Jackeline's financial records. A building with a 20-year remaining life was overvalued by $15.900 In accounting for this investment, Timothy used the equity method. During 2021, Jackline reported net income of $42,000 and declared and paid dividends of $20.000 Selected accounts taken from the financial records of these two companies as of December 31, 2021, follow Timothy Jackeline Revenues Operating $442,000 $167.000 Expenses 234,000 125.000 Equity in Jackeline Farnings Equipment (net) 398,000 57.000 Buildings (net) 285,000 70.000 Common Stock 290,000 57.600 Retained earnings 586,000 163,800 12/31/21 Determine the following account balances as of December 31, 2021 (Do not add dollar sign, do not add comma to your amounts round the answer to the whole number) L. Consolidated Net Income 2. Consolidated Equipment (net) 3. Consolidated Buildings (net) 4. Consolidated Goodwill (net) 3. Consolidated Retained Earnings, 12/31/21
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