Homework Answers
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| Part a | |||||||
| Entry | Account | Debit | Credit | ||||
| 1 | Common Stock | $149,000 | |||||
| Retained Earning | $192,200 | ||||||
| Income from Hingle Corporation (71000*70%)-38800 working-2 | $ 10,900 | ||||||
| NCI in NI of Hingle Corporation (71000*30%)-12000 working-2 | $ 9,300 | ||||||
| Dividends Declared | $ 14,200 | ||||||
| Investment in Hingle Corporation (Working-3) | $ 239,800 | ||||||
| NCI in NA of Hingle Corporation (Working-3) | $ 107,400 | ||||||
| 2 | Sales (112000+305000) | $417,000 | |||||
| Cost of Goods Sold (Plug in) | $ 366,200 | ||||||
| Inventory (working-2) | $ 50,800 | ||||||
| Working-1 | Retained Earning | ||||||
| Ending Balance | $249,000 | ||||||
| Less: Net income for the year | $ -71,000 | ||||||
| Add: Dividend | $ 14,200 | ||||||
| Beginning Balance | $192,200 | ||||||
| Working-2 | Downstream Transaction | ||||||
| Profit deferred (27000-16200) | $ 10,800 | ||||||
| Upstream Transaction | |||||||
| Profit deferred (101000-61000) | $ 40,000 | ||||||
| Door's Share 70% | NCI 30% | ||||||
| Downstream Deferred | $ 10,800 | $ 10,800 | $ - | ||||
| Upstream Deferred | $ 40,000 | $ 28,000 | $ 12,000 | ||||
| Total | $ 50,800 | $ 38,800 | $ 12,000 | ||||
| Working-3 | Book value: | ||||||
| NCI | Doors | ||||||
| Beginning Book Value (149000+192200)*70% and 30% | $102,360 | $ 238,840 | |||||
| Add: Net Income 71000*70% and 30% | $ 21,300 | $ 49,700 | |||||
| Less: Dividend 14200*70% and 30% | $ -4,260 | $ -9,940 | |||||
| Ending Book Value | $119,400 | $ 278,600 | |||||
| Less: Deferred Profit | $ -12,000 | $ -38,800 | |||||
| Investment or NCI | $107,400 | $ 239,800 | |||||
| Elimination | |||||||
| Part b | Debit | Credit | Debit | Credit | Working Ref | Consolidated | |
| Cash and Receiables | $100,000 | $ 42,000 | $ 142,000 | ||||
| Inventory | $161,000 | $ 101,000 | $ 50,800 | Journal -2 | $ 211,200 | ||
| Building and equipment (net) | $312,000 | $ 291,000 | $ 603,000 | ||||
| Investment in Hingle co | $239,800 | $239,800 | Journal -1 | $ - | |||
| Total Assets | $812,800 | $ 434,000 | $ - | $290,600 | $ 956,200 | ||
| Accounts Payable | $ 88,800 | $ 36,000 | $ 124,800 | ||||
| Common Stock | $194,000 | $ 149,000 | $149,000 | Journal -1 | $ 194,000 | ||
| Retained Earning | $530,000 | $ 249,000 | $192,200 | $14,200 | Journal -1 | $ 530,000 | |
| $ 10,900 | Journal -1 | ||||||
| $ 9,300 | Journal -1 | ||||||
| $417,000 | $366,200 | Journal -2 | |||||
| NCI in NA of Hingle Co | $107,400 | Journal -1 | $ 107,400 | ||||
| Total Liabilities and Equity | $812,800 | $ 434,000 | $778,400 | $487,800 | $ - | $ 956,200 | |
Add Answer to:
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JUST FIGURE OUT THE JE FOR
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Company on January 1, 20X8, for $109,600. At that date, the fair
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book value. Accumulated depreciation on this date was $15,000.
Buildings and equipment are depreciated on a 10-year basis.
Although goodwill is not amortized, Price’s management concluded at
December 31, 20X8, that goodwill involved in its acquisition of
Saver shares had been impaired and the correct carrying value was
$2,600....
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