Question

E6-13 Consolidated Balance Sheet Worksheet LO 6-3, 6-4 The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: Saloon Company PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Corporation Assets Cash & Receivables $108,000 Inventory 167,000 Buildings & Equipment (net) 321,000 Investment in Saloon Company 222,300 Total Assets $818,300 Liabilities & Equity Accounts Payable $105,300 Common Stock 198,000 Retained Earnings 515,000 Total Liabilities & Equity $818,300 $ 46,000 111,000 286,000 $443,000 $ 66,000 139,000 238,000 $ 443,000 Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $103,000 and Saloon sold inventory to Pint for $319,000. Pint's balance sheet contains inventory items purchased from Saloon for $99,000. The items cost Saloon $59,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $34,000 that Pint had produced for $20,400. Assume Saloon reported net income of $76,000 and dividends of $15,200. Required: a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)
JUST FIGURE OUT THE JE FOR INCOME FROM SALOON COMPANY, NCI IN NI OF SALOON COMPANY, AND NCI IN NA OF SALOON COMPANY

Answer 1

INCOME FROM SALOON COMPANY $76,000

NCI IN NI OF SALOON COMPANY:

NET INCOME	$        76,000
LESS; DIVIDENDS	$     (15,200)
	$        60,800
NCI'S SHARE 30% IN PROFITS	$        18,240

NCI IN NA OF SALOON COMPANY:

TOTAL ASSETS                                                           $443,000

LESS: LIABILITIES                                                       $66,000

NET ASSETS OF SALOON COMPANY                         $377,000

30% SHARE OF NCI                                                    $113,100