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6-The separate income statements Hartford Corporation and its wholly owned subsidiary, Sacramento Co., for 2020 are presented
Note that Hartfords income statement includes no investment-related accounting or adjustments for Sacramento. During 2020, H
5-Parent Co. acquired 100% of Sub, Inc. on January 1, 2021. During 2021, Parent sold goods to Sub for $260,000 that cost Pare
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Answer #1
Hartford Corporation and its Subsidairy Sacramento Co
Consolidated Worksheet for he year ended 2020
Sales Revenue 4,43,250
$390,000 + $68,250 - $15,000
Cost of Goods Sold 1,86,300
$160,000 + $38,000 - $15,000 + $3,300
$3300 =($15000-$6750)*0.40
Gross Profit 2,56,950
Operating Expenses 96,000
$80,000 + $16,000
Consolidated Net Income 1,60,950
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