Accounts question urgent
Pipe Manufacturing Company acquired 90 percent of Spike Corporation’s outstanding common stock on December 31, 2017, for $2,595,240. At the date of acquisition, the fair value of the noncontrolling interest was $288,360 and Spike reported common stock outstanding of $1,161,000, premium on common stock of $384,912, and retained earnings of $777,600. The book values and fair values of Spike’s assets and liabilities were equal, except for land, which was worth $255,312 more than its book value. On January 1, 2018, Spike sold equipment to Pipe for $243,000. Spike had purchased the equipment for $400,680 on January 1, 2016 and was depreciating it on a straight-line basis with a 10-year expected life and no anticipated salvage value. The equipment’s total expected life is unchanged as a result of the intercompany sale. Spike reported $50,000 net income for 2018 but declared no dividends. As a staff of the financial reporting team, your task is to prepare the consolidated financial statements for December 31, 2019.
| (As of December 31, 2019) | Pipe Manufacturing | Spike Corporation | ||
|---|---|---|---|---|
| Item | Debit | Credit | Debit | Credit |
| Cash | 2,685,258 | 309,258 | ||
| Current Receivables | 158,004 | 266,258 | ||
| Inventory | 288,360 | 428,220 | ||
| Investment in Sub Stock | 2,923,694 | 0 | ||
| Land | 2,012,580 | 969,322 | ||
| Building and Equipment | 3,526,200 | 2,177,658 | ||
| Cost of Goods Sold | 3,970,652 | 918,146 | ||
| Depreciation and Amortization | 288,360 | 320,220 | ||
| Other Expenses | 911,142 | 331,938 | ||
| Dividends Declared | 135,000 | 394,200 | ||
| Accumulated Depreciation | 1,775,336 | 1,042,578 | ||
| Current Payables | 121,751 | 261,623 | ||
| Bonds Payable | 432,000 | 0 | ||
| Common Stock | 1,821,096 | 1,161,000 | ||
| Premium on Common Stock | 1,765,832 | 384,912 | ||
| Retained Earnings (Jan 1) | 3,268,080 | 827,600 | ||
| Sales | 6,864,912 | 2,239,380 | ||
| Other Income | 255,315 | 198,126 | ||
| Income from Sub | 594,927 | 198,126 | ||
| Total | 16,899,250 | 16,899,250 | 6,115,219 | 6,115,219 |
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Accounts question urgent
Pipe Manufacturing Company acquired 90 percent of Spike Corporation’s outstanding common stock on December 31, 2017, for $2,595,240. At the date of acquisition, the fair value of the noncontrolling interest was $288,360 and Spike reported common stock outstanding of $1,161,000, premium on common stock of $384,912, and retained earnings of $777,600. The book values and fair values of Spike’s assets and liabilities were equal, except for land, which was worth $255,312 more than its book value. On January 1, 2018,...
The question is how to calculate the investment in Stargell Corporation? FINANCIAL INFORMATION FOR THIS MILESTONE...
The question is how to calculate the investment in Stargell
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wealc Question 1 Large Corporation acquired all of Broad Corpor for $480,000. At that time Broad...
wealc Question 1 Large Corporation acquired all of Broad Corpor for $480,000. At that time Broad reported common stock ou s on January 1, 2018. retained earnings of $130,000. The book values of Broad's assets 0,000 and abilities approximated fair values, except for land, which had a book value of $80,000 and value of $100,000, and buildings, which had a book value of $220,000 and a fair value of $400,000. Land and buildings are the only noncurrent assets that Broad...
net changes in the balance sheet accounts for the year 2019 are shown below. [20] Account:...
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Posey Manufacturing Company acquired 90% of Stargell Corporation’s outstanding common stock on December 31, 20X5, for...
Posey Manufacturing Company acquired 90% of Stargell Corporation’s outstanding common stock on December 31, 20X5, for $1,116,900. At that date, the fair value of the noncontrolling interest was $124,100, and Stargell reported common stock outstanding of $487,000, premium on common stock of $267,000, and retained earnings of $407,000. The book values and fair values of Stargell’s assets and liabilities were equal except for land, which was worth $30,000 more than its book value. Since the date it was acquired by...
On December 31, 20X7, trial balances for Posey and Stargell appeared as follows: Posey Company Stargell...
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On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 242,000 shares issued Paid-in capital - excess of par, common Paid-in capital - excess of par, preferred Preferred stock, $100 par, 19,000 shares outstanding Retained earnings Treasury stock, at cost, 4,200 shares 242,000 484,000 190,000 1,900,000 3,800,000 21,000 During 2018, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company...
The question is how to calculate the investment in Stargell
Corporation?
FINANCIAL INFORMATION FOR THIS MILESTONE Refer to Trial Balance 2017 information (red tab) Posey Manufacturing Company acquired 90% of Stargell Corporation's outstanding common stock on December 31, 20X5, for $1,116,900. At that date, the fair value of the noncontrolling interest was $124, 100, and Stargell reported common stock outstanding of $487,000, premium on common stock of $267,000, and retained earnings of $407,000. The book values and fair values of...
The net changes in the balance sheet accounts of Logan, Inc. for the below: 2. year 2019 are shown Accounts Debit Credit S 102,800 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Expenses Long-Term Investments Land Buildings Machinery Office Equipment Accumulated Depreciation S 32,000 7,000 108,600 10,000 72,000 150,000 300,000 50,000 14,000 12,000 10,000 Buildings Machinery 6,000 91,600 Office Equipment Accounts Payable Accrued Liabilities Dividends Payable Premium on Bonds Payable Bonds Payable Preferred stock ($50 par) Common stock ($10...
Problem 130 The net changes in the balance sheet accounts of Eusey, Inc. for the year 2018 are shown below: Account Debit Credit Cash $ 91,200 Accounts recelvable s 48,500 Allowance for doubtful accounts 10,100 Inventory 197,600 Prepaid expenses Long-term investments 18,500 144,500 Land 385,000 Buildings 649,500 Machinery Equipment 100,000 28,300 Accumulated depreciations Buildings 24,300 Machinery Equipment Accounts payable 20,300 12.500 190,800 Accrued liabilities 73,100 Dividends payebles 128,000 36,000 900,000 Premium on bonds Bonds payable Preferred stock ($50 par) 60,000...
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