Alternative Reporting for Investment in Partnership
Moss Company invested $90,000 in TF Partnership on January 1, 20X1, for a 45 percent share of its profits and losses. At December 31, 20X2, Moss reported total assets of $510,000 (excluding its investment in TF) and liabilities of $40,000, and TF reported total assets of $250,000 and liabilities of $30,000.
Required
Present the balance sheets for Moss Company at December 31, 20X2, assuming they are prepared using the following reporting alternatives for its investment in TF Partnership:
a. Cost method.
b. Equity method.
c. Pro rata consolidation.
d. Consolidation.
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