Prepare a consolidation worksheet

Assignment Help Accounting Basics

Reference no: EM131476541

Problem -

Pie Company acquired 75 percent of Strawberry Company's stock at the underlying book value on January 1, 20X8. At that date, the fair value of the non-controlling interest at acquisition was 112,500. During 20X8, Strawberry Company reported net income of $60,000 and paid dividends of $3,000. The following transactions occurred between Pie Company and Strawberry Company in 20X8: Pie Co. sold land costing $90,000 to Strawberry Co. on June 28, 20X8, for $110,000.

Required:

1. Give all Equity Entries on Pl E's book for 20X8

2. Give all eliminating entries needed to prepare a consolidation worksheet for 20X8 assuming that Pie Co. uses the fully adjusted equity method to account for its investment in Strawberry Company.

Reference no: EM131476541

Questions Cloud

Application of a variety of intellectual skills : You will write a 3-5 page APA-style paper with an annotated bibliography. Creating an annotated bibliography will require the application of a variety.

Define the term confidentiality : You have taken a job with a software user who has contracted your previous employer to develop a system for them. You discover that your company's.

Self-assessment and reflection paper : Prepare a 1,050-1,750-word Self-Assessment and Reflection Paper that conforms to the University of Riverside -approved style guide

Discuss what impact the organizational expectations : Discuss what impact the organizational expectations (i.e., code of ethics or ethics code of conduct, mission, vision, and values) have on their decision making.

Prepare a consolidation worksheet : Give all eliminating entries needed to prepare a consolidation worksheet for 20X8 assuming that Pie Co. uses the fully adjusted equity method

Perception of the metamorphosis : As you go through your readings consider all that you have learned thus far concerning the Westâs perception of the metamorphosis of Islam

Discuss how quality is measured in terms of structure : Discuss how quality is measured in terms of structure, process, and outcomes within a health care organization (HCO).

Emphasis on religious adherents who follow a scripture : Refers to religion as a means of stratification, of allocating rewards to some while other suffer.)Groups of people who gather together, especially for worship.

Compute the minhash signature : Compute the minhash signature for each column if we use the following three hash functions: h1(x) = 2x + 1 mod 6; h2(x) = 3x + 2 mod 6; h3(x) = 5x + 2 mod 6.

User Account

All Pages