Question

Balance sheet and income statement data for two affiliated companies for the cur rent year appear below.
Additional Information
• Albeniz acquired an 80% interest in Bach on January 1, Year 1, for $272,000. On that date the following information was noted about specific net assets of Bach:
Amortization expense is grouped with distribution expenses. Albeniz’s accumulated depreciation was $240,000 at the date of acquisition.
• On January 1, Year 1, Bach had a retained earnings balance of $30,000.
• Albeniz carries its investment at cost.
Required:
Prepare the following:
(a) Consolidated income statement
(b) Consolidated balance sheet


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  • CreatedJune 08, 2015
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