Partial trial balance data for Mound Corporation Shadow Company and
Partial trial balance data for Mound Corporation, Shadow Company, and the consolidated entity at December 31, 20X7, are as follows:

Additional Information
1. Mound Corporation acquired 60 percent ownership of Shadow Company on January 1, 20X4, for $106,200. Shadow reported net assets of $150,000 at that date, and the fair value of the noncontrolling interest was estimated to be $70,800. The full amount of the differential at acquisition is assigned to copyrights that are being amortized over a six year life.
2. On August 13, 20X7, Mound sold land to Shadow for $28,000. Mound also has accounts receivable from Shadow on services performed prior to the end of 20X7.
3. Shadow sold equipment it had purchased for $60,000 on January 1, 20X4, to Mound on for $45,000 January 1, 20X6. The equipment is depreciated on a straight-line basis and had a total expected useful life of five years when Shadow purchased it. No change in life expectancy resulted from the intercompany transfer. Assume Mound uses the fully adjusted equity method.
4. Assume Mound Corp. does not use the optional accumulation depreciation elimination entry.

Compute the dollar amount for each of the balances identified by aletter.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help