stock for a total price of $270,000. Also on this date, the buildings were understated by...

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stock for a total price of $270,000. Also on this date, the buildings were understated by On this date, Prescott Company purchased 8,000 shares of Scully Company's outstanding and book value was attributed to goodwill. Since the purchase, Prescott Company has used the $40,000 and had a 10-ycar remaining life. Any remaining discrepancy between the price paid Prescott Company and Scully Company have prepared the following separate trial balance Prepane the 2t ings statement, and halance sheet. statements. Solly equig have life. Liabilities and Equity $140,000 $ 50,000 Liabilities. 75,000 uses Common stock ($10 par). Paidin capital in excess of par Retained earnings (deficit). Assets 100,000 120,000 (25.000 tior Current assets Land The 350,000 yea Buildings Accumulated depreciation Buildings $335.000 (140,000) $ 335,000 Total liabilities and equity Totol assets Simple equiry method to record the investment and its related income. on December 31, 20X2: Prescott Sculy 180,000 150,000 590,000 (265,000) 294,000 (175,000) (200,000) 115,000 75,000 350,000 (182,000 Current Assets Land. Buildings Accumulated Depreciation-Buildings . Investment in Scully Company. Liabilities. Common Stock (S$10 par) Paid-in Capital in Excess of Par (133,000 (100,000 (120,000 Chapter 3 CONSOLIDATED STATEMENTS: SUBSEQUENT TO ACQUISITION Retained Earnings, Jan. 1, 20X2, Sales.... Cost of Goods Sold Expenses Subsidiary Income.. Dividends Declared. (503,000) (360,000) 179,000 120,000 (20,000) 10,000 15,000 (120,000) 50,000 45,000 5,000 Total..... 1. Prepare a determination and distribution of excess schedule for the investment. 2. Prepare the 20X2 consolidated worksheet. Include columns for the eliminations and adjust- ments, the consolidated income statement, the NCI, the controlling retained earnings, and the consolidated balance sheet. Prepare supporting income distribution schedules. 3. Prepare the 20X2 consolidated statements including the income statement, retained earn- ings statement, and the balance sheet. stock for a total price of $270,000. Also on this date, the buildings were understated by On this date, Prescott Company purchased 8,000 shares of Scully Company's outstanding and book value was attributed to goodwill. Since the purchase, Prescott Company has used the $40,000 and had a 10-ycar remaining life. Any remaining discrepancy between the price paid Prescott Company and Scully Company have prepared the following separate trial balance Prepane the 2t ings statement, and halance sheet. statements. Solly equig have life. Liabilities and Equity $140,000 $ 50,000 Liabilities. 75,000 uses Common stock ($10 par). Paidin capital in excess of par Retained earnings (deficit). Assets 100,000 120,000 (25.000 tior Current assets Land The 350,000 yea Buildings Accumulated depreciation Buildings $335.000 (140,000) $ 335,000 Total liabilities and equity Totol assets Simple equiry method to record the investment and its related income. on December 31, 20X2: Prescott Sculy 180,000 150,000 590,000 (265,000) 294,000 (175,000) (200,000) 115,000 75,000 350,000 (182,000 Current Assets Land. Buildings Accumulated Depreciation-Buildings . Investment in Scully Company. Liabilities. Common Stock (S$10 par) Paid-in Capital in Excess of Par (133,000 (100,000 (120,000 Chapter 3 CONSOLIDATED STATEMENTS: SUBSEQUENT TO ACQUISITION Retained Earnings, Jan. 1, 20X2, Sales.... Cost of Goods Sold Expenses Subsidiary Income.. Dividends Declared. (503,000) (360,000) 179,000 120,000 (20,000) 10,000 15,000 (120,000) 50,000 45,000 5,000 Total..... 1. Prepare a determination and distribution of excess schedule for the investment. 2. Prepare the 20X2 consolidated worksheet. Include columns for the eliminations and adjust- ments, the consolidated income statement, the NCI, the controlling retained earnings, and the consolidated balance sheet. Prepare supporting income distribution schedules. 3. Prepare the 20X2 consolidated statements including the income statement, retained earn- ings statement, and the balance sheet. stock for a total price of $270,000. Also on this date, the buildings were understated by On this date, Prescott Company purchased 8,000 shares of Scully Company's outstanding and book value was attributed to goodwill. Since the purchase, Prescott Company has used the $40,000 and had a 10-ycar remaining life. Any remaining discrepancy between the price paid Prescott Company and Scully Company have prepared the following separate trial balance Prepane the 2t ings statement, and halance sheet. statements. Solly equig have life. Liabilities and Equity $140,000 $ 50,000 Liabilities. 75,000 uses Common stock ($10 par). Paidin capital in excess of par Retained earnings (deficit). Assets 100,000 120,000 (25.000 tior Current assets Land The 350,000 yea Buildings Accumulated depreciation Buildings $335.000 (140,000) $ 335,000 Total liabilities and equity Totol assets Simple equiry method to record the investment and its related income. on December 31, 20X2: Prescott Sculy 180,000 150,000 590,000 (265,000) 294,000 (175,000) (200,000) 115,000 75,000 350,000 (182,000 Current Assets Land. Buildings Accumulated Depreciation-Buildings . Investment in Scully Company. Liabilities. Common Stock (S$10 par) Paid-in Capital in Excess of Par (133,000 (100,000 (120,000 Chapter 3 CONSOLIDATED STATEMENTS: SUBSEQUENT TO ACQUISITION Retained Earnings, Jan. 1, 20X2, Sales.... Cost of Goods Sold Expenses Subsidiary Income.. Dividends Declared. (503,000) (360,000) 179,000 120,000 (20,000) 10,000 15,000 (120,000) 50,000 45,000 5,000 Total..... 1. Prepare a determination and distribution of excess schedule for the investment. 2. Prepare the 20X2 consolidated worksheet. Include columns for the eliminations and adjust- ments, the consolidated income statement, the NCI, the controlling retained earnings, and the consolidated balance sheet. Prepare supporting income distribution schedules. 3. Prepare the 20X2 consolidated statements including the income statement, retained earn- ings statement, and the balance sheet. stock for a total price of $270,000. Also on this date, the buildings were understated by On this date, Prescott Company purchased 8,000 shares of Scully Company's outstanding and book value was attributed to goodwill. Since the purchase, Prescott Company has used the $40,000 and had a 10-ycar remaining life. Any remaining discrepancy between the price paid Prescott Company and Scully Company have prepared the following separate trial balance Prepane the 2t ings statement, and halance sheet. statements. Solly equig have life. Liabilities and Equity $140,000 $ 50,000 Liabilities. 75,000 uses Common stock ($10 par). Paidin capital in excess of par Retained earnings (deficit). Assets 100,000 120,000 (25.000 tior Current assets Land The 350,000 yea Buildings Accumulated depreciation Buildings $335.000 (140,000) $ 335,000 Total liabilities and equity Totol assets Simple equiry method to record the investment and its related income. on December 31, 20X2: Prescott Sculy 180,000 150,000 590,000 (265,000) 294,000 (175,000) (200,000) 115,000 75,000 350,000 (182,000 Current Assets Land. Buildings Accumulated Depreciation-Buildings . Investment in Scully Company. Liabilities. Common Stock (S$10 par) Paid-in Capital in Excess of Par (133,000 (100,000 (120,000 Chapter 3 CONSOLIDATED STATEMENTS: SUBSEQUENT TO ACQUISITION Retained Earnings, Jan. 1, 20X2, Sales.... Cost of Goods Sold Expenses Subsidiary Income.. Dividends Declared. (503,000) (360,000) 179,000 120,000 (20,000) 10,000 15,000 (120,000) 50,000 45,000 5,000 Total..... 1. Prepare a determination and distribution of excess schedule for the investment. 2. Prepare the 20X2 consolidated worksheet. Include columns for the eliminations and adjust- ments, the consolidated income statement, the NCI, the controlling retained earnings, and the consolidated balance sheet. Prepare supporting income distribution schedules. 3. Prepare the 20X2 consolidated statements including the income statement, retained earn- ings statement, and the balance sheet.

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