On January 1, 2015, Peanut Corporation exchanged $4,000 cash for 100% of the outstanding voting stock...

 

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On January 1, 2015, Peanut Corporation exchanged $4,000 cash for 100% of the outstanding voting stock of Strikeout Corporation. Book value of net assets was equivalent to fair value, other than a building that was below fair value by $500 and $300 was assigned to goodwill in the acquisition. The building has a remaining useful life of 10 years. Complete the consolidation as of December 31, 2017. Consoidation Entries Consolidated Parent Debits Credits Totals Subsidiary 7,000 Sales 3,000 10,000 Cost of Goods Sold (4,650) (1,700) [1] Gruss profit 2,350 1,300 [2] (1,110) [3] Equity Income 140 Operating Expenses (840) Netincone 1,650 190 1,650 Retained earmings BOY 5,240 1,350 [4] Net income 1,650 190 [5] (560) Dividends paid Retained earnings (560) 6,330 (50) 190 50 Cash & receivables 1,600 2,000 [6] [7] Equity Investment 3,640 3,490 [8] PP&E, net Goodhwi Total Assets 7,090 [9] 12,330 5490 14830 Liabilities 3,000 2,500 5,500 Common Stock Retained eamings 3,000 1,500 6,330 1,490 [10] Cost of Goods Sold Gruss profit 2,350 1,300 [2] Equity Income Operating Expenses 140 (840) (1,110) [3] Netincone 1,650 190 1,650 Retained earmings BOY 5,240 1,350 [4] Net income 1,650 190 [5] Dividends paid (560) 50 (560) (50) 190 Retained earnings 6,330 Cash & receivables 1,60 2,000 [6] Equity Investment 3,640 [7] 3,490 [8] PP&E, net Goodwt 7,090 [9] Total Assets 12,330 5,90 14830 Liabilities 3,000 2,500 5,500 Common Stock Retained eamings Total Liabties & Equity 3,000 1,500 6,330 1490 [10] 12,330 5,90 14830 Provide the numerical amounts for each of the following, do not use "S" or ".XX" in your answers. For consolidated totals, if needs to be shown as "-" or "( )" please do so. On January 1, 2015, Peanut Corporation exchanged $4,000 cash for 100% of the outstanding voting stock of Strikeout Corporation. Book value of net assets was equivalent to fair value, other than a building that was below fair value by $500 and $300 was assigned to goodwill in the acquisition. The building has a remaining useful life of 10 years. Complete the consolidation as of December 31, 2017. Consoidation Entries Consolidated Parent Debits Credits Totals Subsidiary 7,000 Sales 3,000 10,000 Cost of Goods Sold (4,650) (1,700) [1] Gruss profit 2,350 1,300 [2] (1,110) [3] Equity Income 140 Operating Expenses (840) Netincone 1,650 190 1,650 Retained earmings BOY 5,240 1,350 [4] Net income 1,650 190 [5] (560) Dividends paid Retained earnings (560) 6,330 (50) 190 50 Cash & receivables 1,600 2,000 [6] [7] Equity Investment 3,640 3,490 [8] PP&E, net Goodhwi Total Assets 7,090 [9] 12,330 5490 14830 Liabilities 3,000 2,500 5,500 Common Stock Retained eamings 3,000 1,500 6,330 1,490 [10] Cost of Goods Sold Gruss profit 2,350 1,300 [2] Equity Income Operating Expenses 140 (840) (1,110) [3] Netincone 1,650 190 1,650 Retained earmings BOY 5,240 1,350 [4] Net income 1,650 190 [5] Dividends paid (560) 50 (560) (50) 190 Retained earnings 6,330 Cash & receivables 1,60 2,000 [6] Equity Investment 3,640 [7] 3,490 [8] PP&E, net Goodwt 7,090 [9] Total Assets 12,330 5,90 14830 Liabilities 3,000 2,500 5,500 Common Stock Retained eamings Total Liabties & Equity 3,000 1,500 6,330 1490 [10] 12,330 5,90 14830 Provide the numerical amounts for each of the following, do not use "S" or ".XX" in your answers. For consolidated totals, if needs to be shown as "-" or "( )" please do so.

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