Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 30 percent of...
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Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 30 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: 2017 2018 (875,000) 605,000 $(1,005,000) 645,000 Revenues $ Cost of goods sold Depreciation and amortization Gain on sale of building 95,000 110,000 (25,000) 35,000 Interest expense 35,000 Consolidated net income (140,000) 14,000 (240,000) 16,000 to noncontrolling interest to parent company (126,000) (224,000) Retained earnings, 1/1 $4 (305,000) (126,000) 55,000 (376,000) (224,000) 105,000 Net income Dividends declared Retained earnings, 12/31 (376,000) (495,000) Cash 85,000 160,000 160,000 205,000 645,000 160,000 Accounts receivable 145,000 Inventory Buildings and equipment (net) 350,000 705,000 150,000 Databases Total assets $ 1,255,000 $ 1,510,000 (145,000) (405,000) ( 37,000) (110,000) (182,000) (376,000) Accounts payable Bonds payable Noncontrolling interest in Rivera (110,000) (510,000) (46,000) (135,000) (214,000) (495,000) Common stock Additional paid-in capital Retained earnings Total liabilities and equities $(1,255,000) $(1,510,000) Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 30 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: 2017 2018 (875,000) 605,000 $(1,005,000) 645,000 Revenues $ Cost of goods sold Depreciation and amortization Gain on sale of building 95,000 110,000 (25,000) 35,000 Interest expense 35,000 Consolidated net income (140,000) 14,000 (240,000) 16,000 to noncontrolling interest to parent company (126,000) (224,000) Retained earnings, 1/1 $4 (305,000) (126,000) 55,000 (376,000) (224,000) 105,000 Net income Dividends declared Retained earnings, 12/31 (376,000) (495,000) Cash 85,000 160,000 160,000 205,000 645,000 160,000 Accounts receivable 145,000 Inventory Buildings and equipment (net) 350,000 705,000 150,000 Databases Total assets $ 1,255,000 $ 1,510,000 (145,000) (405,000) ( 37,000) (110,000) (182,000) (376,000) Accounts payable Bonds payable Noncontrolling interest in Rivera (110,000) (510,000) (46,000) (135,000) (214,000) (495,000) Common stock Additional paid-in capital Retained earnings Total liabilities and equities $(1,255,000) $(1,510,000)
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Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
8th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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