On January 1, 2016, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent
Question:
Year __________ Net Income ___________ Dividends
2016 ................. $ 75,000 ..................... $39,000
2017 ................... 96,000 ....................... 44,000
2018 ................. 110,000 ....................... 60,000
On December 31, 2018, Telconnect owes $22,000 to Bandmor.
a. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2018?
b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2018 consolidation?
c. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2018 consolidation?
d. What non-controlling interest balances will appear in consolidated financial statements for 2018?
Goodwill
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Related Book For
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
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