80% of B was purchased by A for $600k in year 1. The book value of B is $500k. The excess of cost of book value was from goodwill. B's income included sales to A for $40k that cost B $25k. 30% of this inventory is still available as of year 3. Inventory sold for profit of $5k was in A inventory in year 2. Complete the worksheet for year 3. THE IMAGE IS COMPLETE DO NOT TELL ME THE QUESTION IS INCOMPLETE ALL NECESSARY INFO IS PROVIDED.

 

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11 12 13 Sales 14 Expenses 15 Income from S. 16 Income 17 NCI 18 Controlling Interest 19 Retained Earnings Jan 1, 10 20 Dividends 21 Retained Earnings Dec 31, 10 22 Cash 23 Receivables 24 Inventory 25 Equipment (net) 26 Patents 27 Investment in Costello 28 Goodwill 29 Land 30 Building (net) 31 A 32 Accounts Payable 33 Capital Stock 34 Non-Controlling Interest 35 Retained Earnings (12/31) 36 B $50,000 $250,000 $30,000 $150,000 $120,000 $100,000 $700,000 $190,000 100,000 0 $290,000 $30,000 90,000 70,000 100,000 100,000 100,000 350,000 50,000 796,400 100,000 100,000 120,000 100,000 $1,426,400 $800,000 $100,000 $50,000 460,000 290,000 $1,426,400 $800,000 Consolidation Entries Dr. Cr. Consolidated Bal. 11 12 13 Sales 14 Expenses 15 Income from S. 16 Income 17 NCI 18 Controlling Interest 19 Retained Earnings Jan 1, 10 20 Dividends 21 Retained Earnings Dec 31, 10 22 Cash 23 Receivables 24 Inventory 25 Equipment (net) 26 Patents 27 Investment in Costello 28 Goodwill 29 Land 30 Building (net) 31 A 32 Accounts Payable 33 Capital Stock 34 Non-Controlling Interest 35 Retained Earnings (12/31) 36 B $50,000 $250,000 $30,000 $150,000 $120,000 $100,000 $700,000 $190,000 100,000 0 $290,000 $30,000 90,000 70,000 100,000 100,000 100,000 350,000 50,000 796,400 100,000 100,000 120,000 100,000 $1,426,400 $800,000 $100,000 $50,000 460,000 290,000 $1,426,400 $800,000 Consolidation Entries Dr. Cr. Consolidated Bal.

Answer rating: 100% (QA)

Sales Expenses Income from S Income Profit Attributable to NCI W4 As Sha... View the full answer