2. If Robertsson were to prepare a consolidated balance sheet on the acquisition date (January 31,...
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2. If Robertsson were to prepare a consolidated balance sheet on the acquisition date (January 31, 2021), what is the basic consolidation entry Roberttsson would use in the consolidation worksheet? NOTE: Enter the account CODE as the name of the account. No S's. Include the comma for the doliar amount, if applicable fel [[s] 201 [13] [m] To Tal GENERAL JOURNAL [0] b [1 101 [n] [p] IG 3. What is Roberttsson's balance in "Investment in Purpplleee " prior to consolidation worksheet preparation on December 31, 2021? [s] Note: Include S and comma in your dollar amount. 4. What would be the balance in "Investment in Purppilece" on December 31, 2021 if Robertsson used the Cost Method to account for the investment? [t] Note: Include S and comma in your dollar amount. On January 1, 2020, Jonathan Corporation acquired 90 percent of Pamela Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Pamela at that date. Jonathan uses the equity method in accounting for its ownership of Pamela. On December 31, 2020, the trial balances of the two companies are as follows: Current Assets Depreciable Assets Investment in Pamela Company Depreciation Expense Other Expenses Dividends declared Accumulated Depreciation Current Liabilities Long-term Debt Common Stock APIC Retained earnings Sales Income from Pamela QUESTION #15 Totals Jonathan Corporation Debit $200,000 300,000.00 139,500.00 30,000.00 100,000.00 30,000.00 $799,500 Credit 60,000.00 62,000.00 75,000.00 Page 4IS Pamela Company Debit $120,000 225,000.00 25,000.00 60,000.00 10,000.00 100,000.00 60,000.00 120,000.00 300,000.00 22,500.00 $799,500 $440,000 + Part 1: Compute the following 1. The balance in Investment in Pamela immediately after the acquisition [a] Credit 75,000.00 25,000.00 REQUIRED: Provide answers to the following. Be sure to strictly observe the following rules when inputting your answers: (a) All dollar amounts much include a S. (b) All dollar amounts much include s comuna, if applicable. 90,000.00 75,000.00 0.00 65,000.00 110,000.00 $440,000 MacB 2. If Robertsson were to prepare a consolidated balance sheet on the acquisition date (January 31, 2021), what is the basic consolidation entry Roberttsson would use in the consolidation worksheet? NOTE: Enter the account CODE as the name of the account. No S's. Include the comma for the doliar amount, if applicable fel [[s] 201 [13] [m] To Tal GENERAL JOURNAL [0] b [1 101 [n] [p] IG 3. What is Roberttsson's balance in "Investment in Purpplleee " prior to consolidation worksheet preparation on December 31, 2021? [s] Note: Include S and comma in your dollar amount. 4. What would be the balance in "Investment in Purppilece" on December 31, 2021 if Robertsson used the Cost Method to account for the investment? [t] Note: Include S and comma in your dollar amount. On January 1, 2020, Jonathan Corporation acquired 90 percent of Pamela Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Pamela at that date. Jonathan uses the equity method in accounting for its ownership of Pamela. On December 31, 2020, the trial balances of the two companies are as follows: Current Assets Depreciable Assets Investment in Pamela Company Depreciation Expense Other Expenses Dividends declared Accumulated Depreciation Current Liabilities Long-term Debt Common Stock APIC Retained earnings Sales Income from Pamela QUESTION #15 Totals Jonathan Corporation Debit $200,000 300,000.00 139,500.00 30,000.00 100,000.00 30,000.00 $799,500 Credit 60,000.00 62,000.00 75,000.00 Page 4IS Pamela Company Debit $120,000 225,000.00 25,000.00 60,000.00 10,000.00 100,000.00 60,000.00 120,000.00 300,000.00 22,500.00 $799,500 $440,000 + Part 1: Compute the following 1. The balance in Investment in Pamela immediately after the acquisition [a] Credit 75,000.00 25,000.00 REQUIRED: Provide answers to the following. Be sure to strictly observe the following rules when inputting your answers: (a) All dollar amounts much include a S. (b) All dollar amounts much include s comuna, if applicable. 90,000.00 75,000.00 0.00 65,000.00 110,000.00 $440,000 MacB
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The detailed answer for the above question is provided below Answer 1 The balance in Investment in Pamela immediately after the acquisition a 33950000 ... View the full answer
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
8th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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