B 2-2 Assignment: Less-Than-Whol x 3 Question 2 - 2-2 Assignment: Les X Homework Help - Q&A from Onl x + X - > C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPv30PgeWctMI3kJ5hzXBdl9SXXekxAnBKClyeePx7mMnal5hN72... @ @ * : Apps R call of duty 6 - Panz... MBS Direct Creator Studio Creator Studio Class BUS-307 in C... w |Microsoft Word -... Job Order Costing i... & waterbury option 1 homework week 3... Check Application S... ACC 345 Business V... $ tarea de ids >> Reading list 2-2 Assignment: Less-Than-Wholly-Owned With No Differential Wholly Owned Acquire... Saved Help Save & Exit Submit Check my work 2 Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $210,000. The trial balances for the two companies on December 31, 20X7, included the following amounts: Prince Corporation Sword Company Item Debit Credit Debit Credit 25 Cash $ 88,000 $ 35,000 oints Accounts Receivable 60,000 65,000 Inventory 183,090 103, 000 Land 86,000 Buildings and Equipment 193, 000 152,000 Investment in Sword Company 261, 000 2Book Cost of Goods Sold 493, 090 256,000 Depreciation Expense 21, 000 11, 000 Other Expenses 65,090 65,000 Dividends Declared 63,090 29,000 Print Accumulated Depreciation 152, 000 $ 55,000 Accounts Payable 66, 000 20,090 Mortgages Payable 194, 000 108,090 Common Stock 294, 000 19,000 References Retained Earnings 343, 000 99 ,090 Sales 84, 000 15, 000 Income from Sword Company $1, 813,000 $1, 813, 000 $746, 000 $746,000 Additional Information 1. On January 1, 20X7, Sword reported net assets with a book value of $148,000. A total of $29,000 of the acquisition price is applied to goodwill, which was not impaired in 20X7. 2. Sword's depreciable assets had an estimated economic life of 11 years on the date of combination. The difference between fair value and book value of tangible assets is related entirely to buildings and equipment. 3. Prince used the equity-method in accounting for its investment in Sword. 4. Detailed analysis of receivables and payables showed that Sword owed Prince $15,000 on December 31, 20X7. Required: . Prepare all journal entries recorded by Prince with regard to its investment in Sword during 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit A Investment in Sword Company 210,000 Cash 210,000 B 2 Investment in Sword Company Income from Sword Company Grav B 2-2 Assignment: Less-Than-Whol x 3 Question 2 - 2-2 Assignment: Les X Homework Help - Q&A from Onl x + X - > C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPv30PgeWctMI3kJ5hzXBdl9SXXekxAnBKClyeePx7mMnal5hN72... @ @ * : Apps R call of duty 6 - Panz.. MBS Direct Creator Studio Creator Studio Er Class BUS-307 in C... w |Microsoft Word -... Job Order Costing i... & waterbury option 1 homework week 3.. Check Application S... ACC 345 Business V.. $ tarea de ids >> Reading list 2-2 Assignment: Less-Than-Wholly-Owned With No Differential Wholly Owned Acquire... i Saved Help Save & Exit Submit Check my work 2 25 points eBook Print b. Prepare all consolidating entries needed to prepare a full set of consolidated financial statements for 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) References view transaction list Consolidation Worksheet Entries A B C D E Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit Record entry Clear entry view consolidation entries Grav B 2-2 Assignment: Less-Than-Whol x 3 Question 2 - 2-2 Assignment: Les X Homework Help - Q&A from Onl x + X - > C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPv30PgeWctMI3kJ5hzXBdl9SXXekxAnBKClyeePx7mMnal5hN72... Q @ * : Apps R call of duty 6 - Panz.. MBS Direct Creator Studio Creator Studio r Class BUS-307 in C... w |Microsoft Word -... Job Order Costing i... waterbury option 1 homework week 3... Check Application S... ACC 345 Business V.. tarea de ids >> Reading list 2-2 Assignment: Less-Than-Wholly-Owned With No Differential Wholly Owned Acquire... Saved Help Save & Exit Submit Check my work 2 c. Prepare a three-part consolidation worksheet as of December 31, 20X7. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all 25 debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into points one amount and enter this amount in the credit column of the worksheet.) PRINCE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet Book December 31, 20X7 Consolidation Entries Prince Corp Sword Co DR CR Consolidated Print Income Statement Sales References Less: COGS Less: Depreciation expense ess: Other expenses Income from Sword Co Net Income $ o o S Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance o S o S Balance Sheet Assets Cash Accounts receivable Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Sword Co Goodwill Total Assets O S 0 S Liabilities & Equity Accounts payable Mortgages payable Common stock Retained earnings Total Liabilities & Equity $ O S O S O S O S Mc