DEL 2-2 Assic X Question X Sign out x * Course x Assignm X | ACC 405 x | S ACC427 * * 1-2 Shor x | ) 1_2_Sho x * ACC423 X ACC423 X * Courset x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activit... A" to 2-2 Assignment: Less-Than-Wholly-Owned With No Different... Saved Help Save & Exit Submit Check my work 2 Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $187,000. The trial balances for the two companies on December 31, 20X7, included the following amounts: 25 Prince Corporation Sword Company points Item Debit Credit Debit Credit Cash $ 88, 090 $ 36, 000 Accounts Receivable 64, 090 69,000 eBook Inventory 174, 000 115, 000 Land 86,000 31, 000 495, 060 167, 000 Print Buildings and Equipment Investment in Sword Company 241, 060 References Cost of Goods Sold 495, 090 254, 000 + Depreciation Expense 23,000 13, 000 Other Expenses 56, 090 56, 000 Dividends Declared 50, 090 24, 000 Accumulated Depreciation $ 152,000 $ 65,000 Accounts Payable 65,000 30,000 Mortgages Payable 188, 000 136, 060 Common Stock 283,000 50,006 Retained Earnings 309, 000 80, 060 Sales 697, 000 404, 060 Income from Sword Company 78, 000 $1, 772, 000 $1, 772,000 $765, 000 $765, 060 Additional Information 1. On January 1, 20X7, Sword reported net assets with a book value of $130,000. A total of $24,000 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 $25,000 on December 31, 20X7. Mc Grav Hill BOF Q w 4:21 PM 3 Partly sunny 11/1/2022DEL 2-2 Assic X Question X Sign out x Course X | Assignm x | ACC 405 x | S ACC427 x * 1-2 Shor x | ) 1_2_Sho x * ACC423 X ACC423 X Courset X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activit... A" to 2-2 Assignment: Less-Than-Wholly-Owned With No Different... Saved Help Save & Exit Submit Check my work 2 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.) 25 points view transaction list eBook Consolidation Print Worksheet Entries References 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 Mc Grav Hill BOF Partly sunny Q W 4:22 PM 11/1/2022DEL 2-2 Assic X Question X Sign out x Course X | Assignm x | ACC 405 x | S ACC427 x * 1-2 Shor x | ) 1_2_Sho x * ACC423 X ACC423 X Courset X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activit... A" to 2-2 Assignment: Less-Than-Wholly-Owned With No Different... Saved Help Save & Exit Submit Check my work 2 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.) 25 points view transaction list eBook Consolidation Print Worksheet Entries References Hill BOF Q W 4:22 PM Partly sunny 11/1/2022DEL 2-2 Assic X Question X Sign out x Course X | Assignm x | ACC 405 x | S ACC427 x * 1-2 Shor x | ) 1_2_Sho x * ACC423 X ACC423 X Courset X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activit... A" to 2-2 Assignment: Less-Than-Wholly-Owned With No Different... Saved Help Save & Exit Submit Check my work 2 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.) 25 points view transaction list eBook Consolidation Worksheet Entries Print References Hill BOF Q W 4:22 PM Partly sunny 11/1/2022DEL 2-2 Assic X Question X Sign out x Course X | Assignm x | ACC 405 x | S ACC427 x * 1-2 Shor x | ) 1_2_Sho x * ACC423 X ACC423 X Courset X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activit... A" to 2-2 Assignment: Less-Than-Wholly-Owned With No Different... Saved Help Save & Exit Submit Check my work 2 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.) 25 points view transaction list eBook Consolidation Worksheet Entries Print References Hill BOF Q W 4:22 PM Partly sunny 11/1/2022