Following are selected accounts for Green Corporation and Vega Company as of December 31, 2020. Several of Green's accounts have been omitted. 

	Green				Vega
Revenues	$	900,000			$	500,000
Cost of goods sold		360,000				200,000
Depreciation expense		140,000				40,000
Other expenses		100,000				60,000
Equity in Vega’s income		?
Retained earnings, 1/1/2020		1,350,000				1,200,000
Dividends		195,000				80,000
Current assets		300,000				1,380,000
Land		450,000				180,000
Building (net)		750,000				280,000
Equipment (net)		300,000				500,000
Liabilities		600,000				620,000
Common stock		450,000				80,000
Additional paid-in capital		75,000				320,000

 

Green acquired 100% of Vega on January 1,2016, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2016, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment.

 

MC Qu. 56 Compute the December 31...

 

Compute the December 31, 2020, consolidated total expenses.

1) Compute the December 31, 2020, consolidated trademark.

2) Compute the December 31, 2020, consolidated common stock.

3) Compute the December 31, 2020 consolidated retained earnings.

Answer rating: 100% (QA)

Compute the December 31 2020 consolidated total expenses909625 Explanation COGS 360000 200000 De... View the full answer