Question: I could really use some help with these entries. I appreciate your help in advance! Complete this question by entering your answers in the tabs
I could really use some help with these entries. I appreciate your help in advance! Complete this question by entering your answers in the tabs below.
Req B and C
Req D and E
Req F
b If the intraentity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling interest?
c If the intraentity sales were downstream, how would consolidated net income be allocated to the controlling and noncontrolling interest? Req A
Req B and C
Req D and E
d What is the consolidated balance in the ending Inventory account?
e Assume that no intraentity inventory sales occurred between Placid Lake and Scenic. Instead, in Scenic sold land costing $ to Placid Lake for $ On the consolidated balance sheet, what value should be reported for land?
Assume that no intraentity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January Scenic sold equipment that originally cost $ but had a $ book value on that date to Placid Lake for $ At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December consolidation of these two companies to eliminate the impact of the intraentity transfer?
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Consolidation Worksheet Entries
Prepare entry TA
Note: Enter debits before credits. Consolidation
Worksheet Entries
Prepare entry ED
Note: Enter debits before credits.
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