Question: need help have tried multiple times need it in the format below the Sandbox shares. E9-6 Subsidiary with Preferred Stock Outstanding Playtown Corporation purchased 75

need help have tried multiple times need it in the format below

75 percent of Sandbox Company common stock and 40 percent of its

the Sandbox shares. E9-6 Subsidiary with Preferred Stock Outstanding Playtown Corporation purchased 75 percent of Sandbox Company common stock and 40 percent of its preferred stock on January 1, 20X6, for $270,000 and $80,000, respectively. At the time of purchase, the fair value of Sandbox's common shares held by the noncontrolling interest was $90,000. Sandbox's balance sheet contained the following balances: For the year ended December 31, 20X6, Sandbox reported net income of $70,000 and paid dividends of $50,000 iwhich includes the preferred dividend). The preferred stock is cumulative and pays an annual dividend of 8 percent. Required c. Prepare the journal entries recorded by Playtown for its investments in Sandbox during 206. b. Present the consolidation entries needed to prepare the consolidated financial statements for Playtown Corporation as of December 31,206. NCl60%/25% Inv. PS 40% Beginning Book Value + Net Income - Preferred Dividends - Common Dividends Ending Book Value Basic Consolidation Entry: Prel. Div, Income 40se Prelerred stock Common Stock: Retained Earnings the Sandbox shares. E9-6 Subsidiary with Preferred Stock Outstanding Playtown Corporation purchased 75 percent of Sandbox Company common stock and 40 percent of its preferred stock on January 1, 20X6, for $270,000 and $80,000, respectively. At the time of purchase, the fair value of Sandbox's common shares held by the noncontrolling interest was $90,000. Sandbox's balance sheet contained the following balances: For the year ended December 31, 20X6, Sandbox reported net income of $70,000 and paid dividends of $50,000 iwhich includes the preferred dividend). The preferred stock is cumulative and pays an annual dividend of 8 percent. Required c. Prepare the journal entries recorded by Playtown for its investments in Sandbox during 206. b. Present the consolidation entries needed to prepare the consolidated financial statements for Playtown Corporation as of December 31,206. NCl60%/25% Inv. PS 40% Beginning Book Value + Net Income - Preferred Dividends - Common Dividends Ending Book Value Basic Consolidation Entry: Prel. Div, Income 40se Prelerred stock Common Stock: Retained Earnings

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