Question: please answer all journal entry thx Softball Corporation reported the following balances at January 1,20X9: On January 1, 20X9, Pitcher Corporation purchased 100 percent of

please answer all journal entry thx
please answer all journal entry thx Softball Corporation reported the following balances
at January 1,20X9: On January 1, 20X9, Pitcher Corporation purchased 100 percent
of Softball's stock. All tangible assets had a remaining economic life of
5 years at January 1, 20X9. Both companies use the FIFO inventory
method. Softball reported net income of $24,000 in 209 and paid dividends
of $5,200. Pitcher uses the equity method in accounting for its investment

Softball Corporation reported the following balances at January 1,20X9: On January 1, 20X9, Pitcher Corporation purchased 100 percent of Softball's stock. All tangible assets had a remaining economic life of 5 years at January 1, 20X9. Both companies use the FIFO inventory method. Softball reported net income of $24,000 in 209 and paid dividends of $5,200. Pitcher uses the equity method in accounting for its investment in Softball. Required: Prepare all journal entries that Pitcher recorded during 209 with respect to its investment assuming Pitcher paid $472,500 for the ownership of Softball on January 1,20X9. The amount of the differential assigned to goodwill is not impaired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of Softball. Note: Enter debits before credits. Journal entry worksheet Record the dividend received from Softball. Note: Enter debits before credits. Journal entry worksheet Record the equity-method income/loss. Note: Enter debits before credits. Journal entry worksheet Record the amortization of the differential assigned to inventory carried on a FIFO basis. Note: Enter debits before credits. Journal entry worksheet Record the amortization of the differential assigned to buildings and equipment. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!