Question: please help me answer as soon as possible The partial trial balances of P Co. and 5 Co. at December 31, Year 10, were as

 please help me answer as soon as possible The partial trial

balances of P Co. and 5 Co. at December 31, Year 10,

please help me answer as soon as possible

The partial trial balances of P Co. and 5 Co. at December 31, Year 10, were as follows: Dr 5 Co. Cr. Investment in S. Co. Common shares Retained earnings, beginning of year P Co. Dr Cr. 198,000 162,000 137,000 156,000 69,000 Additional Information The investment in the shares of S Co. (a 90% interest) was acquired January 2, Year 6, for $198.000. At that time, the shareholders equity of S Co. was common shares of $156,000 and retained earnings of $32,000 and the common shares for P Co. of $162,000. Net incomes of the two companies for the year were as follows: PC. sco. $72,000 60,000 During Year 10, sales of P Co. to S Co. were $22,000, and sales of S Co. to P Co. were $62,000. Rates of gross profit on intercompany sales in Years 9 and 10 were 30% of sales. On December 31, Year 9, the inventory of P Co. included $19,000 of merchandise purchased from S Co., and the inventory of S Co. included $15,000 of merchandise purchased from P Co. On December 31, Year 10, the inventory of P Co. included $32,000 of merchandise purchased from S Co., and the inventory of S Co. included $17,000 of merchandise purchased from P Co. During the year ended December 31, Year 10, P Co. paid dividends of $24,000 and S Co. paid dividends of $22,000. At the time that P Co. purchased the shares of S Co., the acquisition differential was allocated to patents of S Co. These patents are being amortized for consolidation purposes over a period of five years. In Year 8, land that originally cost $52,000 was sold by S Co. to P Co. for $63,200. The land is still owned by P Co. Assume a corporate tax rate of 40%. Required: Prepare a consolidated statement of changes in equity for the year ended December 31, Year 10. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign. Omit $ sign in your response.) P Co. Consolidated Statement of Changes in Equity For Year Ended December 31, Year 10 Total Common Shares $ Retained Earnings $ Non-controlling Interest $ Total $ Balance, beginning of year Add: Net income Less: Dividends Retained earnings, Dec. 31 $ The partial trial balances of P Co. and 5 Co. at December 31, Year 10, were as follows: Dr 5 Co. Cr. Investment in S. Co. Common shares Retained earnings, beginning of year P Co. Dr Cr. 198,000 162,000 137,000 156,000 69,000 Additional Information The investment in the shares of S Co. (a 90% interest) was acquired January 2, Year 6, for $198.000. At that time, the shareholders equity of S Co. was common shares of $156,000 and retained earnings of $32,000 and the common shares for P Co. of $162,000. Net incomes of the two companies for the year were as follows: PC. sco. $72,000 60,000 During Year 10, sales of P Co. to S Co. were $22,000, and sales of S Co. to P Co. were $62,000. Rates of gross profit on intercompany sales in Years 9 and 10 were 30% of sales. On December 31, Year 9, the inventory of P Co. included $19,000 of merchandise purchased from S Co., and the inventory of S Co. included $15,000 of merchandise purchased from P Co. On December 31, Year 10, the inventory of P Co. included $32,000 of merchandise purchased from S Co., and the inventory of S Co. included $17,000 of merchandise purchased from P Co. During the year ended December 31, Year 10, P Co. paid dividends of $24,000 and S Co. paid dividends of $22,000. At the time that P Co. purchased the shares of S Co., the acquisition differential was allocated to patents of S Co. These patents are being amortized for consolidation purposes over a period of five years. In Year 8, land that originally cost $52,000 was sold by S Co. to P Co. for $63,200. The land is still owned by P Co. Assume a corporate tax rate of 40%. Required: Prepare a consolidated statement of changes in equity for the year ended December 31, Year 10. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign. Omit $ sign in your response.) P Co. Consolidated Statement of Changes in Equity For Year Ended December 31, Year 10 Total Common Shares $ Retained Earnings $ Non-controlling Interest $ Total $ Balance, beginning of year Add: Net income Less: Dividends Retained earnings, Dec. 31 $

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