This is a continuation of Problem 8-12. Trial balances for Phan Company and its subsidiary Sato Company
Question:
This is a continuation of Problem 8-12. Trial balances for Phan Company and its subsidiary Sato Company on December 31, 2011, are as follows:
Phan Company acquired its investment in Sato Company through open-market purchases of
stock as follows:
Required:
Refer to Problem 8-12. Prepare the consolidated financial statement workpaper for Phan
Company and its subsidiary Sato Company on December 31, 2011. Use the costmethod.
Transcribed Image Text:
Phan Sato 165,500 614,425 920,000 150,000 1,100,000 350,000 218,000 Current Assets Investment in Sato Company Other Assets Dividends Declared Cost of Goods Sold Other Expenses 672,000 70,000 325,000 125,000 $1,410,000 $3,299,925 160,000 400,000 Liabilities Capital Stock, $10 par Paid in Capital 1/1 Retained Earnings Sales Dividend Income 159,050 600,000 100,000 577,875 1,800,000 63,000 3,299,925 250,000 600,000 1,410,000 Sato Company Shares Purchased Cost Retained Earnings Balance 110,500 210,000 280,000 600,500 46,000 165,000 250,000 1/1/09 9,000 12,500 14,500 36,000 Total
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On Phan Companys books Investment in Sato Company 3625 280000 Cash 280000 No revaluation is required for additional shares purchased after control is already achieved The new ownership percentage is 9...View the full answer
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