ACC 407 Week 3 Assignment Consolidation Problems

May 8th, 2015
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ACC 407 Week 3 Assignment Consolidation Problems

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P-5-38A.Record purchase Granite Company:Investment in Granite Company173,000Cash 173,000Record dividend declared $20,000 x80% =16,000Cash 16,000Investment in Granite company 16,000Record equity method: (400,000-250,000-15,000-75,000) x 80%= $48,000Investment in Granite Company stock 48,000 Income from subsidiary48,000Amortize differential: [(191,250 -150,000) x 80%]/11=3,000Income from subsidiary =48,000-45,000 =3,000Income from subsidiary 3,000Investment in Granite Company stock 3,000B.Eliminate Income from Subsidiary:Income from subsidiary45,000Dividends Declared16,000Investments in Granite Stock29,000Income to Non-controlling interest: [60,000-(41,250/11)] x20% =11,250Income to Non-controlling interest11,250Dividends declared 4,000Non-controlling interest7,250Eliminate Beginning investment Balance: (173,000+43,250) - 150,000 =66,250Common stock Granite Co.50,000Retained Earnings, beginning100,000Differential66,250Investment in Granite Common Stock 173,000Non-controlling interest43,250Beginning differential: 191,250-150,000= 41,25066,250 41,250 =25,000Goodwill 25,000Building & Equipment 41,250Differential 66,250Depreciable assets: 41,250/11 =3,750Depreciation Expense 3,750Accumulated Depreciation 3,750Eliminate interoperate:Accounts payable 16,000Account receivable 16,000C.Mortar Corporation and Granite CompanyConsolidation WorksheetDecembe

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