acc_407_week_3_assignment_consolid...

May 19th, 2015
Studypool Tutor
Price: $10 USD

Tutor description

acc_407_week_3_assignment_consolid...

Word Count: 450
Showing Page: 1/5
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

Review from student

Studypool Student
" Excellent work as usual "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1824 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors