Question Details

[solution]: Answer ALL of the questions COMPLETELY....Showing All work: On


Answer download
More Details:

Answer ALL of the questions COMPLETELY?.Showing All work:

  • On Jan 1, 2013, the Sub acquires land, at a cost of $250,000 and a Building with a cost of $625,000.  The building has a $50,000 salvage value and a 15 year estimated useful life.  On Jun 30, 2020, the Sub sells the land and the building to the parent for $1,250,000  (30% land & 70% building).  The Sub is 75% owned by the Parent.

Required:

  • Prepare the Elimination & Adjustment entries for 2020 and 2021.
  • What is the impact on the Sub?s internally generated profit for 2020 and 2021?
  • What is the impact on the NCI Net Income for 2020 & 2021?         
  • What is the value reported on the Consolidated Balance Sheet for Land & Building & Accumulated Depreciation for 2020 & 2021?

  • On Jan 1, 2013 the Sub issues $550,000 in 6% 8 year Bonds at 103%, interest payable Dec 31.  On June 30, 2017, the Parent acquires the Sub?s bonds for $498,500.  The Sub is 65% owned by the parent.

Required:

  • Record the elimination entries for Dec 31, 2017 and 2018
  • What is the impact on the Sub?s Net Income for 2017?
  • What is the impact on the Sub?s Income for 2018?

  • On Jan 1, 2014, the Sub issues $400,000 7.5% 8 year bonds at 92% interest payable annually on Dec 31.  The Sub is 85% owned by the Parent.  On Jan 1, 2017, the Parent purchases the Sub?s Bonds for $412,500.

Required:

  • Record the Elimination and Adjustment Entries for Dec 31, 2017 & 2018.
  • What is the impact of the Sub?s Internally generated Net Income?
  • What is the impact on the NCI net income for 2017 & 2018?
  • What is the value reported on the Consolidated Balance Sheet for Bonds Payable & Discount/Premium on  Dec 31, 2017?

  • Parent Corp acquired a 90% interest in Sub Corp on Jan 1, 2011.  Sub regularly sells inventory to the parent at a 30% mark-up.  Intercompany purchases and sales of INVENTORY for 2011, 2012 & 2013 are as follows:

YEAR                           INTERCO SALES                                  Interco End Inventory

2011                            $400,000                                             $50,000

2012                            $300,000                                             $45,000

2013                            $600,000                                             $55,000

Selected data for Dec 31, 2013 for Parent and Sub are as follows:

                                                Parent                         Sub

Income Statement:

Sales                                        ($1,800,000)                            ($1,200,000)

Cost of Goods Sold                  1,250,000                                600,000

Operating Expenses                450,000                                   300,000

Sub Income                             ($270,000)                               0

Balance Sheet:

Inventory                                 $300,000                                 $160,000

Required:

  • Prepare the Elimination entries for 2011, 2012 & 2013 for intercompany Inventory transactions
  • Prepare the Consolidated Income Statement for 2013
  • What is the NCI net income for 2013?
  • What is the value of ending inventory on the Consolidated Balance Sheet at Dec 31, 2013?         

Answer ALL of the questions COMPLETELY?.Showing All work:

  • On Jan 1, 2013, the Sub acquires land, at a cost of $250,000 and a Building with a cost of $625,000.  The building has a $50,000 salvage value and a 15 year estimated useful life.  On Jun 30, 2020, the Sub sells the land and the building to the parent for $1,250,000  (30% land & 70% building).  The Sub is 75% owned by the Parent.

Required:

  • Prepare the Elimination & Adjustment entries for 2020 and 2021.
  • What is the impact on the Sub?s internally generated profit for 2020 and 2021?
  • What is the impact on the NCI Net Income for 2020 & 2021?         
  • What is the value reported on the Consolidated Balance Sheet for Land & Building & Accumulated Depreciation for 2020 & 2021?

  • On Jan 1, 2013 the Sub issues $550,000 in 6% 8 year Bonds at 103%, interest payable Dec 31.  On June 30, 2017, the Parent acquires the Sub?s bonds for $498,500.  The Sub is 65% owned by the parent.

Required:

  • Record the elimination entries for Dec 31, 2017 and 2018
  • What is the impact on the Sub?s Net Income for 2017?
  • What is the impact on the Sub?s Income for 2018?

  • On Jan 1, 2014, the Sub issues $400,000 7.5% 8 year bonds at 92% interest payable annually on Dec 31.  The Sub is 85% owned by the Parent.  On Jan 1, 2017, the Parent purchases the Sub?s Bonds for $412,500.

Required:

  • Record the Elimination and Adjustment Entries for Dec 31, 2017 & 2018.
  • What is the impact of the Sub?s Internally generated Net Income?
  • What is the impact on the NCI net income for 2017 & 2018?
  • What is the value reported on the Consolidated Balance Sheet for Bonds Payable & Discount/Premium on  Dec 31, 2017?

  • Parent Corp acquired a 90% interest in Sub Corp on Jan 1, 2011.  Sub regularly sells inventory to the parent at a 30% mark-up.  Intercompany purchases and sales of INVENTORY for 2011, 2012 & 2013 are as follows:

YEAR                           INTERCO SALES                                  Interco End Inventory

2011                            $400,000                                             $50,000

2012                            $300,000                                             $45,000

2013                            $600,000                                             $55,000

Selected data for Dec 31, 2013 for Parent and Sub are as follows:

                                                Parent                         Sub

Income Statement:

Sales                                        ($1,800,000)                            ($1,200,000)

Cost of Goods Sold                  1,250,000                                600,000

Operating Expenses                450,000                                   300,000

Sub Income                             ($270,000)                               0

Balance Sheet:

Inventory                                 $300,000                                 $160,000

Required:

  • Prepare the Elimination entries for 2011, 2012 & 2013 for intercompany Inventory transactions
  • Prepare the Consolidated Income Statement for 2013
  • What is the NCI net income for 2013?
  • What is the value of ending inventory on the Consolidated Balance Sheet at Dec 31, 2013?         

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Dec 18, 2020

PRICE: $18.50

Solution~00031148133991.zip (25.37 KB)

Buy this answer for only: $18.50

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 18, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now