Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Determining ending consolidated balances in the third year following the acquisition-Cost methodAssume a parent company acquired a subsidiary on January 1, 2020, for $1,300,000. The purchase price was $845,000 in excess of the subsidiary's $455,000 book value of Stockholders' Equity on the acquisitiondate. Of this excess purchase price, $520,000 was assigned to Property, plant and equipment with a remaining economic useful life of 8 years, and $325,000 was assigned to Goodwill. On the acquisition date, thesubsidiary reported retained earnings equal to $104,000. The parent uses Investment cost method of pre-consolidation Equity investment bookkeeping. The financial statements of the parent and its subsidiaryfor the year ended December 31, 2022, are as follows:Parent SubsidiaryIncome statement:SalesCost of goods soldGross profitInvestment incomeOperating expensesNet incomeStatement of retained earnings:BOY retained earningsNet incomeDividendsEnding retained earningsBalance sheet:$3,120,000 $1,170,000 Assets(1,690,000) (715,000) Cash1,430,000455,000 Accounts receivable65,000Inventory(780,000) (325,000) Equity investment$715,000 $130,000 Property, plant and equipment (PPE), net$1,950,000$ 650,000 Liabilities and stockholders' equity130,000 Accounts payable715,000(325,000)(65,000) Accrued liabilities$2,340,000 $715,000 Long-term liabilitiesCommon stockAPICRetained earningsParentSubsidiary$1,430,000$195,0001,950,000312,0003,120,000 650,0001,300,0005,200,000 1,300,000$13,000,000 $2,457,000$1,300,000 $221,0001,040,000 260,0003,900,000 910,000650,000 156,0003,770,000 195,0002,340,000 715,000$13,000,000 $2,457,000 At what amount will the following accounts appear in the consolidated financial statements?Note: Do not use negative signs with any answers.Accounta. Sales$b. Investment Income $c. Operating expenses $d. Inventories$$$$$$e. Equity investmentf. PPE, netg. Goodwillh. Common Stocki. Retained EarningsCheckAmount

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For accounting purposes, when one company (parent co.) acquires another company (subsidiary co.),…

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At what amount will the following accounts appear in the consolidated financial statements? Note: Do not use negative signs with any answers. Account Amount a. Sales $ b. Investment Income $ c. Operating expenses $ d. Inventories $ $ $ $ $ i. Retained Earnings $ e. Equity investment f. PPE, net g. Goodwill h. Common Stock

At what amount will the following accounts appear in the consolidated financial statements? Note: Do not use negative signs with any answers. Account Amount a. Sales $ b. Investment Income $ c. Operating expenses $ d. Inventories $ $ $ $ $ i. Retained Earnings $ e. Equity investment f. PPE, net g. Goodwill h. Common Stock

Financial Accounting Intro Concepts Meth/Uses

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ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter14: Intercorporate Investments In Common Stock

Section: Chapter Questions

Problem 28P

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Determining ending consolidated balances in the second year following the acquisition—Cost methodAssume a parent company acquired a subsidiary on January 1, 2015, for $2,236,000. The purchase price was $1,116,200 in excess of the subsidiary’s $1,119,800 book value of Stockholders’ Equity on the acquisition date. Of this excess purchase price, $652,000 was assigned to Property, plant and equipment with a remaining economic useful life of 10 years, and $464,200 was assigned to Goodwill. On the acquisition date, the subsidiary reported retained earnings equal to $847,550. The parent uses the cost method of pre-consolidation Equity investment bookkeeping. The financial statements of the parent and its subsidiary for the year ended December 31, 2016, are as follows:
i just need the answer PLZ Determining ending consolidated balances in the second year following the acquisition—Cost method Assume a parent company acquired a subsidiary on January 1, 2015, for $2,086,000. The purchase price was $966,200 in excess of the subsidiary’s $1,119,800 book value of Stockholders’ Equity on the acquisition date. Of this excess purchase price, $502,000 was assigned to Property, plant and equipment with a remaining economic useful life of 10 years, and $464,200 was assigned to Goodwill. On the acquisition date, the subsidiary reported retained earnings equal to $847,550. The parent uses the cost method of pre-consolidation Equity investment bookkeeping. The financial statements of the parent and its subsidiary for the year ended December 31, 2016, are as follows: Parent Subsidiary Parent Subsidiary Income statement Balance sheet Sales $8,318,750 $1,890,000 Assets Cost of goods sold (5,989,500) (1,089,000) Cash $1,567,280…
i just need the answer PLZ Determining ending consolidated balances in the second year following the acquisition—Cost method Assume a parent company acquired a subsidiary on January 1, 2015, for $2,086,000. The purchase price was $966,200 in excess of the subsidiary’s $1,119,800 book value of Stockholders’ Equity on the acquisition date. Of this excess purchase price, $502,000 was assigned to Property, plant and equipment with a remaining economic useful life of 10 years, and $464,200 was assigned to Goodwill. On the acquisition date, the subsidiary reported retained earnings equal to $847,550. The parent uses the cost method of pre-consolidation Equity investment bookkeeping. The financial statements of the parent and its subsidiary for the year ended December 31, 2016, are as follows: Parent Subsidiary Parent Subsidiary Income statement Balance sheet Sales $8,318,750 $1,890,000 Assets Cost of goods sold (5,989,500) (1,089,000) Cash $1,567,280…
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