On January 1, 2014, P Company purchased 100% of the common stock ofAt that time, s'4.s Companyconsisted of the following:for $375,000.stockholders' equityCommon stock$110,000Other contributed capitalRetained earnings45,000160,000During 2014, s distributed a dividend in the amount of $60,000 andat year-end reported a $160,000 net income.cost and book value relates to subsidiary land.equity method to record its investment.Any difference betweenP Company uses theRequired:A. Prepare on P Company's books journal entriestorecordtheinvestment related activities for 2014.B. Prepare the workpaper eliminating entriesDecember 31, 2014.fora workpaper on

Journal entry A journal entry is a record of the business transactions within the accounting books…

Answered: stock $110,00C ontributed capital d…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 14RE

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Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.

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stock $110,00C ontributed capital d earnings 45,00C 160,00C 2014, s distributed a dividend -end reported a $160,000 net i d book value relates to subsid nethod to record its investment