Give all equity entries on pl es book

Assignment Help Accounting Basics
Reference no: EM131633433

Problem - If you wouldn't mind helping me with this one as well, I would greatly appreciate it!

Pie Company acquired 75 percent of Strawberry Company's stock at the underlying book value on January 1, 20X8. At that date, the fair value of the noncontrolling interest at acquisition was 112,500. During 20X8, Strawberry Company reported net income of $60,000 and paid dividends of $3,000. The following transactions occurred between Pie Company and Strawberry Company in 20X8:

Pie Co. sold land costing $90,000 to Strawberry Co. on June 28, 20X8, for $110,000.

Required:

1. Give all Equity Entries on Pl E's book for 20X8

2. Give all eliminating entries needed to prepare a consolidation worksheet for 20X8 assuming that Pie Co. uses the fully adjusted equity method to account for its investment in Strawberry Company.

Reference no: EM131633433

Questions Cloud

Important indicator of profitability : Net income is an important indicator of profitability. Public companies post their annual reports online. Locate an annual report.
Construction of an fi risk management model : Discuss the interrelationships among the different sources of FI risk exposure. Why would the construction of an FI risk management model to measure and manage.
Examine the institutional arrangements : Examine the institutional arrangements and the major steps in the development of European Union-level financial regulation.
Determine how cyber crime is expanding the development : Determine how cybercrime is expanding the development and use of global technology.
Give all equity entries on pl es book : Pie Company acquired 75 percent of Strawberry Company's stock at the underlying book value on January 1, 20X8. Give all Equity Entries on Pl E's book for 20X8
Metamorphosis of a caterpillar to a butterfly : How is the transformation of health insurance from what it was in the beginning to what it is today comparable with the metamorphosis of a caterpillar.
Business recommendations for southwest airlines : What would be the IT architecture and infrastructure of the following business recommendations for Southwest Airlines:
How will the different levels of government be involved : Explain which one is better and why. How will the different levels of government be involved (federal, state and local)?
Short-term and renew the loan or borrow long-term : He looks at the US Treasury yield curve and it is upward-sloping. Would it make sense for him to borrow short-term and renew the loan or borrow long-term?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd