January 1 2009 vacker co acquired 70 of carper inc by

Reference no: EM13588621

January 1, 2009, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. This included a $20,000 control premium. Carper reported common stock on that date of $420,000 with retained earnings of $252,000. A building was undervalued in the company's finacial records by $28,000. This building had a ten-year remaining life. Copyrights of $80,000 were to be recognized and amortized over 20 years.
Carper earned income and paid cash dividends as follows:
              Net Income      Dividends Paid
       2009      105,000        54,600
       2010      134,400        61,600
       2011      154,000        84,000

On December 31, 2011, Vacker owed $30,800 to Carper. There have been no changes in Carper's common stock account since the acquisition.If the equity method had been applied by Vacker for this acquisition, what are the consolidation entries needed as of December 31, 2011?

Reference no: EM13588621

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