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Problem - Equity method, second year, eliminations, income statement
The trial balances of Parker and Sargent companies for December 31, 2016, are presented as follows:
Parker
Sargent
Current Assets
102,000
115,000
Depreciable Fixed Assets
400,000
200,000
Accumulated Depreciation
(130,000)
(40,000)
Investment in Sargent Company
320,000
Current Liabilities
(80,000)
Common Stock ($ 10 par)
(300,000)
(100,000)
Retained Earnings, January 1, 2016
(260,000)
(170,000)
Sales
(200,000)
Expenses
160,000
85,000
Subsidiary Income
(12,000)
Dividends Declared
10,000
Totals
0
Parker Company continues to use the simple equity method.
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