Reference no: EM132579413
Question - On January 1, 2015, Pioneer Company bought 80% of Shipley Company's general shares for $ 600,000. At that time, Shipley's shareholders' equity consisted of the following:
Common stock $220,000
Other contributed capital 90,000
Retained earnings 320,000
During 2015, Shipley distributed dividends in the amount of $ 120,000 and at the end of the year reported net income of $ 320,000. Any difference between implied value and book value is allocated to the subsidiary's goodwill. Pioneer Company uses the equity method to record its investments. No impairment of goodwill was observed in the first year.
1. A journal for Pioneer Company to record investment-related activities for 2015.
2. Working paper for the elimination journal on December 31, 2015.
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