Reference no: EM132678532
Problem 1: Under the direct method, what values should be entered for the assets, liabilities, and shareholders' equity to start the consolidation process?
Option A. Carrying values for both the parent and the subsidiary companies
Option B. Fair values for the parent company and carrying values for the subsidiary company
Option C. Carrying values for the parent company and fair values for the subsidiary company
Option D. Fair values for both the parent and the subsidiary companies
Problem 2: On January 1, 20X3, DDD Ltd. formed CCC Co., a 100% owned subsidiary. During 20X6, DDD sold CCC $100,000 in goods. The unrealized profit in CCC's inventories was $20,000 at December 31, 20X5, and $25,000 at December 31, 20X6. Ignoring income taxes, what accounts should DDD debit and credit below by $25,000 in preparing its consolidated financial statements for the year ended December 31, 20X6, to reflect the unrealized profit in CCC's ending inventory?
Option A. DR Retained earnings $$
CR Cost of sales $$
Option B. DR Cost of sales $$
CR Retained earnings $$
Option C. DR Cost of sales $$
CD Inventory $$
Option D. DR Inventory $$
CR Cost of Sales $$
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