What is the consolidated net income at december

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Reference no: EM132702164

Question 1: What is the ending balance of the Income from Sub account at December 31, 2020, before the consolidation? Reconcile by showing the changes to the account.

Question 2: Task 2: Prepare all consolidation entries needed to prepare a full set of consolidated financial statements for 2020.

Question 3: Task 3: In a few sentences, explain why we have to assign the remaining differential to the asset accounts such as goodwill, inventory, and building and equipment. (Refer to the last set of journal entry in Task 5.) Conceptually, what purpose does it serve?

Question 4: Task 4: What is the ending balance of Sub's retained earnings at December 31, 2020?

Question 5: Task 5: What is the consolidated net income at December 31, 2020? (Hint: review one of those consolidation worksheets for illustration.)

Question 6: Task 6: What is the consolidated retained earnings? (Hint: review one of those consolidation worksheets for illustration.)

Reference no: EM132702164

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