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What were the consolidation entries needed as of december

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Reference no: EM132103791

Advanced Accounting Question -

On January 1, 2013, 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 financial 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

2013

105,000

54,600

2014

134,400

61,600

2015

154,000

84,000

On December 31, 2015, Vacker owed $30,800 to Carper. There have been no changes in Carper's common stock account since the acquisition.

Required: If the equity method had been applied by Vacker for this acquisition, what were the consolidation entries needed as of December 31, 2015?

Reference no: EM132103791

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