5-14 and 15 - E5-14 and 15 Consolidation Workpaper for...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
E5-14 and 15 Consolidation Workpaper for Majority-Owned Subsidiary – no differential Actual entries for 2003: Investment in S 24,000 Income from S 24,000 NI: $30,000 x 80% = $24,000 Cash 8,000 Investment in S 8,000 Dividends a. Eliminating entries: E(1) Income from Subsidiary 24,000 Dividends Declared 8,000 Investment in Stergis Company Stock 16,000 Eliminate income from subsidiary. E(2) Income to Noncontrolling Interest 6,000 Dividends Declared 2,000 Noncontrolling Interest 4,000 Assign income to noncontrolling interest. E(3) Common Stock — Stergis Company 100,000 Retained Earnings, January 1 50,000 Investment in Stergis Company Stock 120,000 Noncontrolling Interest 30,000 Eliminate beginning investment balance.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
E5-14 and 15 page 2 b. Proud Corporation and Stergis Company Consolidation Workpaper December 31, 20X3 Proud Stergis Eliminations Consol- Item Corp. Co. Debit Credit idated Sales 200,000 120,000 320,000 Income from Subsidiary 24,000 (1) 24,000 Credits 224,000 120,000 320,000 Depreciation Expense 25,000 15,000 40,000 Other Expenses 105,000 75,000 180,000 Debits (130,000) (90,000) (220,000 ) 100,000 Income to Noncon- trolling Interest (2) 6,000 (6,000 ) Net Income, carry forward 94,000 30,000 30,000 94,000 Ret. Earnings, Jan. 1 230,000 50,000 (3) 50,000 230,000 Net Income, from above 94,000
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 5

5-14 and 15 - E5-14 and 15 Consolidation Workpaper for...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online