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4-16 - E4-16 Basic Consolidation Workpaper for Second Year...

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E4-16 Basic Consolidation Workpaper for Second Year a. Equity method entries: Investment in Shaw Corporation Stock 35,000 Income from Subsidiary 35,000 To record income from sub Cash 15,000 Investment in Shaw Corporation Stock 15,000 To record dividends declared and paid by sub a. Eliminating entries: E(1) Income from Subsidiary 35,000 Dividends Declared 15,000 Investment in Shaw Corporation Stock 20,000 Eliminate income from subsidiary. E(2) Common Stock — Shaw Corporation 100,000 Retained Earnings, January 1 70,000 Investment in Shaw Corporation Stock 170,000 Eliminate beginning investment balance.
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E4-16 (continued) b. Blake Corporation and Shaw Corporation Consolidation Workpaper December 31, 20X4 Blake Shaw Eliminations Consol- Item Corp. Corp. Debit Credit idated Sales 230,000 140,000 370,000 Income from Subsidiary 35,000 (1) 35,000 Credits 265,000 140,000 370,000 Depreciation Expense 25,000 15,000 40,000 Other Expenses 150,000
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