week 5 individual - E5-12 A) Eliminating Entries, January...

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Unformatted text preview: E5-12 A) Eliminating Entries, January 1, 20X2 Common stock- Lowe Corporation Retained Earnings, January 1 Differential Investment in Lowe Corporation Stock NonControlling Interest Eliminate investment balance Building and Equipment Goodwill Differential B) Income from subsidiary Investment in Lowe Corporation Stock Eliminate income from subsidiary 120,000 80,000 30000 190000 40,000 25600 4400 30000 28,800 28800 Power Corporation and Best Company Consolidated Workpaper December 31, 20X8 Power Best Corp. Company 260,000 180,000 16,500 0 276,500 180,000 125,000 110,000 42,000 27,000 25,000 10,000 12,000 4,000 13,500 5,000 0 0 217,500 156,000 Eliminations Debit Credit Item Sales Income from Subsidiary Credits Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Amortization Expense Debits Income to Noncontrolling Interest Net Income, carry forward Retained Earnings Jan. 1 Net Income, from above Dividends Declared Retained Earning, Dec. 31 carry forward Cash Accounts Receivable Inventory land Buildings and Equipment Investment in Best Company Stock Differential Goodwill Debits Accumulated Depreciation Accounts Payable Wages payable Notes Payable Common Stock Power Corporation Best Company Retained Earnings from above 0 59,000 102,000 59,000 161,000 (30000) 0 131,000 47,500 70,000 90,000 30,000 350,000 100,500 0 24,000 40,000 24,000 64,000 (16000) Err:522 48,000 21,000 12,000 25,000 15,000 150,000 0 688,000 145,000 45,000 17,000 150,000 200,000 0 223,000 40,000 16,000 9,000 50,000 60,000 131,000 48,000 Noncontrolling Interest Credits 0 688,000 0 223,000 Consolidated 440,000 16,500 456,500 235,000 69,000 35,000 16,000 18,500 0 373,500 83,000 0 83,000 142,000 83,000 225,000 (46000) 179,000 68,500 82,000 115,000 45,000 500,000 100,500 0 0 911,000 185,000 61,000 26,000 200,000 200,000 60,000 179,000 0 911,000 ...
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week 5 individual - E5-12 A) Eliminating Entries, January...

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