3-12 - 12(Determine consolidated retained earnings when...

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Unformatted text preview: 12. (Determine consolidated retained earnings when parent uses various accounting methods. Determine Entry *C for each of these methods) a. CONSOLIDATED RETAINED EARNINGS ¡ EQUITY METHOD Herbert (parent) balance—1/1/09 ................................... $400,000 Herbert income—2009 .................................................... 40,000 Herbert dividends—2009 (subsidiary dividends are intercompany and, thus, eliminated) ....................... (10,000) Rambis income—2009 (not included in parent's income) 20,000 Amortization—2009 ........................................................ (12,000) Herbert income — 2010 .................................................... 50,000 Herbert dividends—2010................................................. (10,000) Rambis income—2010 .................................................... 30,000 Amortization—2010 ....................................................... (12,000 ) Consolidated Retained Earnings, 12/31/10.................... $496,000...
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This note was uploaded on 10/02/2009 for the course ACCT 401 taught by Professor Ross,m during the Spring '08 term at Western Kentucky University.

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3-12 - 12(Determine consolidated retained earnings when...

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