Chap003_Class

Chap003_Class - Student Helpers each class: 2 students help...

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± Student Helpers ² each class: 2 students help with recording class participation ² reward: 3 bonus points ± Participation ² 1 point for answering a question or ask a pg q meaningful course-related question ² 2 bonus points for doing in-class problems on 1 the white board
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Recall: Summary of Cost Method 2
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l l S f E i t M t h d Recall: Summary of Equity Method 3
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4
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Sun Company purchased 40 percent of Bay Company's common stock on January 1, 2002, at underlying book value of $1,400,000. The separate perating income of Sun Company the net income of Bay Company and the operating income of Sun Company, the net income of Bay Company, and the dividends for both companies for the first 3 years of ownership are listed below: Sun Company Bay Company ar erating Income vidends t Income vidends Year Operating Income Dividends Net Income Dividends 2002 $1,000,000 $ 80,000 $140,000 $ 40,000 03 400 000 60 000 00 000 20 000 2003 1,400,000 160,000 200,000 220,000 2004 2,000,000 260,000 100,000 200,000 Present all journal entries Sun would record with respect to its investment in Bay for the first 3 years of ownership if Sun accounts for its investment using ) the cost method 2) the equity method 5 1) the cost method. 2) the equity method.
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Chapter 3 Introduction to Consolidated Statements ± Overview of Consolidation ± Items to be Eliminated 6
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Chap003_Class - Student Helpers each class: 2 students help...

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