5 - Copy (3) - 1/1/x7 80% Total GW FMV B&E 100%...

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1/1/x7 1/1/x 80% 100% 80% Total $216,250 $173,000 GW $25,000 $20,000 FMV $191,250 $153,000 $41,250 $33,000 Investment $150,000 $120,000 Investment $173,000 $48,000 $202,000 $3,000 Amort. Sub. Inc. $16,000 Sub. Divid. P’s Independent NI S’s Independent NI S’s adjusted Independent NI Less 100% amortization of PPD Totals $100,000 $100,000 60,000 60,000 48,000 $12,000 -3,750 -3,000 -750 Investment in Granite Company Stock $156,250 $145,000 $11,250 Cash Cash $20,000 x .80 173,000 Investment in Granite Company Stock 173,000 BV Investment in Granite Company Stock
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16,000 Income from Subsidiary 16,000 48,000 Income from Subsidiary 48,000 Dividends Declared 3,000 3,000 Income to Noncontrolling Interest Dividends Declared 45,000 Noncontrolling Interest 16,000 Common Stock — Granite Company 29,000 Retained Earnings, January 1 11,250 Differential 4,000 7,250 Noncontrolling Interest 50,000 Goodwill 100,000 Buildings and Equipment 66,250 Differential 173,000 Depreciation Expense 43,250 Accumulated Depreciation 25,000 Accounts Payable 41,250 Accounts Receivable 66,250 3,750 3,750 Consolidation Workpaper 16,000 December 31, 20X7 16,000 Sales Income from Subsidiary Credits Mortar Granite Eliminations Cost of Goods Sold Depreciation Expense Other Expenses (1) 45,000 Debits Consolidated Net Income Income to Noncon- (5) 3,750 trolling Interest Income, carry forward -600,000 -340,000 Ret. Earnings, Jan. 1 Income, from above (2) 11,250 Investment in Granite Company Stock Investment in Granite Company Stock Investment in Granite Company Mortar Corporation and Granite Company Item Corp. Co. Debit Credit 700,000 400,000 45,000
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5 - Copy (3) - 1/1/x7 80% Total GW FMV B&E 100%...

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