week 6 b and c - Journal Entries- Crain Mechanics M arch...

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Unformatted text preview: Journal Entries- Crain Mechanics M arch 31, 2 005 Investment in Downey Enterprises 3,645,00 0 Cash 3,645,000 To rec ord .75 acquision o f Downey Enterprsies December 3 1, 20 05 Investment in Downey Enterprises 476 ,2 50 Investment Incom e 476 ,25 0 To rec ord Crain's share of Downey Enterprises reported 20 05 incom e [(.75 )*(635 ,00 0)= 4 76,250 ] Cash 75 ,00 0 Investment in Downey Enterprises 75 ,00 0 To rec ord Crain's share of divide nds decleared by Downey Enterprises in 200 5 [(.75 )*(100 ,00 0)= 7 5,000] December 3 1, 20 05 Investment Incom e 264 ,3 75 Investment in Downey Enterprises 264 ,37 5 To rec ognize the net amortization of purchase differentials against Do wney Enterprise net income (Inventory 39 ,3 75 +P lant and Equipm ent 225,000= 2 64,375 ). Section B - Consolidating Entries B - Prepare the worksheet entries to consolidate Crain and Downey at 12/31/05 Date Account descriptions Debit Credit Elimination #1a Common stock #REF!...
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This note was uploaded on 12/15/2011 for the course ACC ACC taught by Professor Mari during the Fall '10 term at University of Phoenix.

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week 6 b and c - Journal Entries- Crain Mechanics M arch...

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