Class Ch 3 (P3-27 worksheet)

Class Ch 3 (P3-27 worksheet) - Current assets 190,000...

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Peterson Santiago Consolidation Entries Consolidated Income Statement Revenues (535,000) (495,000) (1,030,000) Cost of goods sold 170,000 155,000 325,000 Gain on bargain purchase (100,000) 0 (100,000) Depreciation and amortization 125,000 140,000 40,000 E 305,000 Equity earnings in Santiago (160,000) 0 160,000 I 0 Net income (500,000) (200,000) (500,000) Statement of Retained Earnings Retained earnings, 1/1 (1,500,000) (650,000) 650,000 S (1,500,000) Net income (above) (500,000) (200,000) (500,000) Dividends paid 200,000 50,000 D 50,000 200,000 Retained earnings, 12/31 (1,800,000) (800,000) (1,800,000) Balance Sheet
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Unformatted text preview: Current assets 190,000 300,000 490,000 Investment in Santiago 1,300,000 0 50,000 D I 160,000 0 S 950,000 A 240,000 Trademarks 100,000 200,000 300,000 Patented technology 300,000 400,000 240,000 A E 40,000 900,000 Equipment 610,000 300,000 910,000 Total assets 2,500,000 1,200,000 2,600,000 Liabilities (165,000) (100,000) (265,000) Common stock (535,000) (300,000) 300,000 S (535,000) Retained earnings, 12/31 (above) (1,800,000) (800,000) (1,800,000) Total liabilities and equity (2,500,000) (1,200,000) 1,440,000 1,440,000 (2,600,000)...
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