Operating expenses 100000 60000 income of keller

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Operating expenses 100,000 60,000 Income of Keller Company (84,000) - Net income $(284,000) $(140,000) Retained earnings, 1/1/10 (1,116,000) (620,000) Net income (284,000) (140,000) Dividends paid 115,000 60,000 Retained earnings, 12/31/10 $(1,285,000) $(700,000) Cash $177,000 $90,000 Accounts receivable 356,000 410,000 Inventory 440,000 320,000 Investment in Keller Company 726,000 - Land 180,000 390,000 Buildings and equipment (net) 496,000 300,000 Total assets $2,375,000 $1,510,000 Liabilities $(480,000) $(400,000) Common stock (610,000) (320,000) Additional paid-in capital - (90,000)
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Retained earnings, 12/31/10 (1,285,000) (700,000) Total liabilities and equities $(2,375,000) $(1,510,000)
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Student Name: Class: Problem 05-35 Part A. Annual Life in Excess years Amort. Consideration transferred $570,000 Noncontrolling interest fair value 380,000 Subsidiary fair value at acquisition-date $950,000 Correct! Book value 850,000 Fair value in excess of book value $100,000 Correct! Excess fair value assignment to customer list 100,000 20 $5,000 Correct! Consolidation entries: Entry *TL Gane on sale of land 40,000 Correct! Land 40,000 Correct! Entry *G R/E 10,000 Correct! COGS 10,000 Correct! Deferred gain Entry *C R/E 9,000 Correct! Investment in Keller 9,000 Correct! Entry S Common Stock 320,000 Correct! APIC 90,000 Correct! Retained Earnings 1/1/10 610,000 Correct! Investment in Keller 612,000 Correct! Noncontrolling interest in Keller 408,000 Correct! Entry A Customer List 95,000 Correct!
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  • Spring '10
  • George
  • Balance Sheet, Generally Accepted Accounting Principles

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