Feedback eliminating entry o is as follows operating

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FeedbackEliminating entry (O) is as follows: Operating expenses2,100,000Buildings and equipment 400,000Goodwill500,000Identifiable intangibles2,000,000 Correct Marks for this submission: 1.00/1.00.
Question 3CorrectMark 1.00 out of 1.00Flag questionEdit questionQuestion textOn January 1, 2017, Portland Company acquired all of Salem Company’s voting stock for $16,000,000 in cash. Some of Salem’s assets and liabilities at the date of purchase had fair values that differed from reported values, as follows:Book valueFair valueBuildings and equipment, net (20 years, straight-line) $11,000,000 $ 3,000,000Identifiable intangibles (5 years, straight-line)010,000,000Salem’s total shareholders’ equity at January 1, 2017, was $4,000,000. It is now December 31, 2020 (fouryears later). Salem’s retained earnings reflect the accumulation of net income less dividends; there have been no other changes in its retained earnings. Salem does not report any other comprehensive income.Cumulative goodwill impairment to the beginning of 2020 is $2,000,000. Goodwill impairment for 2020 is $500,000. Portland uses the complete equity method to account for its investment. The December 31, 2020, trial balance for Salem appears below.Salem Dr (Cr)Current assets$2,500,000Plant assets, net28,000,000Liabilities(10,000,000)Capital stock(2,000,000)Retained earnings, January 1 (16,000,000)Sales revenue(14,000,000)0qaid=17350392&q03
Salem Dr (Cr)Cost of goods sold8,000,000Operating expenses3,500,000$ 0What is 2020 equity in net income of Salem, reported on Portland’s books using the complete equity method? Mark 1.00 out of 1.00 Correct Marks for this submission: 1.00/1.00. Question 4 Correct Mark 1.00 out of 1.00
Flag question Edit question Question textOn January 1, 2017, Portland Company acquired all of Salem Company’s voting stock for $16,000,000 in cash. Some of Salem’s assets and liabilities at the date of purchase had fair values that differed from reported values, as follows:Book valueFair valueBuildings and equipment, net (20 years, straight-line) $11,000,000 $ 3,000,000Identifiable intangibles (5 years, straight-line)010,000,000Salem’s total shareholders’ equity at January 1, 2017, was $4,000,000. It is now December 31, 2020 (fouryears later). Salem’s retained earnings reflect the accumulation of net income less dividends; there have been no other changes in its retained earnings. Salem does not report any other comprehensive income.Cumulative goodwill impairment to the beginning of 2020 is $2,000,000. Goodwill impairment for 2020 is $500,000. Portland uses the complete equity method to account for its investment. The December 31, 2020, trial balance for Salem appears below.Salem Dr (Cr)Current assets$2,500,000Plant assets, net28,000,000Liabilities(10,000,000)Capital stock(2,000,000)Retained earnings, January 1 (16,000,000)Sales revenue(14,000,000)Cost of goods sold8,000,000Operating expense3,500,000$ 03 0 qaid=17350393&q 0

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