The document provides a consolidation worksheet for Prime Company and its 80% owned subsidiary Lane Company for the year of an intercompany transfer. It includes multiple entries to fully consolidate the financial statements including eliminating entries to remove unrealized profit, reconcile the investment account, and classify noncontrolling interest. The financial statements presented are the consolidated income statement, balance sheet, and retained earnings statement for Prime Company and subsidiary based on both the corrected and uncorrected numbers provided in the problem.
iCharge processes credit card information between sales transaction in SAP Business One and payment processor service that obtains authorization information needed to approve the transaction. iCharge seamlessly integrates with SAP Business One and exponentially enhances the normal credit card transaction feature available.
Discover How InterCompany Solution Enables Financial Data Consolidation, Inter Divisional Transactions, Sharing of Data & provides Business Insight for SAP Business One.
Growing organizations that control more than one legal business entity are sometimes faced with the challenge of how to share data between partner companies. The need for homogeneous and harmonized standardized processes that can create visibility across partner companies and operations is often a daunting task for companies. A greater concern is the need to improve control and collaboration across all partner companies. InterCompany helps address these needs and more.
The solution uses B1i technology which is the integration platform from SAP for the small and growing enterprises with SAP Business One as the enterprise system.
InterCompany's design allows it to be seamlessly deployed across multiple instances of SAP Business One which are geographically dispersed.
iCharge processes credit card information between sales transaction in SAP Business One and payment processor service that obtains authorization information needed to approve the transaction. iCharge seamlessly integrates with SAP Business One and exponentially enhances the normal credit card transaction feature available.
Discover How InterCompany Solution Enables Financial Data Consolidation, Inter Divisional Transactions, Sharing of Data & provides Business Insight for SAP Business One.
Growing organizations that control more than one legal business entity are sometimes faced with the challenge of how to share data between partner companies. The need for homogeneous and harmonized standardized processes that can create visibility across partner companies and operations is often a daunting task for companies. A greater concern is the need to improve control and collaboration across all partner companies. InterCompany helps address these needs and more.
The solution uses B1i technology which is the integration platform from SAP for the small and growing enterprises with SAP Business One as the enterprise system.
InterCompany's design allows it to be seamlessly deployed across multiple instances of SAP Business One which are geographically dispersed.
Buku ini membantu rekan akuntan untuk dapat membuat laporan arus kas dengan tepat. Penulis memahami kesulitan yang dialami rekan-rekan, pada buku ini penulis menunjukkan short cut nya. Selain memahami buku ini juga dilengkapi dengan 5 contoh soal dan jawaban terkait laporan arus kas.
Overcoming the Top 7 Intercompany Accounting Challenges in SAP ERP FinancialsSAPinsider Events
View this session from Financials 2015 in Las Vegas. Coming to Europe! www.Financials2015.com
Overcoming the Top 7 Intercompany Accounting Challenges in SAP ERP Financials by David Cohen, EY
This session will outline and provide resolutions for the seven most common intercompany accounting challenges that companies face within the areas of sale of products, charge of services, AP/AR reconciliation, profit elimination, assets transactions, and month-end closings. By attending you will receive:
- Practical examples on the most effective ways to use standard functionality of SAP ERP, SAP BusinessObjects BI, and SAP HANA to alleviate these issues
- Examples of overcoming difficulties in implementing asset transactions across borders, such as purchase and leasing
- Alternatives to performing inter-company profit elimination
- Lessons for configuring and running your month-end close
Putera Sampoerna Foundation VS Bill and Melinda Gates Foundation, Tugas Accou...Aryo Adiwoso
Bill and Melinda Gates foundation VS Putera Sampoer Foundation financial statement, a "tugas" of Accounting for Public Services, The University of Indonesia
Were Islamic Records Precursors to Accounting Books Based on The Italian MethodAryo Adiwoso
Sebuah Studi oleh Omar Abdullah Zaid, tentang pencatatan dan pelaporan akuntansi sebelum Luca Pacioli menemukan rumusan Double Entry Book Keeping.
Dipresentasikan oleh kelompok 1, Akuntansi Syariah,
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
1. P7-32 Consolidation Worksheet in Year of Intercompany Transfer
Note: In converting this problem from the modified to the fully adjusted equity method, we
failed to deduct the $8,000 deferred gain from the land sale in 2005 from the beginning
balance of the investment and retained earnings accounts. If you complete the problem
based on the numbers given in the trial balance in the text, the investment account will not
be fully eliminated. In order to correct this problem, please reduce the Investment in Lane
Company Stock and Retained Earnings of Prime Company by 8,000. Adjusted balances in
the trial balance:
Investment in Lane Company Stock = 191,600
Retained Earnings = 322,000
a. These calculations are based on the corrected numbers
Equity Method Entries on Prime Co.'s Books:
Investment in Lane Co. 40,000
Income from Lane Co. 40,000
Record Prime Co.'s 80% share of Lane Co.'s 20X6 income
Cash 4,000
Investment in Lane Co. 4,000
Record Prime Co.'s 80% share of Lane Co.'s 20X6 dividend
Income from Lane Co. 14,400
Investment in Lane Co. 14,400
Record amortization of excess acquisition price
Income from Lane Co. 20,000
Investment in Lane Co. 20,000
Defer unrealized gain on Equipment
Investment in Lane Co. 2,000
Income from Lane Co. 2,000
Reverse the deferred gain
Book Value Calculations:
NCI + Prime Co. = Common + Retained
20% 80% Stock Earnings
Original book value 39,000 156,000 100,000 95,000
+ Net Income 10,000 40,000 50,000
- Dividends (1,000) (4,000) (5,000)
Ending book value 48,000 192,000 100,000 140,000
2. Deferred Gain Calculations:
Prime
Co.'s
Total = share + NCI's share
Downstream Asset (20,000) (20,000)
Extra Depreciation 2,000 2,000 0
Total (18,000) (18,000) 0
P7-32 (continued)
Basic elimination entry
Common stock 100,000 ← Original amount invested (100%)
Retained earnings 95,000 ← Beginning balance in RE
Income from Lane Co. 22,000 ← Prime’s share of NI - Def. Gain
NCI in NI of Lane Co. 10,000 ← NCI share of Lane Co.'s NI
Dividends declared 5,000 ← 100% of Lane Co.'s dividends
Investment in Lane Co. 174,000 ← Prime's share of BV - Def. Gain
NCI in NA of Lane Co. 48,000 ← NCI share of BV of net assets
Excess Value (Differential) Calculations:
NCI
20% + Prime Co. 80% = Goodwill
Beginning balance 10,000 40,000 50,000
Changes (3,600) (14,400) (18,000)
Ending balance 6,400 25,600 32,000
Amortized excess value reclassification entry:
Goodwill impairment loss 18,000
Income from Lane Co. 14,400
NCI in NI of Lane Co. 3,600
Excess value (differential) reclassification entry:
Goodwill 32,000
Investment in Lane Co. 25,600
NCI in NA of Lane Co. 6,400
Eliminate intercompany accounts:
Accounts Payable 7,000
Cash and Accounts Receivable 7,000
3. Eliminate gain on purchase of land
Investment in Lane Co. 8,000
NCI in NI of Lane Co. 2,000
Land 10,000
Accumulated
Equipment Depreciation
Lane Co. 70,000 Actual 7,000
5,000 2,000 25,000
Prime Co. 75,000 "As If" 30,000
Eliminate the gain on Equipment and correct asset's basis:
Gain on sale 20,000
Equipment 5,000
Accumulated Depreciation 25,000
Accumulated Depreciation 2,000
Depreciation Expense 2,000
P7-32 (continued)
Investment in Income from
Lane Co. Lane Co.
Beginning Balance 188,000
80% Net Income 40,000 40,000 80% Net Income
4,000 80% Dividends
14,400 Excess Val. Amort. 14,400
Realize Def. Gain 2,000 20,000 Defer Equipment Gain 20,000 2,000 Realize Def. Gain
Ending Balance 191,600 7,600 Ending Balance
174,000 Basic 22,000
Land Adjustment 8,000 25,600 Excess Reclass. 14,400
0 0
4. b. This worksheet is based on the corrected numbers:
Elimination Entries
Prime Co. Lane Co. DR CR Consolidated
Income Statement
Sales 240,000 130,000 370,000
Gain on Sale of Equipment 20,000 20,000 0
Less: COGS (140,000) (60,000) (200,000)
Less: Depr.&Amort. Expense (25,000) (15,000) 2,000 (38,000)
Less: Other Expenses (15,000) (5,000) (20,000)
Less: Goodwill Impairment Loss 18,000 (18,000)
Income from Lane Co. 7,600 22,000 14,400 0
Consolidated Net Income 87,600 50,000 60,000 16,400 94,000
NCI in Net Income 10,000 3,600 (6,400)
Controlling Interest in NI 87,600 50,000 70,000 20,000 87,600
Statement of Retained Earnings
Beginning Balance 322,000 95,000 95,000 322,000
Net Income 87,600 50,000 70,000 20,000 87,600
Less: Dividends Declared (30,000) (5,000) 5,000 (30,000)
165,00
Ending Balance 379,600 140,000 0 25,000 379,600
Balance Sheet
Cash and Accounts Receivable 113,000 35,000 7,000 141,000
Inventory 260,000 90,000 350,000
Land 80,000 80,000 10,000 150,000
Buildings & Equipment 500,000 150,000 5,000 655,000
Less: Accumulated
Depreciation (205,000) (45,000) 2,000 25,000 (273,000)
174,00
Investment in Lane Co. 191,600 8,000 0 0
25,600
Goodwill 32,000 32,000
241,60
Total Assets 939,600 310,000 47,000 0 1,055,000
Accounts Payable 60,000 20,000 7,000 73,000
Bonds Payable 200,000 50,000 250,000
100,00
Common Stock 300,000 100,000 0 300,000
165,00
Retained Earnings 379,600 140,000 0 25,000 379,600
NCI in NA of Lane Co. 2,000 48,000 52,400
6,400
274,00
Total Liabilities & Equity 939,600 310,000 0 79,400 1,055,000
5. P7-32 (continued)
These financial statements are based on the corrected numbers:
c. Prime Company and Subsidiary
Consolidated Balance Sheet
December 31, 20X6
Cash and Receivables $ 141,000
Inventory 350,000
Land 150,000
Buildings and Equipment $655,000
Less: Accumulated Depreciation (273,000) 382,000
Goodwill 32,000
Total Assets $1,055,000
Accounts Payable $ 73,000
Bonds Payable 250,000
Stockholders’ Equity:
Controlling Interest:
Common Stock $300,000
Retained Earnings 379,600
Total Controlling Interest $679,600
Total Noncontrolling Interest 52,400
Total Stockholders’ Equity 732,000
Total Liabilities and Stockholders' Equity $1,055,000
6. Prime Company and Subsidiary
Consolidated Income Statement
Year Ended December 31, 20X6
Sales $ 370,000
Cost of Goods Sold $200,000
Depreciation and Amortization Expense 38,000
Goodwill Impairment Loss 18,000
Other Expenses 20,000
Total Expenses (276,000)
Consolidated Net Income $ 94,000
Income to Noncontrolling Interest (6,400)
Income to Controlling Interest $ 87,600
Prime Company and Subsidiary
Consolidated Retained Earnings Statement
Year Ended December 31, 20X6
Retained Earnings, January 1, 20X6 $ 322,000
Income to Controlling Interest, 20X6 87,600
$ 409,600
Dividends Declared, 20X6 (30,000)
Retained Earnings, December 31, 20X6 $ 379,600
7. P7-32 (continued)
b. This worksheet is based on the uncorrected numbers:
Prime Lane Elimination Entries
Co. Co. DR CR Consolidated
Income Statement
Sales 240,000 130,000 370,000
Gain on Sale of Equipment 20,000 20,000 0
(140,000
Less: COGS ) (60,000) (200,000)
Less: Depr.&Amort. Expense (25,000) (15,000) 2,000 (38,000)
Less: Other Expenses (15,000) (5,000) (20,000)
Less: Goodwill Impairment Loss 18,000 (18,000)
Income from Lane Co. 7,600 22,000 14,400 0
Consolidated Net Income 87,600 50,000 60,000 16,400 94,000
NCI in Net Income 10,000 3,600 (6,400)
Controlling Interest in NI 87,600 50,000 70,000 20,000 87,600
Statement of Retained Earnings
Beginning Balance 330,000 95,000 95,000 330,000
Net Income 87,600 50,000 70,000 20,000 87,600
Less: Dividends Declared (30,000) (5,000) 5,000 (30,000)
165,00
Ending Balance 387,600 140,000 0 25,000 387,600
Balance Sheet
Cash and Accounts Receivable 113,000 35,000 7,000 141,000
Inventory 260,000 90,000 350,000
Land 80,000 80,000 10,000 150,000
Buildings & Equipment 500,000 150,000 5,000 655,000
Less: Accumulated (205,000
Depreciation ) (45,000) 2,000 25,000 (273,000)
174,00
Investment in Lane Co. 199,600 8,000 0 8,000
25,600
Goodwill 32,000 32,000
241,60
Total Assets 947,600 310,000 47,000 0 1,063,000
Accounts Payable 60,000 20,000 7,000 73,000
Bonds Payable 200,000 50,000 250,000
100,00
Common Stock 300,000 100,000 0 300,000
165,00
Retained Earnings 387,600 140,000 0 25,000 387,600
NCI in NA of Lane Co. 2,000 48,000 52,400
6,400
274,00
Total Liabilities & Equity 947,600 310,000 0 79,400 1,063,000
8. P7-32 (continued)
These financial statements are based on the uncorrected numbers:
c. Prime Company and Subsidiary
Consolidated Balance Sheet
December 31, 20X6
Cash and Receivables $ 141,000
Inventory 350,000
Land 150,000
Buildings and Equipment $655,000
Less: Accumulated Depreciation (273,000) 382,000
Investment in Lane Co. 8,000
Goodwill 32,000
Total Assets $1,063,000
Accounts Payable $ 73,000
Bonds Payable 250,000
Stockholders’ Equity:
Controlling Interest:
Common Stock $300,000
Retained Earnings 387,600
Total Controlling Interest $687,600
Total Noncontrolling Interest 52,400
Total Stockholders’ Equity 740,000
Total Liabilities and Stockholders' Equity $1,063,000
9. Prime Company and Subsidiary
Consolidated Income Statement
Year Ended December 31, 20X6
Sales $ 370,000
Cost of Goods Sold $200,000
Depreciation and Amortization Expense 38,000
Goodwill Impairment Loss 18,000
Other Expenses 20,000
Total Expenses (276,000)
Consolidated Net Income $ 94,000
Income to Noncontrolling Interest (6,400)
Income to Controlling Interest $ 87,600
Prime Company and Subsidiary
Consolidated Retained Earnings Statement
Year Ended December 31, 20X6
Retained Earnings, January 1, 20X6 $ 330,000
Income to Controlling Interest, 20X6 87,600
$ 417,600
Dividends Declared, 20X6 (30,000)
Retained Earnings, December 31, 20X6 $ 387,600