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Mila [183]
3 years ago
13

Trim Corporation acquired 100 percent of Round Corporation’s voting common stock on January 1, 20X2, for $400,000. At that date,

the book values and fair values of Round’s assets and liabilities were equal. Round reported the following summarized balance sheet data:
Business
1 answer:
Ann [662]3 years ago
3 0

Answer:

This question incomplete,find the complete question below:

Trim Corporation acquired 100 percent of Round Corporation’s voting common stock on January 1, 20X2, for $405,000. At that date, the book values and fair values of Round’s assets and liabilities were equal. Round reported the following summarized balance sheet data:

 

 Assets $ 715,000    Accounts Payable $ 102,000  

 Bonds Payable  208,000  

 Common Stock  120,000  

 Retained Earnings  285,000  

 Total $ 715,000    Total $ 715,000  

Round reported net income of $89,000 for 20X2 and paid dividends of $30,000.

Give the consolidation entries needed at December 31, 20X2, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Explanation:

I have prepared necessary journals with which consolidation accounts can be prepared.

Find in the necessary journals in the attached excel document.

Download xlsx
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Flounder Corporation owns machinery that cost $26,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate o
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Answer:

A. Dr Depreciation Expense $2,123

Cr Accumulated Depreciation $2,123

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Explanation:

Preparation of the journal entries to (a) update depreciation for 2021 and (b) record the sale.

A. Preparation of the journal entries to (a) update depreciation for 2021

Dr Depreciation Expense $2,123

Cr Accumulated Depreciation $2,123

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Dr Cash $13,860

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Cr Machiner$26,400

Cr Gain on Disposal of Machinery$671

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