5 b. Prepare a December 31, 2018, consolidated worksheet for Brooks and Chandler

Question

5 b. Prepare a December 31, 2018, consolidated worksheet for Brooks and Chandler Complete this question by entering your answers in the tabs below 10 points RequiredA RequiredB Prepare a December 31, 2018, consolidated worksheet for Brooks and Chandler. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) eBook BROOKS AND CHANDLER Consolidation Worksheet For Year Ending December 31, 2018 Print References Consolidation Entries Consolidated Totals Accounts Brooks Chandler Debit Credit Income Statement Revenues Cost of goods sold Gain on bargain purchase Depreciation and amortization Equity earnings in Chandler S (775,500) (561,000) 188,000 220,000 (152,000) 138,000 (148,000) 168,000 Net income $ (717,500) (205,000) Statement of Retained Earnings Retained earnings, 1/1 Net income Dividends declared (1,820,000)(645,000) (717,500) (205,000) 30,000 (2,287,500)(820,000) 250,000 Retained earnings, 12/31 Balance Sheet Current assets Investment in Chandler Trademarks Patented technology Equipment S 490,500 50,000 223,000 493,000 372,000 S 3,014,500 S1,238,000 1,405,000 123,000 306,000 690,000 Total assets Liabilities Common stock Retained earnings, 12/3 S (192,000) (118,000) (535,000) (300,000) (2,287,500)(820,000) Total liabilities and equity Required A Required B

Explanation / Answer

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.

Part B:

Part-a Gain on Bargain Purchase: Consideration Transferred $1,135,000 Chandler Book Value $945,000 Technology Undervalue $342,000 Acquisition Date Fair Value $1,287,000 Gain on Bargain Purchase -$152,000 Equity Earning in Chandler: Chandler net Income -$205,000 Technology Amortization $57,000 Equity earning in Chandler -$148,000 Investment in Chandler: Fair value of net asset at acquisition Date $1,287,000 Equity earning in Chandler $148,000 Dividend Declared -$30,000 Investment in Chandler $1,405,000

Related Questions

Navigate

• Browse (All)
• Browse 5
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.