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EQUITY ACCOUNTING
CONSOLIDATION
CONSOLIDATION SUBSEQUENT
MINORITY INTERESTS
INTRA ENTITY TRANSACTIONS
100
LESS THAN 20% OWNED
What is WHEN IS FAIR VALUE ACCOUNTING USED FOR INVESTMENTS
100
EXCESS PAID FOR AN INVESTMENT IS ALLOCATED TO ASSETS AND LIABILITIES
What is THE ACQUISITION METHOD FOR PURCHASES
100
INVESTMENT 15,000 EQUITY INCOME 15,000
What is THE ENTRY TO RECORD AMORTIZATION FROM THE PURCHASE PRICE UNDER EQUITY ACCOUNTING
100
N-C-I
What is THE EQUITY ALLOCATED TO THE NON CONTROLLING SHAREHOLDERS
100
LAND 10,000 R.E 10,000
What is THE ENTRY RESTORE THE BALANCE IN THE LAND ACCOUNT TO ITS ORIGINAL BALANCE
200
CONTROL IS EXHIBITED
What is CRITERIA FOR CONSOLIDATION
200
COST SAVINGS THROUGH ELIMINATION OF DUPLICATE ACTIVITIES
What is THE REASON TO COMBINE COMPANIES
200
EQUIPMENT 50,000 / 10 YEARS
What is THE COMPUTATION OF AMORTIZATION RELATED TO FAIR VALUE ADJUSTMENT
200
N. I. 100,000 - 15,000 85,000 X 20%
What is WHAT IS THE COMPUTATION OF CONSOLIDATED INCOME ALLOCATED TO NON CONTROLLING INTEREST
200
SALES 100,000 C-O-S 100,000
What is THE ENTRY TO ELIMINATE INTRA ENTITY SALES
300
(DR) CASH 10,000 (CR) INVESTMENT 10,000
What is WHAT IS ENTRY TO RECORD DIVIDENDS RECEIVED
300
COMPANY DISSOLVES AND GOES OUT OF BUSINESS
What is A STATUTORY MERGER THROUGH ASSET ACQUISITION
300
BUILDING P 400,000 BUILDING S 200,000 150,000 - 15,000 735,000
What is WHAT IS THE BALANCE FOR BUILDINGS ON THE CONSOLIDATED BALANCE SHEET
300
SUB EQUITY 500,000 INVESTMENT 400,000 N-C-I X X X
What is $100,000 IS THE AMOUNT OF BEGINNING EQUITY ALLOCATED TO THE NON CONTROLLING INTEREST
300
LAND 11,000 RET EARNINGS 22,000 GAIN 11,000
What is THE ENTRY TO REFLECT PARTIAL SALE OF DEFERRED PROFITS ASSOCIATED WITH LAND IN SUBSEQUENT YEAR
400
(DR) INVESTMENT 25,000 (CR) EQUITY INCOME 25,000
What is THE ENTRY TO RECORD EQUITY INCOME
400
EQUIPMENT 1,000 INTANGIBLE 5,000 INVESTMENT 6,000
What is THE ENTRY TO RECORD FAIR VALUE ADJUSTMENT IN CONSOLIDATION PROCESS
400
DIV PAID INVESTMENT
What is THE ENTRY TO ELIMINATE DIVIDENDS PAID BY THE SUB IN CONSOLIDATION
400
EQUIPMENT 10,000 BUILDING 50,000 AMORTIZATION 60,000
What is THE CONSOLIDATION ENTRY TO RECORD AMORTIZATION OF THE FAIR VALUE ADJUSTMENT OF THE SUB'S ASSETS
400
C-O-S 25,000 INVENTORY 25,000
What is WHAT IS THE ENTRY TO DEFER GROSS PROFIT IN INVENTORY IN CONSOLIDATED FINANCIAL STATEMENTS
500
CO A SALES 1,000 TO CO B COS 400 CO B HAS 400 LEFT X .7
What is THE GROSS PROFIT DEFERRED IN THIS TRANSACTION $168
500
10,000 - EQUIPMENT 1,000 - INTANGIBLE 5,000 6,000
What is THE GOODWILL ASSOCIATED WITH THE PURCHASE
500
S A I D E
What is THE 5 BASIC CONSOLIDATION ENTRIES
500
BEG EQUITY 200,000 FAIR VAL ADJ 150,000 INC 75,000 DIV 15,000
What is THE DATA REQUIRED FOR THE COMPUTATION OF THE NON CONTROLLING INTEREST AT THE BALANCE SHEET DATE
500
EQUIP 15,000 RET EARNINGS 30,000 ACC DEPREC 13,000 DEPREC EXP 2,000
What is THE ENTRY TO ADJUST EQUIPMENT TO ORIGINAL STATUS AT CONSOLIDATION