On January 1, 20X1, Maroon Company paid $710,000 to acquire all of Gold Company's common stock. The $166,000 excess paid above Gold's book value was attributed to a building with a 20-year life whose book value was $103,000 below its market value and to unrecorded in process R & D whose market value was $63,000 with a 6-year life. As of December 31, 20X3, Gold reported its year-end values as follows: Revenues $200,000 Expenses $160,000 Dividends declared $ 10,000 Part 1 For the year ended 20X3: A. Determine the year-end value of Maroon's Equity Income account. B. Determine the year-end consolidated value of in process R&D. C. Determine the 20x3 consolidation adjustment (entry A) for the building. Part 2 In preparation for the consolidated financial statements, prepare worksheet entries: D A E. I F. E G. P

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.

Blanchard and peale am i in compliance with the law? what contribution does this choice of action make to the company, the shareholders, the community, and others? what are the short- and long-term consequences of this decision? 1. make sure you have a grasp of all of the facts available. 2. list any information you would like to have but don't and what assumptions you would have to make, if any, in resolving the dilemma. 3. take each person involved in the dilemma and list the concerns they face or might have. 4. develop a list of resolutions for the problem. 5. evaluate the resolutions for costs, legalities, and impact. 6. make a recommendation on the actions that should be taken. "contemplating any business act, an employee should ask himself whether he would be willing to see it immediately described by an informed and critical reporter on the front page of his local paper, there to be read by his spouse, children, and friends." is it legal? is it balanced? how does it make me feel?

"by three methods we may learn wisdom: first, by reflection which is noblest, second, by imitation, which is easiest, third, by experience, which is bitterest."