Business, 16.03.2020 21:26, kaileasample8259
On January 1, 2018, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. This included a $20,000 control premium. Carper reported common stock on that date of $420,000 with retained earnings of $252,000. A building was undervalued in the company's financial records by $28,000. This building had a ten-year remaining life. Copyrights of $80,000 were to be recognized and amortized over 20 years. Carper earned income and paid cash dividends as follows: Net income Dividends paid
2013 105,000 54,600
2014 134,400 61,600
2015 154,000 84,000On December 31, 2015, Vacker owed $30,800 to Carper. There have been no changes in Carper's common stock account since the acquisition.
Required:
If the equity method had been applied by Vacker for this acquisition, what were the consolidation entries needed as of December 31, 2020?
Answers: 3
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On January 1, 2018, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. This included a $20,0...
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