ark Company acquires an 85% interest in Sunland Company on January 2, 2015. The resulting difference between book value and the value implied by the purchase price in the amount of $113,400 is entirely attributable to equipment with an original life of 15 years and a remaining useful life, on January 2, 2015, of 10 years. Prepare the December 31 consolidated financial statements workpaper entries for 2015 and 2016 to allocate and depreciate the difference between book value and the value implied by the purchase price, recording accumulated depreciation as a separate balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2015 2016 Click if you would like to Show Work for this question:

Financial information at 30 June 2020 of Great Ltd and its subsidiary company, Wall Ltd, is shown below. At 1 July 2017, the date Great Ltd acquired its 80% shareholding in Wall Ltd, all the identifiable assets and liabilities of Wall Ltd were at fair value except for the following assets:     Carrying amount   Fair value Plant (cost $75,000)   $49,000   $55,000 Land   29,000   37,000 The plant has an expected life of 10 years, with benefits being received evenly over that period. Differences between carrying amounts and fair values are adjusted on consolidation. The land on hand at 1 July 2017 was sold on 1 February 2018 for $40,000. Any valuation reserve in relation to the land is transferred on consolidation to retained earnings. Great Ltd uses the full goodwill method. The fair value of the non-controlling interest at 1 July 2017 was $31,500.     Great Ltd   Wall Ltd Sales revenue   $ 316,000     $ 220,000…

The AAP asset relating to undervalued PPE with a 15-year useful life has been depreciated as part of the parent’s equity method accounting. The financial statements of the parent and its subsidiary for the year ended December 31, 2016, are as follows:     Parent Subsidiary     Parent Subsidiary Income statement:       Balance sheet:     Sales $6,875,000 $1,500,000   Assets     Cost of goods sold (4,950,000) (900,000)   Cash $1,295,313 $386,500 Gross profit 1,925,000 600,000   Accounts receivable 1,760,000 348,000 Equity income 186,000     Inventory 2,667,500 447,000 Operating expenses (1,031,250) (390,000)   Equity investment 1,875,500   Net income $1,079,750 $210,000   Property, plant and equipment (PPE), net 14,206,500 827,000           $21,804,813 $2,008,500 Statement of retained earnings:             BOY retained earnings $4,639,750 $775,000   Liabilities and stockholders’ equity     Net income 1,079,750 210,000   Accounts payable $1,006,500 $143,000…

In January 1, 2011, Cullmon Company acquired an 80% interest in Toner Company for a purchase price that was $550,000 over the book value of Toner’s Stockholders’ Equity on the acquisition date. The Cullmon allocated the excess to the following [A] assets: [A] Asset Initial Fair Value Useful Life (years) Patent 300,000 10 Goodwill 250,000 Indefinite   $550,000   Toner sells inventory to the Cullmon (upstream) which includes that inventory in products that it (Cullmon), ultimately, sells to customers outside of the controlled group. You have compiled the following data as of 2016 and 2017:   2016 2017 Transfer price for inventory sale $ 671,000 $ 733,000 Cost of goods sold (615,000)              (653,000) Gross profit $   56,000 $   80,000 % inventory remaining         25%         35% Gross profit deferred $   14,000 $   28,000       EOY Receivable/Payable $   90,000 $ 100,000 The inventory not…