Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completio Peel Corporation purchased 60 percent of Split Products Company's shares on December 31, 20X7, for $216,000. At that date, the fair value of the noncontrolling interest was $144,000. On January 1, 20X9, Peel purchased an additional 20 percent of Split's common stock for $100,000. Summarized balance sheets for Split on the dates Indicated are as follows: 20X7 Assets Cash Accounts Receivable Inventory Buildings & Equipment (net) $ 44,000 57,000 78,000 350,000 Total Assets Accounts Payable Bonds Payable $ 529,000 Liabilities & Equities Common Stock Retained Earnings Total Liabilities & Equities December 31 20X8 20X9 $ 64,000 105,000 155,000 205,000 $ 74,000 97,000 108,000 330,000 $ 609,000 $ 114,000 105,000 155,000 235,000 $ 94,000 127,000 168,000 310,000 $ 699,000 $ 154,000 105,000 155,000 285,000 $ 529,000 S 609 000 $ 699,000 Split paid dividends of $21,000 in each of the three years. Peel uses the equity method in accounting for its investment in Split and amortizes all differentials over 10 years against the related investment income. All differentials are assigned to patents in the consolidated financial statements. Required: a. Compute the balance in Peel's Investment in Split Products Company Stock account on December 31, 20x8. b. Compute the balance in Peel's Investment in Split Products Company Stock account on December 31, 20X9. c. Prepare the consolidation entries needed as of December 31, 20X9, to complete a worksheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the balance in Peel's Investment in Split Products Company Stock account on December 31, 20x9. Balance in investment account $ 361,000

On January 2, Koo Company purchased a 25 percent interest in Poo Company for $240,000. On this date, the book value of Poo’s stockholders’ equity was $400,000. The carrying amounts of Poo’s identifiable net assets approximated fair values, except for land, whose fair value exceeded its carrying amount by $150,000. Poo reported net income of $100,000 and paid no dividends. Koo accounts for this investment using the equity method. In its December 31 balance sheet, what amount should Koo report for this investment? Question 4Answer a. $265,000 b. $280,000 c. $240,000 d. $210,000

On January 1, 20X9, Ute Company acquired 70 percent of Cougar Company's common shares at the underlying book value.  Ute paid $70,000 for the 70% ownership. Ute uses the equity method in accounting for its ownership of Standard.  During the year, Ute sold $200K inventory to Cougar.  Ute’s original price on the inventory was $150K.  At the end of the year Cougar had $30K in ending inventory. Prepare all the equity and eliminating entries needed as of December 31, 20X9, and complete the attached consolidated worksheet (Please fill out the cells with bolded question marks within the consolidated worksheet as well, if you can not find some of the values to replace the question marks, that is ok, but indicate which specific cell you are answering for the ones you do know, thank you).

On January 1, 20X1, Payne Corp. purchased 70% of Shayne Corp.'s $10 par common stock for $900,000. On this date, the carrying amount of Shayne's net assets was $1,000,000. The fair values of Shayne's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were $200,000 in excess of the carrying amount. For the year ended December 31, 20X1, Shayne had net income of $150,000 and paid cash dividends totaling $90,000. Excess attributable to plant assets is amortized over 10 years.   In the December 31, 20X1, consolidated balance sheet, noncontrolling interest should be reported at ____.   Check Number – Excess of FV over BV = $285,714 a. $282,714 b. $300,500 c. $397,714 d. $345,500

Acker Company bought 100% of Howell Company on 1/1/X1 for $1,440,000 and began applying the equity method. The book value of Howell's equity on that date was $1,440,000. In year X1, Howell reported net income of $100,000 and paid $40,000 in dividends. During year X1, Howell sold 1,000 units of inventory to Acker for $20,000 that had cost $10,000. On 12/31/X1, 400 of the units remained in Acker's inventory. How much investment income should Acker report in year X1

i need the answer quickly

On 1/1/20x1, Petwoud Company exchanged 25,000 shares of its $1 par value common stock and $150,000 cash to acquire 80% of the outstanding voting common stock of Supagud, Inc.  At the acquisition date, the fair value of Petwoud Company’s common stock was $20 per share. Petwoud’s payment includes a control premium of $15,000.   Other investors, unrelated to Petwoud Company, hold the remaining 20% of the outstanding common stock of Supagud.   After the acquisition, Supagud, Inc. will continue as a separate operating company. In its separate accounting records, Petwoud Company will apply the equity method to account for their investment in Supagud.   The pre-acquisition trial balance for Supagud at 1/1/20x1 was:   Cash 50,000   Accounts receivable 125,000   Other current assets 105,000   Buildings 510,000   Land 217,000   Accounts Payable   35,000 Long-term debt   300,000 Common stock   420,000 Retained earnings…

Novak Limited owns a 26% interest in the shares of Marigold Corporation. During the year, Marigold pays $10600 in dividends to Novak and reports $104000 net income. Novak's investment in Marigold will increase Novak's net income by $10600. $27040. $2756. $29796.     Please give correct option or incorrect all sub part

On January 1, 20X1, Cleo Company purchased an 80% interest in Sai Inc. for $1,000,000. The equity balances of Sai at the time of the purchase were as follows:   Common stock ($10 par) $100,000 Paid-in capital in excess of par 400,000 Retained earnings 500,000   Any excess of cost over book value is attributable to goodwill.   No dividends were paid by either firm during 20X6. The following trial balances were prepared for CLeo Company and its subsidiary, Sai Inc., on December 31, 20X6:     Pinto Sands Cash      120,000     70,000 Accounts receivable      240,000   197,000 Inventory      200,000   176,000 Land      600,000   180,000 Buildings and equipment   1,100,000   800,000 Accumulated depreciation     (180,000)  (120,000) Investment in Sands   1,000,000   Accounts payable     (110,000)    (50,000) Common stock, $10 par     (800,000)  (100,000) Paid-in capital in excess of par…

On January 2, 20Y4, Whitworth Company acquired 40% of the outstanding stock of Aloof Company for $340,000. For the year ended December 31, 20Y4, Aloof Company earned income of $180,000 and paid dividends of $10,000. On January 31 20Y5, Whitworth Company sold all of its investment in Aloof Company stock for $405,000. Journalize the entries for Whitworth Company for the purchase of the stock, the share of Aloof income, the dividends received from Aloof Company, and the sale of the Aloof Company stock. If an amount box does not require an entry, leave it blank. Jan. 2, 20Y4 - Purchase Dec. 31, 20Y4 - Income Dec. 31, 20Y4 - Dividends Jan. 31, 20Y5 - Sale