Complete this question by entering your answers in the tabs below.Req A to CReq DWhat noncontrolling interest balances will appear in consolidated financial statements for 2024?Noncontrolling interest in consolidated net income-2024Noncontrolling interest in Bandmor 12/31/24 On January 1, 2022, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor's sharescontinued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retainedearnings of $180,000. A patent was undervalued in the company's financial records by $30,000. This patent had a five-year remaininglife. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. Bandmor earnsnet income and declares cash dividends as follows:Year Net Income$ 75,0002022202396,0002024110,000On December 31, 2024, Telconnect owes $22,000 to Bandmor.Dividends$ 39,00044,00060,000Required:a. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2024?b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2024 consolidation?c. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2024 consolidation?d. What noncontrolling interest balances will appear in consolidated financial statements for 2024?Complete this question by entering your answers in the tabs below.Req A to CReq Da. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2024?b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2024 consolidation?c. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2024 consolidation?Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.Show less A

Consolidated Financial Statements are financial reports that presents the financial results of a…

Complete this question by entering your answers in the tabs below. Req A to C Req D What noncontrolling interest balances will appear in consolidated financial statements for 2024? Noncontrolling interest in consolidated net income-2024 Noncontrolling interest in Bandmor 12/31/24

Complete this question by entering your answers in the tabs below. Req A to C Req D What noncontrolling interest balances will appear in consolidated financial statements for 2024? Noncontrolling interest in consolidated net income-2024 Noncontrolling interest in Bandmor 12/31/24

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 62P

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On January 1, 2016, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was undervalued in the company’s financial records by $30,000. This patent had a five-year remaining life. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. Bandmor earns net income and declares cash dividends as follows:On December 31, 2018, Telconnect owes $22,000 to Bandmor.a. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2018?b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2018 consolidation?c. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2018 consolidation?d. What noncontrolling interest balances will…
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On January 1, 2019, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was undervalued in the company’s financial records by $30,000. This patent had a five-year remaining life. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. Bandmor earns net income and declares cash dividends as follows: Year Net Income Dividends 2019 $ 75,000 $ 39,000 2020 96,000 44,000 2021 110,000 60,000 On December 31, 2021, Telconnect owes $22,000 to Bandmor. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2021? If Telconnect has applied the initial value method, what Entry *C is needed for a 2021 consolidation? If Telconnect has applied the…
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