Steinbart reports net income of $104,500 in 2023 and $139,300 in 2024 and declares $20,000 in dividends each year. What is the equity income in Steinbart to be reported by Alex in

Question: ClipRite sold ProForm inventory costing $72,000 during the last six months of 2020 for $120,000.  At year-end, 30 percent remained ClipRite sold ProForm inventory costing $200,000 during 2021.  At yearend, 1 percent is left. What are the consolidated balances?   Proform acquired 70 percent of ClipRite on June 30, 2020, for $910,00 in cash.  Based on ClipRites acquistion-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year.  No goodwill was recognized in the acuisition.  The noncontrolling interest fair value was assessed at $390,000 at the acquisition date.  The 2021 financial statements are as follows:       Proform ClipRite Sales   -800,000 -600,000 Costs of goods sold   535,000 400,000 Operating expenses   100,000 100,000 Dividend Income   -35,000     Net Income -200,000 -100,000 Retained earning, 1/1/21 -1,300,000 -850,000 Net Income   -200,000 -100,000 Dividend declared   100,000…

P Company owns 60% of the outstanding common stock of S Company. On January 1, 2016, P Company sold equipment to S Company for $300,000. The equipment cost P Company $1,000,000 on January 1st, 2010. The useful life at the time of sale was determined to be 10 years. After the sale from P to S, the management of S Company estimated that the equipment had a remaining useful life of 8 years.   To solve: Prepare all journal entries for P and S (from initial purchase of equipment from 3rd parties, depreciation from initial purchase to sale between the related parties) on January 1, 2016 . In addition, prepare the w/p entry to eliminate the intercompany sale of equipment as of January 1, 2016. Finally, prepare the adjustment to depreciation on Dec. 31, 2016.

I need help with part D under journal entries recorded my plump corporation. "record the entry to eliminate 60% of the unrealized gross profit on the inventory purchase from Slim"

Please solving this problem

Please help me.  Thankyou.

Alex, Inc., buys 40 percent of Steinbart Company on January 1, 2017, for $530,000. The equity method of accounting is to be used. Steinbart’s net assets on that date were $1.2 million. Any excess of cost over book value is attributable to a trade name with a 20-year remaining life. Steinbart immediately begins supplying inventory to Alex as follows:Inventory held at the end of one year by Alex is sold at the beginning of the next.Steinbart reports net income of $80,000 in 2017 and $110,000 in 2018 and declares $30,000 in dividends each year. What is the equity income in Steinbart to be reported by Alex in 2018?a. $34,050b. $38,020c. $46,230d. $51,450

15. Northridge, Inc., buys 40% of Matador Company on January 1, 2019. for $550,000. The equity method of accounting is to be used, Matador's net assets on that date were $1.2 million. Any excess of cost over book value is attributable to a trade name with a 20-year remaining life. Matador immediately begins supplying inventory to Northridge as follows:                                                                                       Amount Held by Northridge Year             Cost to Matador         Transfer Price          At Year End                                                                                       (at transfer price)2019              $70,000                      $100,000                      $25,0002020              $96,000                      $150,000                      $45,000Inventory held at the end of one year by Northridge is sold at the beginning of the next. Matador reports net income of $100,000 in 2019 and $150.000 in 2020 and declares (and pays)…

Wayne Company purchased 100% of Schuster Company on January 1, 20X1 for $800,000 when the book value of Schuster       was $750,000  with the excess caused by a patent that was undervalued by $50,000.  The patent had a five year life.           In 20x2  Wayne sold inventory to Schuster                   still in the inventory of Schuster at year end with a profit of $3,000.  During 20x3, Wayne sold inventory to Schuster at a cost of $20,000 for $30,000. At December 31, 20x3, Schuster still had $6,000 cost to Schuster of that inventory on hand in its inventory.                                 The income statements and balance sheets for the two companies for 20X3 are shown below:                                     Complete the consolidated worksheet.                       Wayne Schuster Dr. Cr Consolidated           Sales   300,000 100,000                   Cost of Goods Sold 60,000 40,000                       240,000 60,000                   Expenses…

Alex, Inc., buys 40 percent of Steinbart Company on January 1, 2020, for $530,000. The equity method of accounting is to be used. Steinbart’s net assets on that date were $1.2 million. Any excess of cost over book value is attributable to a trade name with a 20-year remaining life. Steinbart immediately begins supplying inventory to Alex as follows: Year Cost to Steinbart Transfer Price Amount Held by Alex at Year-End (at transfer price) 2020 70,000 100,00 25,000 2021 96,000 150,000 45,000 Inventory held at the end of one year by Alex is sold at the beginning of the next. Steinbart reports net income of $80,000 in 2020 and $110,000 in 2021 and declares $30,000 in dividends each year. What is the equity income in Steinbart to be reported by Alex in 2021? How do you get the answer and how do you get trade name price?  a. $34,050 b. $38,020 c. $46,230 d. $51,450