What is the amount of consolidated assets on December 31?

On January 1, 20x2, Gold Company purchased a computer with an expected economic life of five years. On January 1, 20x4, Gold sold the computer to TLK Corporation and recorded the following entry:      Cash                                         39,000     Accumulated Depreciation       16,000                   Computer Equipment             40,000                   Gain on sale of equipment     15,000 TLK Corporation holds 60 percent of Gold’s voting shares. Gold reported net income of P45,000, and TLK reported income from its own operations of P85,000 for 20x4. There is no change in the estimated life of the equipment as a result of the inter-corporate transfer. In the preparation of the 20x4 consolidated balance sheet, the computer equipment will be: A. Debited for 1,000          C. Credited for 24,000B. Debited for 15,000        D. Debited for 40,000

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On January 1 of the year of acquisition, Ashley Incorporated pays $300,000 for 60% of Marea Company's outstanding common stock in a purchase transaction. Marea reported common stock on that date of $250,000 with retained earnings of $100,000. Equipment, which had a ten-year remaining life, was undervalued in Marea's financial records by $20,000. During the due diligence process, it was discovered that Marea had a patent that was not on the books, but had a market value of $50,000. The patent has a useful life of 10 years. Marea earns income and pays cash dividends as follows: Year Net Income Dividends Paid Acquisition year $ 40,000 $ 15,000 First year $ 60,000 $ 20,000 Second year $ 90,000 $ 30,000 On the balance sheet at the end of the second year, what amount should be reported as noncontrolling interest in Marea Company at the end of the second year? Multiple Choice $250,000 $241,600 $276,000 $341,600