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 Cougar. 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 table in the attached image, if you can not find some of the values to replace the question marks, that is ok!) UteCougarIncome StatementSales200,000187,000(70,000)(12,000)Other Expenses(90,000)(30,000)66,000 ???DepreciationIncome from CougarNet Income105,000146,000???NCI Net IncomeCI Net Income?????????Statement of Retained EarningsBeginning RE175,00075,000Net Income146,000105,000Less Dividends Declared(40,000)(20,000)Ending Retained Earnings281,000160,000Balance SheetCurrent Assets246,000180,000Depreicable AssetsAccumulated DepreciationInvestment in CougarTotal Assets304,000170,000(120,000)(85,000)122,000 ???552,000265,000Current Liabilities50,00030,000Long Term Liabilities121,00050,000Common Stock100,00025,000Retained EarningsNCI Share of AssetsTotal Liabilities and Equity281,000160,000??????552,000265,000

Non-controlling interest refers to when a company has no control over the decision of the shares not…

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 Cougar. 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 table in the attached image, if you can not find some of the values to replace the question marks, that is ok!)

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 Cougar. 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 table in the attached image, if you can not find some of the values to replace the question marks, that is ok!)

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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