Please do not give solution in image format ? btseBookPrintferencesWages PayableNotes PayableCommon StockRetained EarningsSalesIncome from Saver Companyview transaction listConsolidationWorksheet Entries<ABRequired:a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as ofDecember 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)Cwww21,000154,000D204,000106,000280,00011,700$988,700 $988,700 $421,000ww11,00038,00060,00035,000197,000$421,000> cesPrice Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $148,000. At thatdate, the fair value of Saver's buildings and equipment was $28,000 more than the book value. Buildings andequipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's managementconcluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired andthe correct carrying value was $4,500.Trial balance data for Price and Saver on December 31, 20x8, are as follows:Price CorporationDebitCreditItemCashAccounts ReceivableInventoryLandBuildings & EquipmentInvestment in Saver CompanyCost of Goods SoldWage ExpenseDepreciation ExpenseInterest ExpenseOther ExpensesDividends DeclaredAccumulated DepreciationAccounts PayableWages PayableNotes Payable$ 21,50074,00094,00034,000354,000141,700143,00030,00027,00014,00021,50034,000$147,00065,00021,000154,000Saver CompanyCreditDebit$ 25,00014,00029,00019,000154,000100,00029,00012,0006,00015,00018,000$ 60,00020,00011,000.38.000

Accounting entries known as consolidation journal entries are created to merge the parent company's…

Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company www 21,000 154,000 204,000 106,000 280,000 11,700 $988,700 $988,700 $421,000 ww 11,000 38,000 60,000 35,000 197,000 $421,000 Required: a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company www 21,000 154,000 204,000 106,000 280,000 11,700 $988,700 $988,700 $421,000 ww 11,000 38,000 60,000 35,000 197,000 $421,000 Required: a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $107.800. At that date, the fair value of Severs buildings and equipment was $18,000 more than the book value. Accumulated depreciation on this date was $2400 Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill Involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2.100. No additional impairment occurred in 20X9. Trial balance data for Price and Saver on December 31, 20X9, are as follows Saver Conpany Debit 337,000 23, 00 33,000 34, 000 151,000 Price Corporation Debit 54, S0 91,000 101,00e 70,000 357, 0e 122, 30e 138, e00 14,000 24,0e 11,000 22,000 35, 00 Credit Item Cash Accounts Receivable Inveetory Land uildings tauipnent Investnent in Saver Conpany Cost of doods Sold Mage tapense Depreciation Expense Interest EKpense Other Experses Dividends…
Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $120,600. At that date, the fair value of Saver's buildings and equipment was $19,000 more than the book value. Accumulated depreciation on this date was $17,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price’s management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,000. No additional impairment occurred in 20X9. Trial balance data for Price and Saver on December 31, 20X9, are as follows: Price Corporation Saver Company Item Debit Credit Debit Credit Cash $ 53,500 $ 36,000 Accounts Receivable 88,000 15,000 Inventory 100,000 25,000 Land 58,000 26,000 Buildings & Equipment 364,000 152,000…
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