mon stock outstanding of $100,000 and retained earnings of $85,000. The fair value of the noncontrolling date of acquisition. Buildings and equipment held by Slice had a fair value $25,000 higher than book value rential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and life at the date of acquisition. balances for Putt and Slice on December 31, 20X5, are as follows: Putt Corporation Credit Slice Company Debit Debit Cre sh counts Receivable terest & Other Receivables ventory nd ildings & Equipment nd Discount vestment in Slice Company st of Goods Sold 15,850 $ 58,000 65,000 70,000 30,000 10,000 150,000 180,000 80,000 60,000 315,000 240,000 15,000 157,630 375,000 25,000 110,000 preciation Expense terest Expense her Expense 10,000 24,000 33,000 28,000 17,000 vidends Declared 30,000 5,000 cumulated $ 120,000 $ 60 preciation-Buildings and Equipment counts Payable her Payables nds Payable mmon Stock ditional Paid-in Capital tained Earnings 61,000 28 30,000 20 250,000 300 150,000 100 30,000 165,240 100 les 450,000 190 her Income in on Sale of Equipment 28,250 come from Slice Company 10,990 tal $1,295,480 $1,295,480 $808,000 $808 sold land it had purchased for $21,000 to Slice on September 20, 20X4, for $32,000. Slice plans to use the
mon stock outstanding of $100,000 and retained earnings of $85,000. The fair value of the noncontrolling date of acquisition. Buildings and equipment held by Slice had a fair value $25,000 higher than book value rential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and life at the date of acquisition. balances for Putt and Slice on December 31, 20X5, are as follows: Putt Corporation Credit Slice Company Debit Debit Cre sh counts Receivable terest & Other Receivables ventory nd ildings & Equipment nd Discount vestment in Slice Company st of Goods Sold 15,850 $ 58,000 65,000 70,000 30,000 10,000 150,000 180,000 80,000 60,000 315,000 240,000 15,000 157,630 375,000 25,000 110,000 preciation Expense terest Expense her Expense 10,000 24,000 33,000 28,000 17,000 vidends Declared 30,000 5,000 cumulated $ 120,000 $ 60 preciation-Buildings and Equipment counts Payable her Payables nds Payable mmon Stock ditional Paid-in Capital tained Earnings 61,000 28 30,000 20 250,000 300 150,000 100 30,000 165,240 100 les 450,000 190 her Income in on Sale of Equipment 28,250 come from Slice Company 10,990 tal $1,295,480 $1,295,480 $808,000 $808 sold land it had purchased for $21,000 to Slice on September 20, 20X4, for $32,000. Slice plans to use the
Chapter8: Consolidated Tax Returns
Section: Chapter Questions
Problem 36P
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