On december 31 2011 vacker owed 30800 to carper. there have, Ask an Expert

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On January 1, 2009, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. This included a $20,000 control premium. Carper reported common stock on that date of $420,000 with retained earnings of $252,000. A building was undervalued in the company's financial records by $28,000. This building had a ten-year remaining life. Copyrights of $80,000 were to be recognized and amortized over 20 years.

Carper earned income and paid cash dividends as follows:

Net Income Dividends Paid

2009 105,000 54,600
2010 134,400 61,600
2011 154,000 84,000

On December 31, 2011, Vacker owed $30,800 to Carper. There have been no changes in Carper's common stock account since the acquisition. If the equity method had been applied by Vacker for this acquisition, what are the consolidation entries needed as of December 31, 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
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