Prepare a worksheet for a consolidated balancesheet

On January 1, 2014, PurchaseAgent.com acquired 35 percent (800,000 shares) of the common stock of E-Transaction Corporation. The accounting period for both companies ends December 31. Give the journal entries for each of the following transactions that occurred during 2014 for PurchaseAgent.com:July 2 E-Transaction declared and paid a cash dividend of $5 per share.Dec. 31 E-Transaction reported net income of $400,000.

On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed balance sheets of the two corporations immediately following the acquisition are as follows.

Instructions

Prepare a worksheet for a consolidated balancesheet.

On January 1, 2010, Meredith Corporation purchased 25% of the ordinary shares of Pirates Company for £200,000. During the year, Pirates earned net income of £80,000 and paid dividends of £20,000

.Instructions

Prepare the entries for Meredith to record the purchase and any additional entries related to this investment in Pirates Company in 2010.

On February 1, 2010, Gruber Corporation issued 3,000 shares of its £5 par value ordinary shares for land worth £31,000. Prepare the February 1, 2010, journal entry.

Solution:

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