2.99 See Answer

Question: Server Corporation was created on January 1,

Server Corporation was created on January 1, 20X0, to develop computer software. On January 1, 20X5, Proxy Company acquired 90 percent of Server’s common stock at its underlying book value. At that date, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Server Corporation. Trial balances for Proxy and Server on December 31, 20X9, follow:
Server Corporation was created on January 1, 20X0, to develop computer software. On January 1, 20X5, Proxy Company acquired 90 percent of Server’s common stock at its underlying book value. At that date, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Server Corporation. Trial balances for Proxy and Server on December 31, 20X9, follow:


On January 1, 20X7, Server sold equipment to Proxy for $48,000. Server had purchased the equipment for $90,000 on January 1, 20X5, and was depreciating it on a straight-line basis with a 10-year expected life and no anticipated scrap value. The equipment’s total expected life is unchanged as a result of the intercompany sale. Assume Proxy uses the fully adjusted equity method.

Required:
a. Give all consolidation entries required to prepare a three-part consolidated working paper at December 31, 20X9.
b. Prepare a three-part worksheet for 20X9 in good form.

On January 1, 20X7, Server sold equipment to Proxy for $48,000. Server had purchased the equipment for $90,000 on January 1, 20X5, and was depreciating it on a straight-line basis with a 10-year expected life and no anticipated scrap value. The equipment’s total expected life is unchanged as a result of the intercompany sale. Assume Proxy uses the fully adjusted equity method. Required: a. Give all consolidation entries required to prepare a three-part consolidated working paper at December 31, 20X9. b. Prepare a three-part worksheet for 20X9 in good form.





Transcribed Image Text:

Proxy Company Server Corporation Debit Credit Debit Credit $ 82,000 $ 32,400 90,000 Cash Accounts Receivable 80,000 40,000 Other Receivables 10,000 Inventory 200,000 130,000 60,000 250,000 Land 80,000 Buildings & Equipment Investment in Server Corporation 500,000 229,500 Cost of Goods Sold 500,000 250,000 15,000 75,000 20,000 Depreciation Expense Other Expense 45,000 95,000 Dividends Declared 40,000 $ 155,000 $ 75,000 Accumulated Depreciation Accounts Payable Other Payables 63,000 35,000 20,000 200,000 2,400 50,000 95,000 Bonds Payable 250,000 Bond Premium Common Stock 210,000 Additional Paid-in Capital Retained Earnings 110,000 251,200 150,000 Sales 680,000 26,000 385,000 15,000 Other Income Income from Server Corporation 51,300 $1,891,500 Total $1,891,500 $932,400 $932,400


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> A parallel-plate capacitor has plates with area 0.0225 m2 separated by 1.00 mm of Teflon. (a). Calculate the charge on the plates when they are charged to a potential difference of 12.0 V. (b). Use Gauss’s law (Eq. 24.23) to calculate the electric fiel

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> For the capacitor network shown in Fig. E24.29, the potential difference across ab is 220 V. Find Fig. E24.29: (a). the total charge stored in this network; (b). the charge on each capacitor; (c). the total energy stored in the network; (d). the ene

> For the capacitor network shown in Fig. E24.28, the potential difference across ab is 48 V. Find Fig. E24.28: (a). the total charge stored in this network; (b). the charge on each capacitor; (c). the total energy stored in the network; (d). the en

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> Suppose the 3-µF capacitor in Fig. 24.10a were removed and replaced by a different one, and that this changed the equivalent capacitance between points a and b to 8 µF. What would be the capacitance of the replacement capacitor?

> For the system of capacitors shown in Fig. E24.21, a potential difference of 25 V is maintained across ab. Fig. E24.21: (a). What is the equivalent capacitance of this system between a and b? (b). How much charge is stored by this system? (c). How m

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> In Fig. 24.9a, let C1 = 3.00 µF, C2 = 5.00 µF, and Vab = +52.0 V. Calculate Fig. 24.9a: (a). the charge on each capacitor and (b). the potential difference across each capacitor. Vab = V C: b

> In Fig. 24.8a, let C1 = 3.00 µF, C2 = 5.00 µF, and Vab = +64.0 V. Calculate Fig. 24.8a: (a). the charge on each capacitor and (b). the potential difference across each capacitor. +Q. C Vac = V1 Vab = V +Q. Vab = V2 b KI-

> In Fig. E24.17, each capacitor has C = 4.00 µF and Vab = +28.0 V. Calculate Fig. E24.17: (a). the charge on each capacitor; (b). the potential difference across each capacitor; (c). the potential difference between points a and d. C,

> For the system of capacitors shown in Fig. E24.16, find the equivalent capacitance (a). between b and c, and (b). between a and c. Fig. E24.16: a =15 pF 9.0 pF ; pF

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2.99

See Answer