Patriot Corporation acquired 80 percent ownership of Seahawk Corporation on January 1, 20X8, for $200,000. At that date, Seahawk reported common stock outstanding of $75,000 and retained earnings of $150,000. The fair value of the noncontrolling interest was $50,000. The differential is assigned to equipment, which had a fair value $25,000 greater than book value and a remaining economic life of five years at the date of the business combination. Seahawk reported net income of $40,000 and paid dividends of $20,000 in 20X8.
1) Provide the journal entries recorded by Patriot during 20X8 on its books if it accounts for its investment in Seahawk using the equity method.
2) Give the consolidating entries needed at December 31, 20X8, to prepare consolidated financial statements.

Which of the following areas provides residents with close access to high-paying jobs and cultural attractions? a. the suburbs b. exurbs c. rural areas d. the city 2b2t

You have just received notification that you have won the $2.0 million first prize in the centennial lottery. however, the prize will be awarded on your 100th birthday (assuming you're around to collect), 66 years from now. what is the present value of your windfall if the appropriate discount rate is 8 percent?

An employer who is considering hiring eva has asked donna, eva’s former supervisor, for a report on eva. in truth, eva’s work for donna has been only average. however, eva is donna’s friend, and donna knows that eva probably will not get the job if she says anything negative about eva, and donna knows that eva desperately needs the job. further, donna knows that if the situation were reversed, she would not want eva to mention her deficiencies. nevertheless, it has been donna’s policy to reveal the deficiencies of employees when she has been asked for references by employers, and she knows that some of eva’s faults may be bothersome to this particular employer. finally, this employer has leveled with donna in the past when donna has asked for a report on people who have worked for him. should donna reveal deficiencies in eva’s past performance? (remember to use one of the three moral theories acceptable for this test to solve this dilemma. any discussion of any personal opinion, religious perspective, or theory other than the moral theories acceptable for this test will result in a score of "0" for this question.)