Business, 14.01.2021 16:40 gabby640

Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2019. for $600.000 cash. Greenburg's accounting records showed net assets on that date of \$470,000 , although equipment with a 10-year remaining life was undervalued on the records by \$90,000 . Any recognized goodwill is considered to have an indefinite life Greenburg reports net income in 2019 of \$90,00 and 5100,000 in 2020. The subsidiary declared dividends of \$20,000 in each of these two years Account balances for the year ending December 31, 2021, follow. Credit balances are indicated by parentheses. Revenues Cost of goods sold Depreciation expense Investment Income net income Metained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current senate Investment in subsidiary Equipment (net) Buildings (net Land Total assets Liabilities Common stock hantering Total liabilities and equity Greenbure (00,000) S (600.000) 100.000 300.000 120.000 150.000 350.000 (420.000) (100,000) \$(1,100,000) (420,000) 120.000 3(1,400,000) 5 320,000) (100,000) 20.000 (400,000) 300.000 300.000 400.000 3,2~00,000 $ 1,200,000 100.000 $ 900,000) 5 (500,000) 900.000 (300,000) 1.400.000 (400,000) 50.200.000 1~(1,200,000) a. Determine the December 31, 2021 consolidated balance for each of the following accounts: nces

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Answer from: lucyamine0

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Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2019. for $600.000 cash. Greenburg's accounting records showed net assets on that date of $470,000 , although equipment with a 10-year remaining life was undervalued on the records by \$90,000 . Any recognized goodwill is considered to have an indefinite life Greenburg reports net income in 2019 of $90,00 and $100,000 in 2020. The subsidiary declared dividends of $20,000 in each of these two years Account balances for the year ending December 31, 2021, follow.

Foxx Greenburg

Revenues $800,000 $600,000

Cost of goods sold 100,000 150,000

Depreciation expense 300,000 350,000

Investment income 20,000 0

Net income 420,000 100,000

Retained earnings, 1/1/21 1,100,000 320,000

Net income 420,000 100,000

Dividends paid 120,000 20,000

Retained earnings 1,400,000 400,000

Current assets 300,000 100,000

Investment in subsidiary 600,000 0

Equipment 900,000 600,000

Buildings 800,000 400,000

Land 600,000 100,000

Total assets 3,200,000 1,200,000

Liabilities 900,000 500,000

Common stock 900,000 300,000

Retained earnings 1,400,000 400,000

Total liabilities + equity 3,200,000 1,200,000

a. Determine the December 31, 2021 consolidated balance for each of the following accounts:

Depreciation Expense

Dividends paid

Revenue

Equipment

Buildings

Goodwill

Common Stock

a. Determination of the December 31, 2021 consolidated balance for each of the following accounts:

Depreciation Expense = $650,000

Dividends paid = $120,000

Revenue = $1,400,000

Equipment = $1,500,000

Buildings = $1,200,000

Goodwill = $40,000

Common Stock = $900,000

Explanation:

Foxx Greenburg Consolidated

Depreciation Expense 300,000 350,000 $650,000

Dividends paid 120,000 20,000 $120,000

Revenues $800,000 $600,000 $1,400,000

Equipment 900,000 600,000 $1,500,000

Buildings 800,000 400,000 $1,200,000

Goodwill 40,000 40,000

Common Stock 900,000 300,000 $900,000

Goodwill:

Investment in Greenburg = $600,000

Net assets of Greenburg = 560,000 ($470,000 + 90,000)

Goodwill acquired = $40,000

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