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Category > Accounting Posted 24 Aug 2017 My Price 9.00

Venus Company

Exercise 3 (LO 3) Sale of interest, loss of control. Rob Company purchases  a  90% interest in Venus Company for $418,500 on January 1, 20X3. Any excess of cost over book value is attributed to equipment, which is being depreciated over 20 years. Both companies end their reporting periods on December 31. Since the investment in Venus Company is consoli- dated, Rob Company chooses to use the cost method to maintain its investment.

On December 31, 20X6, Rob Company sells 8,000 shares of Venus  Company for

$700,000. The following stockholders’ equity balances of Venus Company are available:

 

 

January 1, 20X3

 

January 1, 20X6

 

Common stock ($10 par). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $100,000                           $100,000

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             250,000              420,000

                 

Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $350,000                                $520,000

                 

 

Venus Company earns $70,000 during 20X6. Prepare a determination and distribution of excess schedule. Record the sale of the shares of Venus Company and any other adjustments needed to the investment account.

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Maurice Tutor
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Status NEW Posted 24 Aug 2017 10:08 PM My Price 9.00

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