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    Argosy University/ Phoniex University/
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Category > Management Posted 10 Oct 2017 My Price 8.00

LoCal Bakeries

Consolidated Income Statement Data

Master Products acquired 80 percent ownership of LoCal Bakeries on January 1, 20X3, when the fair value of LoCal’s depreciable assets was equal to book value.

 

Master Products

LoCal Bakeries

Sales

  

$ 300,000

  

$ 200,000

Cost of Goods Sold

$200,000

  

$130,000

  

Depreciation Expense

40,000

(240,000)

30,000

(160,000)

Income before Income from Subsidiary

  

$ 60,000

    

Net Income

      

$ 40,000

During 20X3, Master Products purchased a special imported yeast for $35,000 and resold it to LoCal for $50,000. LoCal did not resell any of the yeast before year-end.

Required

Determine the amounts to be reported for each of the following items in the consolidated income statement for 20X3:

a. Sales.

b. Investment income from LoCal Bakeries.

c. Cost of goods sold.

d. Depreciation expense.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Oct 2017 06:10 PM My Price 8.00

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