Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 Feb 2018 My Price 9.00

Sid Corporation

Pal Corporation paid $175,000 for a 70 percent interest in Sid Corporation’s outstanding stock on April 1, 2011. Sid’s stockholders’ equity on January 1, 2011, consisted of $200,000 capital stock and $50,000 retained earnings. Accounts and balances at and for the year ended December 31, 2011, follow (in thousands):

ADDITIONAL INFORMATION
1. Sid Corporation paid $102,850 for all of Pal’s outstanding bonds on July 1, 2011. These bonds were issued on January 1, 2011, bear interest at 12 percent, have interest payment dates of July 1 and January 1, and mature 10 years from the date of issue. The $6,000 premium on the issue is being amortized under the straight-line method.
2. Other current liabilities of Sid Corporation on December 31, 2011, include $10,000 dividends declared on December 15 and unpaid at year-end. Sid also declared $10,000 dividends on March 15, 2011.
3. Pal Corporation sold equipment to Sid on July 1, 2011, for $30,000. This equipment was purchased by Pal on July 1, 2008, for $36,000 and is being depreciated over a six-year period using the straight-line method (no salvage value).
4. Sid sold land that cost $8,000 to Pal for $10,000 on October 15, 2011. Pal still owns the land.
5. Pal uses the equity method for its 70 percent interest in Sid.
REQUIRED: Prepare a consolidation workpaper for the year ended December 31,2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Feb 2018 11:02 PM My Price 9.00

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