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1.Prepare a balance sheet for Alaskan Peach Corp. as of December 31, 2019, based on the following information: cash = $204,000; patents and copyrights = $858,000; accounts payable $285,000; accounts receivable = $264,000; tangible net fixed assets = $5,210,000; inventory = $549,000; notes payable $178,000; accumulated retained earnings = $4,696,000; long-term debt = $1,140,000. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) = Balance Sheet Assets Current assets Total assets Liabilities Current liabilities Total liabilities Total liabilities & owners' equity.
2.Preparing the [U] consolidation entries for sale of land Assume that on June 15, 2012 a parent company sells land that originally cost $120,000 to its wholly-owned subsidiary for a sale price of $156,000. The subsidiary holds the land until it sells the land to an unaffiliated company on November 12, 2019. The parent uses the equity method to account for its Equity Investment. a. Prepare the required [I] consolidation entry in 2012. Description Debit Credit Elgain) 0 0 0 b. Prepare the required [I] consolidation entry required at the end of each year 2013 through 2018. Description Debit Credit [lgain] 0 0 C. Assume that the subsidiary resells the land outside of the consolidated group for $204,000 on November 12, 2019. Prepare the journal entry made by the subsidiary to record the sale and the required [1] consolidation entry for 2019, Description Debit Credit 0 0 Land 0 0 [lgain] 0 0 0 0 0 d. What will be the amount of gain reported in the consolidated income statement in 2019? $ 0.
1.
| Balance Sheet | |
| Assets | |
| Current assets | |
| Cash | $ 204,000 |
| Accounts receivable | $ 264,000 |
| Inventory | $ 549,000 |
| Current assets | $ 1,017,000 |
| Non-current asssets | |
| Tangible net fixed assets | $ 5,210,000 |
| Patents and copyrights | $ 858,000 |
| Total assets | $ 7,085,000 |
| Liabilities | |
| Current liabilities | |
| Accounts payable | $ 285,000 |
| Notes payable | $ 178,000 |
| Current liabilities | $ 463,000 |
| Long term debt | $ 1,140,000 |
| Total liabilities | $ 1,603,000 |
| Owners equity | |
| Common stock | $ 786,000 |
| Accumulated retained earnings | $ 4,696,000 |
| Total liabilities and owners equity | $ 7,085,000 |
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