Placid lake view | Business & Finance homework help

Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2014, when Scenic had a net book value of $650,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $8,000 per year.   Placid Lake’s 2015 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $550,000. Scenic reported net income of $360,000. Placid Lake declared $180,000 in dividends during this period; Scenic paid $65,000. At the end of 2015, selected figures from the two companies’ balance sheets were as follows:     Placid Lake   Inventory $390,000.00   Land $850,000.00   Equipment (net) $650,000.00     During 2014, intra-entity sales of $200,000 (original cost of $92,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of 2014. In 2015, $340,000 in intra-entity sales were made with an original cost of $84,000. Of this merchandise, 20 percent had not been resold to outside parties by the end of the year.   Each of the following questions should be considered as an independent situation for the year 2015.           a. What is consolidated net income for Placid Lake and its subsidiary?       b. If the intra-entity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling interest?       c. If the intra-entity sales were downstream, how would consolidated net income be allocated to the controlling and noncontrolling interest?       d. What is the consolidated balance in the ending Inventory account?       e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic. Instead, in 2014, Scenic sold land costing $55,000 to Placid Lake for $100,000. On the 2015 consolidated balance sheet, what value should be reported for land?       f. Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January 1, 2014, Scenic sold equipment (that originally cost $180,000 but had a $85,000 book value on that date) to Placid Lake for $120,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2015, consolidation of these two companies to eliminate the impact of the intra-entity transfer?       g. For 2015, what is the noncontrolling interest’s share of Scenic’s net income?  

Don't use plagiarized sources. Get Your Custom Essay on
Placid lake view | Business & Finance homework help
Just from $13/Page
Order Essay
Place Order
Grab 16% Discount On This Paper
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.

Professional Academic Writers

Over the years, MyEssay.Help has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.

Affordable Prices

Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.

On-Time delivery

We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.

100% Originality

At MyEssay.help, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.

Customer Support 24/7

Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: support@myessay.help.

Try it now!

Grab 16% Discount On This Paper

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

MyEssay.help has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At MyEssay.help, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.

                                                                                     Place Order macbook tamir - mersin escort - envidatoken - bahis