modern advanced accounting

modern advanced accounting Prepare the Acquisition Differential Calculation and Allocation Schedule Prepare the Schedule for the Amortization of the Acquisition Differential Prepare the conversion entry or entries at December 31, Year 6 to convert the numbers from the cost method to the equity method. o Prepare all elimination entries at December 31, Year 6 that would be required in the preparation of consolidated financial statements . o Prepare the Consolidated Financial Statements including the Consolidated Balance Sh eet at December 31, Year 6 and the Consolidated Statement of Retained Earnings and the Consolidated Income Statement for the year ended December 31, Year 6. Additional Information: The Statement of Retained Earnings for Palm and Storm for the year ended December 31, Year 6, were as follows: Retained Earnings Year Ended December 31, Year 6 Palm Storm Retained Earnings, January 1, Year 6 $50,000 $120,000 Net income 96,000 50,000 146,000 170,000 Dividends (36,000) (20,000) Retained Earnings, December 31, Year 6 $110,000 $150,000 Assume that the dividends declared December 26, Year 6 were paid by December 31, Year 6. When testing for impairment of intangibles, the recoverable amount for trademarks is given. You will however need to determine the recoverable amount for goodwill. It will be the higher of fair value less disposal costs and value in use. When determinin g value in use, use the discounted future net cash flows determined by using the 6% rate. Problem 5 - 14 Please add the following to the requirements for Problem 14: o Prepare the Acquisition Differential Calculation and Allocation Schedule o Prepare the Schedule for the Amortization of the Acquisition Differential o Prepare the conversion entry or entries at December 31, Year 4 to convert the numbers from the cost method to the equity method. o Prepare all elimination entries at December 31, Year 4 that would be required in the preparation of consolidated financial statements. Hint s : If you need Beginning Retained Earnings and the number is not provided, you can calculate it by working backwards from Ending Retained Earnings . Ending R/e – net income+ dividends = beg r/e Assume that Albeniz did not declare any dividends in Year 4. If you’re not given Bach’s dividends, you can figure it out as Albeniz received 80% of Bach’s dividends and recorded it as dividend income. PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET AN AMAZING DISCOUNT :)