有偿找会计作业tutor－advance accounting

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7-1. Assume thatBig owns 80% of Little.  On 4/1/05 Littlesells land to Big for $90,000.  The landhad originally cost Little $60,000 several years earlier.  On 3/2/07 Big sells the land to a third partyfor $85,000.  Assume that in each yearLittle reports earnings of $50,000.  Biguses the “full” equity method.

Required for 7-1:

a)   Prepare the equity method entries arising from thistransaction for 2005 through 2007

b)   Prepare the elimination entries arising fromthis transaction for 2005 through 2007;

c)    Determine the “Income to the Non-controllinginterest” for 2005 through 2007

7-2. Assume thatBig owns 80% of Little.  On 1/1/07 Bigsells depreciable equipment to Little for $42,000.  The equipment had originally been purchasedfor $60,000 on 1/1/03, with no estimated salvage value and an expected 10 yearuseful life. Those assumptions are unchanged at the time of sale.  Assume Big uses the full equity method, andthat Little reports earnings of $50,000 each year.

Required for 7-2:

a)   Prepare the equity method entries arising fromthis transaction for 2007 through 2009

b)   Prepare the elimination entries arising fromthis transaction for 2007 through 2009;

c)    Determine the “Income to the Non-controllinginterest” for 2007 through 2009

7-3. Assume thatBig owns 80% of Little.  On 12/31/14Little sold a building to Big for $204,000. The building had originally been purchased on 1/1/02 for $300,000, withan estimated useful life of 30 years with no estimated salvage value.  Those assumptions are unchanged at the timeof sale.  Assume Big uses the partialequity method, and that Little reports earnings of $50,000 each year.

Required for 7-3:Prepare the appropriate elimination entries arising from this transaction for2020 (please note that I’m asking you to jump in several years after theintercompany sale).

maggie。

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