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Information for Questions 19, 20, 21 On January 1, 20X6, Penn Corporation acquired 70 percent of Senn Company’s common stock for $210,000 cash. The fair value of the noncontrolling interest at that date was determined to be $90,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:   Balance Sheet Assets Accounts and explanation Penn Senn Cash $   50,000 $   15,000 Accounts receivable 70,000 25,000 Inventory 30,000 20,000 Land 150,000 80,000 Buildings and equipment 250,000 200,000 Less: accumulated depreciation (70,000) (20,000) Investment in Spice Co.    210,000                    Total Assets $ 690,000 $  320,000   Balance Sheet Liabilities and Equity Accounts and explanation Penn Senn Accounts payable $   40,000 $   10,000 Bonds payable 150,000 40,000 Common stock 300,000 90,000 Retained earnings    200,000    180,000 Total Liabilities and Equity $ 690,000 $ 320,000   At the date of the business combination, the book values of Senn’s assets and liabilities approximated fair value except for inventory, which had a fair value of $35,000, and land, which had a fair value of $85,000. For your answers:  Round your answer to the nearest dollar. Enter your answer as a number with no decimal places and no dollar ($) sign. You may enter the number with or without the comma separator (e.g., 28,374 or 28374).  For partial credit: After stating your answer, show how you arrived at your answer. (e.g., 13,000 [= 7,000 from ” ” + 6,000 from ” “]) Include any explanations or logic used to arrive at your answer.

Based on the Information for Questions 25-30 (Parts 1 and 2), what is the amount in Cell 1: Consolidated depreciation expense?

Based on the Information for Questions 25-30 (Parts 1 and 2), what is the amount in Cell 5: NCI in net income?

Based on the Information for Questions 25-30 (Parts 1 and 2), what is the amount in Cell 2: Consolidated impairment loss?

Information for Questions 23 and 24 On January 1, 20×4, Penn Corporation acquired 80 percent of Senn Corporation’s $10 par common stock for $950,000. On this date, the fair value of the non-controlling interest was $237,500, and the carrying amount (book value) of Senn’s net assets was $1,000,000. The fair values of Senn’s identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net) with a remaining life of 20 years., which were $100,000 in excess of the carrying amount. For the year ended December 31,20×4, Senn had net income of $180,000 and paid cash dividends totaling $100,000. For your answers:  Round your answer to the nearest dollar. Enter your answer as a number with no decimal places and no dollar ($) sign. You may enter the number with or without the comma separator (e.g., 28,374 or 28374).  For partial credit: After stating your answer, show how you arrived at your answer. (e.g., 13,000 [= 7,000 from ” ” + 6,000 from ” “]) Include any explanations or logic used to arrive at your answer.

Answer this question based on the Information for Questions 34-36. Senn Co. reported net income of $10,000 and Penn Co. reported separate operating income (excluding income from Senn Co.) of $30,000 in 20×4. What is the consolidated income?

Based on the Information for Questions 25-29, what is the consolidated net income? Please show your calculations.

Information for Questions 30-33 Intercompany Depreciable Transactions Penn Co. owns 80% of Senn Co.’s stock.  On January 3, 20×4, Senn Co. sold equipment with an original cost of $30,000 and a carrying value of $12,000 to Penn Co. for $16,000. The equipment had a remaining useful life of 4 years and was depreciated using the straight-line method by both companies.   For your answers:  Round your answer to the nearest dollar. Enter your answer as a number with no decimal places and no dollar ($) sign. You may enter the number with or without the comma separator (e.g., 28,374 or 28374). For the fill in multiple blanks question, if there is no entry, you must enter a 0. Blanks are marked as incorrect answers. For partial credit: After stating your answer, show how you arrived at your answer. (e.g., 13,000 [= 7,000 from ” ” + 6,000 from ” “]) Include any explanations or logic used to arrive at your answer.

Based on the Information for Questions 25-29, prepare elimination (consolidation) entries for intercompany inventory transactions on December 31, 2024. Please use the following accounts: ‘Sales’, ‘Cost of goods sold’, and ‘Inventory’. Use question 25a to explain the logic you used to arrive at your answer. Elimination (Consolidation) Entries Account Debit Credit [Account1] [Debit1] [Credit1]      [Account2] [Debit2] [Credit2]           [Account3] [Debit3] [Credit3]    

Which culture still practices turning mirrors to the wall during the mourning period?