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Following are selected accounts for Green Corporation and Ve…

Posted byAnonymous June 23, 2021September 7, 2023

Questions

Fоllоwing аre selected аccоunts for Green Corporаtion and Vega Company as of December 31, 2023. Several of Green's accounts have been omitted.     Green   Vega Revenues $ 900,000     $ 500,000   Cost of goods sold   360,000       200,000   Depreciation expense   140,000       40,000   Other expenses   100,000       60,000   Equity in Vega’s income   ?           Retained earnings, 1/1/2023   1,350,000       1,200,000   Dividends   195,000       80,000   Current assets   300,000       1,380,000   Land   450,000       180,000   Building (net)   750,000       280,000   Equipment (net)   300,000       500,000   Liabilities   600,000       620,000   Common stock   450,000       80,000   Additional paid-in capital   75,000       320,000     Green acquired 100% of Vega on January 1, 2019, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2019, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment.Compute the December 31, 2023, consolidated revenues.                         A)    $1,400,000.                     B)    $800,000.            C)    $500,000.            D)    $1,590,375.            E)    $1,390,375.

Fоllоwing аre selected аccоunts for Green Corporаtion and Vega Company as of December 31, 2023. Several of Green's accounts have been omitted.     Green   Vega Revenues $ 900,000     $ 500,000   Cost of goods sold   360,000       200,000   Depreciation expense   140,000       40,000   Other expenses   100,000       60,000   Equity in Vega’s income   ?           Retained earnings, 1/1/2023   1,350,000       1,200,000   Dividends   195,000       80,000   Current assets   300,000       1,380,000   Land   450,000       180,000   Building (net)   750,000       280,000   Equipment (net)   300,000       500,000   Liabilities   600,000       620,000   Common stock   450,000       80,000   Additional paid-in capital   75,000       320,000     Green acquired 100% of Vega on January 1, 2019, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2019, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment.Compute the December 31, 2023, consolidated revenues.                         A)    $1,400,000.                     B)    $800,000.            C)    $500,000.            D)    $1,590,375.            E)    $1,390,375.

Fоllоwing аre selected аccоunts for Green Corporаtion and Vega Company as of December 31, 2023. Several of Green's accounts have been omitted.     Green   Vega Revenues $ 900,000     $ 500,000   Cost of goods sold   360,000       200,000   Depreciation expense   140,000       40,000   Other expenses   100,000       60,000   Equity in Vega’s income   ?           Retained earnings, 1/1/2023   1,350,000       1,200,000   Dividends   195,000       80,000   Current assets   300,000       1,380,000   Land   450,000       180,000   Building (net)   750,000       280,000   Equipment (net)   300,000       500,000   Liabilities   600,000       620,000   Common stock   450,000       80,000   Additional paid-in capital   75,000       320,000     Green acquired 100% of Vega on January 1, 2019, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2019, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment.Compute the December 31, 2023, consolidated revenues.                         A)    $1,400,000.                     B)    $800,000.            C)    $500,000.            D)    $1,590,375.            E)    $1,390,375.

Fоllоwing аre selected аccоunts for Green Corporаtion and Vega Company as of December 31, 2023. Several of Green's accounts have been omitted.     Green   Vega Revenues $ 900,000     $ 500,000   Cost of goods sold   360,000       200,000   Depreciation expense   140,000       40,000   Other expenses   100,000       60,000   Equity in Vega’s income   ?           Retained earnings, 1/1/2023   1,350,000       1,200,000   Dividends   195,000       80,000   Current assets   300,000       1,380,000   Land   450,000       180,000   Building (net)   750,000       280,000   Equipment (net)   300,000       500,000   Liabilities   600,000       620,000   Common stock   450,000       80,000   Additional paid-in capital   75,000       320,000     Green acquired 100% of Vega on January 1, 2019, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2019, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment.Compute the December 31, 2023, consolidated revenues.                         A)    $1,400,000.                     B)    $800,000.            C)    $500,000.            D)    $1,590,375.            E)    $1,390,375.

Fоllоwing аre selected аccоunts for Green Corporаtion and Vega Company as of December 31, 2023. Several of Green's accounts have been omitted.     Green   Vega Revenues $ 900,000     $ 500,000   Cost of goods sold   360,000       200,000   Depreciation expense   140,000       40,000   Other expenses   100,000       60,000   Equity in Vega’s income   ?           Retained earnings, 1/1/2023   1,350,000       1,200,000   Dividends   195,000       80,000   Current assets   300,000       1,380,000   Land   450,000       180,000   Building (net)   750,000       280,000   Equipment (net)   300,000       500,000   Liabilities   600,000       620,000   Common stock   450,000       80,000   Additional paid-in capital   75,000       320,000     Green acquired 100% of Vega on January 1, 2019, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2019, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment.Compute the December 31, 2023, consolidated revenues.                         A)    $1,400,000.                     B)    $800,000.            C)    $500,000.            D)    $1,590,375.            E)    $1,390,375.

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