(Solution) 15 1/1/14 2014 Journal Entries For Herbert Inc. To Record The Acquistion Transaction Investment In Rambis Company Cash To Record Receipt Of Dividend... | Snapessays.com


(Solution) 15 1/1/14 2014 journal entries for Herbert Inc. To record the acquistion transaction Investment in Rambis Company Cash To record receipt of dividend...


Please assist with the attached files. All work must be shown. 1 of 2

 

15

 

2014 journal entries for Herbert Inc.

 

To record the acquis±on transac±on

 

1/1/14

 

Investment in Rambis Company

 

Cash

 

To record receipt of dividend

 

12/31/14

 

Cash

 

Investment in Rambis Company

 

To accrue the subsidiary income

 

12/31/14

 

Investment in Rambis Company

 

Equity in Subsidiary Earnings

 

To recognize amor±za±on on alloca±ons

 

12/31/14

 

Equity in Subsidiary Earnings

 

Investment in Rambis Company

 

Investment in Rambis

 

Equity in Subsidiary Earnings

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

Herbert's Internal Income

 

Add: Equity in Investee Income

 

Net Income

 

Retained Earnings 1/1/14

 

Add: Net Income

 

Less: Dividends Paid

 

Retained Earnings 12/31/14

 

2015 journal entries for Herbert Inc.

 

To record receipt of dividend

 

12/31/15

 

Cash

 

Investment in Rambis Company

 

To accrue the subsidiary income

 

12/31/15

 

Investment in Rambis Company

 

Equity in Subsidiary Earnings

 

To recognize amor±za±on on alloca±ons

 

12/31/15

 

Equity in Subsidiary Earnings

 

Investment in Rambis Company

 

Investment in Rambis

 

Equity in Subsidiary Earnings

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

Herbert's Internal Income

 

Add: Equity in Investee Income

 

Note: Since the equity method is used, Herbert's net income and retained earnings includes the accrual for the subsidiary's

 

income. So the consolidated retained earnings will be the same as Herbert's retained earnings

 


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This question was answered on: May 23, 2022

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