cxttiemsp021
24.06.2019 •
Business
Stiller company, an 80% owned subsidiary of leo company, purchased land from leo on march 1, 2012, for $75,000. the land originally cost leo $60,000. stiller reported net income of $125,000 and $140,000 for 2012 and 2013, respectively. leo uses the equity method to account for its investment. on a consolidation worksheet, having used the equity method, what adjustment would be made for 2013 regarding the land transfer?
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Ответ:
$260,000
Explanation:
Calculation to determine the balance in retained earnings on December 31, 2019
Beginning retained earnings account credit balance $200,000
Add Net income of $140,000
Less Dividends ($80,000)
Retained earnings on December 31, 2019 $260,000
( $200,000 + $140,000 - $80,000)
Therefore the balance in retained earnings on December 31, 2019 will be $260,000