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On January 1,2023, Payne Company bought a 15 percent Interest In Scout Company. The acquisition...

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Accounting

On January 1,2023, Payne Company bought a 15 percent Interest In Scout Company. The acquisition price of $194,500 reflected an assessment that all of Scout's accounts were falrly valued within the company's accounting records. During 2023, Scout reported net Income of $105,400 and declared cash dividends of $31,600. Payne possessed the ability to signlficantly Influence Scout's operations and, therefore, accounted for this investment using the equity method.
On January 1,2024, Payne acquired an additional 80 percent Interest in Scout and provided the following falr-value assessments of Scout's ownershlp components: Prepare a worksheet to consolidate the financial statements of these two companies as of December 31,2024.
At year-end, there were no intra-entity receivables or payables.
Note: For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the
worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive
values.
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