Pop Crop. Purchased all of Soda Company's shares on January 1, 20X5, for $180,000, and...
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Pop Crop. Purchased all of Soda Company's shares on January 1, 20X5, for $180,000, and uses equity method. On that date, the book value of the net assets reported by Soda was $150,000, and Soda's depreciable assets (with a five-year remaining useful life) had a fair value increment of $20,000. The adjusted trail balances for the two companies on December 31, 20X5, are as follows: Determine Income from Soda reported by Pop for 20X5. $ _____ Determine Investment in Soda reported by Pop ait12/31 20X5. $ _____ Determine Pop's Net Income for 20X5. $ _____ Determine Pop's Retained Earnings at 12/31/20X5. $ _____ Determine the following amounts reported it. the consolidated financial statements as of 12/31/20X5: bullet Depreciation Expense $ _____ bullet Net Income $ _____ bullet Retained Earnings $ _____ bullet Depreciable Assets (Net) $ _____ bullet Goodwill $ _____ bullet Investment in Soda $ _____ Give all elimination entries required on 12/31/20X5 to prepare consolidated financial statements
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