Tyler Company acquired all of Jasmine Companys outstanding stock on January 1, 2016, for $244,700...

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Accounting

Tyler Company acquired all of Jasmine Companys outstanding stock on January 1, 2016, for $244,700 in cash. Jasmine had a book value of only $169,500 on that date. However, equipment (having an eight-year remaining life) was undervalued by $61,600 on Jasmines financial records. A building with a 20-year remaining life was overvalued by $12,000. Subsequent to the acquisition, Jasmine reported the following:

Net Income Dividends Declared
2016 $ 54,600 $ 10,000
2017 88,800 40,000
2018 38,000 20,000

In accounting for this investment, Tyler has used the equity method. Selected accounts taken from the financial records of these two companies as of December 31, 2018, follow:

Tyler Company Jasmine Company
Revenuesoperating $ (480,000 ) $ (189,000 )
Expenses 275,000 151,000
Equipment (net) 336,000 61,500
Buildings (net) 302,000 70,200
Common stock (290,000 ) (78,300 )
Retained earnings, 12/31/18 (510,000 ) (169,000 )

Determine the following account balances as of December 31, 2018:

1)Investment in Jasmine Company

2) Equity in Subsidiary Earnings

3) Consolidated Net Income

4) Consolidated Equipment (net)

5) Consolidated Building (net)

6) Consolidated Goodwill (net)

7) Consolidated Common Stock

8) Consolidated Retained Earnings, 12/31/18

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