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Posted: February 22nd, 2023
ON 1/1/2000 SANDERS COMPANY PURCHASED ALL OF THE STOCK OF CLINTON COMPANY
PROBLEM 1: ON 1/1/2000 SANDERS COMPANY PURCHASED ALL OF THE STOCK OF CLINTON COMPANY AT BOOK VALUE. ON 12/1/2014 SANDERS SOLD MERCHANDISE TO CLINTON. THIS MERCHANDISE WAS SOLD ON CREDIT FOR $400,000 AND HAD COST SANDERS $160,000. AT THE END OF 2014 NONE OF THIS INVENTORY HAD BEEN SOLD AND THE OBLIGATION HAD NOT BEEN PAID.IN 2015 CLINTON SOLD ¾ OF THIS MERCHANDISE FOR $325,000 AND PAID OFF THE ACCOUNT PAYABLEIN 2016 CLINTON SOLD THE REMAINDER OF THIS MERCHANDISE FOR $108,000.THE INCOME STATEMENTS FOR 2014, 2015 AND 2016 ARE AS FOLLOWS: 2014 SANDERS CLINTONSALES $5,000,000 $1,000,000COGS $3,000,000 $400,000G/P $2,000,000 $600,000INVEST INC. 600,000 0INCOME $2,000,000 $600,000[note: SANDERS uses partial equity for investment in CLINTON] 2015 SANDERS CLINTONSALES $5,000,000 $1,000,000COGS $3,000,000 $400,000G/P $2,000,000 $600,000INVEST INC. 600,000 0INCOME $2,000,000 $600,000[note: SANDERS uses partial equity for investment in CLINTON] 2016 SANDERS CLINTONSALES $5,000,000 $1,000,000COGS $3,000,000 $400,000G/P $2,000,000 $600,000INVEST INC. 600,000 0INCOME $2,000,000 $600,000[note: SANDERS uses partial equity for investment in CLINTON]REQUIRED:1) Make the entry SANDERS makes when it sells the merchandise to CLINTON in 20142) Make the entry CLINTON makes when it buys the merchandise3) Make the necessary worksheet entries needed in 2014 connected with the inventory transaction4) Prepare a 2014 consolidated income statement5) Prepare the entry CLINTON makes when it pays SANDERS in 20156) Make the entry CLINTON makes when it sells the merchandise acquired from SANDERS in 20157) Make the necessary worksheet entries needed in 2015 connected with inventory8) Prepare a 2015 consolidated income statement9) Make the necessary worksheet entries needed in 2016 connected with inventory10) Prepare a 2016 consolidated income statement
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