Walton Manufacturing Company was started on January 1, 2018, when it acquired $85,000 cash by issuing common stock. Walton immediately purchased office furniture and manufacturing equipment costing $9,100 and $26,400, respectively. The office furniture had an 8-year useful life and a zero salvage value. The manufacturing equipment had a $3,000 salvage value and an expected useful life of three years. The company paid $11,800 for salaries of administrative personnel and $15,900 for wages to production personnel. Finally, the company paid $7,050 for raw materials that were used to make inventory. All inventory was started and completed during the year. Walton completed production on 4,100 units of product and sold 3,100 units at a price of $14 each in 2018. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)

Required

Determine the total product cost and the average cost per unit of the inventory produced in 2018. (Round "Average cost per unit" to 2 decimal places.)

Determine the amount of cost of goods sold that would appear on the 2018 income statement. (Do not round intermediate calculations.)

Determine the amount of the ending inventory balance that would appear on the December 31, 2018, balance sheet. (Do not round intermediate calculations.)

Determine the amount of net income that would appear on the 2018 income statement.

Determine the amount of retained earnings that would appear on the December 31, 2018, balance sheet.

Determine the amount of total assets that would appear on the December 31, 2018, balance sheet.

On January 1, 2017, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,190,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $850,000, retained earnings of $400,000, and a noncontrolling interest fair value of $510,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing.

During the next two years, Smashing reported the following:

Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2017 and 2018, 50 percent of the current year purchases remain in Smashing's inventory.

A. Prepare the worksheet adjustments for the December 31, 2018, consolidation of Corgan and Smashing.

On January 1, 2017, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,190,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $850,000, retained earnings of $400,000, and a noncontrolling interest fair value of $510,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing.

During the next two years, Smashing reported the following:

Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2017 and 2018, 50 percent of the current year purchases remain in Smashing's inventory.

A. Prepare entry *G

B. Prepare entry S

C. Prepare entry A

On January 1, 2017, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,190,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $850,000, retained earnings of $400,000, and a noncontrolling interest fair value of $510,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing.

During the next two years, Smashing reported the following:

Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2017 and 2018, 50 percent of the current year purchases remain in Smashing's inventory.

Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2018.

Swann Company sold a delivery truck on April 1, 2016. Swann had acquired the truck on January 1, 2012, for $39,500. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $4,000. At December 31, 2015, the truck had a book value of $11,100.

Required:

On January 1, 2017, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,540,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $950,000, retained earnings of $500,000, and a noncontrolling interest fair value of $660,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing.

During the next two years, Smashing reported the following:

Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2017 and 2018, 30 percent of the current year purchases remain in Smashing's inventory.

A.) Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2018.

B.) Prepare the worksheet adjustments for the December 31, 2018, consolidation of Corgan and Smashing.

(Please give me the Considaltion worksheet entries for entries G, S, A, I, D, E, TI, G

On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $855,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $860,000 and Retained Earnings of $43,000. The acquisition-date fair value of the 10 percent noncontrolling interest was $95,000. QuickPort attributed the $47,000 excess of NetSpeed's fair value over book value to a database with a five-year remaining life.

During the next two years, NetSpeed reported the following:

On July 1, 2017, QuickPort sold communication equipment to NetSpeed for $33,100. The equipment originally cost $37,800 and had accumulated depreciation of $7,100 and an estimated remaining life of three years at the date of the intra-entity transfer.

Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2018.

Prepare the worksheet adjustments for the December 31, 2018, consolidation of QuickPort and NetSpeed.

Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $452,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $645,000 and the fair value of the 20 percent noncontrolling interest was $113,000. No excess fair value over book value amortization accompanied the acquisition.

The following selected account balances are from the individual financial records of these two companies as of December 31, 2018:

Each of the following problems is an independent situation:

• Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $102,000 in 2017 and $122,000 in 2018. Of this inventory, Seacraft retained and then sold $40,000 of the 2017 transfers in 2018 and held $54,000 of the 2018 transfers until 2019.
  Determine balances for the following items that would appear on consolidated financial statements for 2018:
• Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $62,000 in 2017 and $92,000 in 2018. Of this inventory, $33,000 of the 2017 transfers were retained and then sold by Protrade in 2018, whereas $47,000 of the 2018 transfers were held until 2019.
  Determine balances for the following items that would appear on consolidated financial statements for 2018:
• Protrade sells Seacraft a building on January 1, 2017, for $104,000, although its book value was only $62,000 on this date. The building had a five-year remaining life and was to be depreciated using the straight-line method with no salvage value.
  Determine balances for the following items that would appear on consolidated financial statements for 2018:

Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2017, by paying $610,500 for the 40,700 shares. Quayle declared and paid $0.40 per share cash dividends on March 15, June 15, September 15, and December 15, 2017. Quayle reported net income of $315,000 for the year. At December 31, 2017, the market price of Quayle common stock was $26 per share.

Prepare the journal entries for Heidebrecht Design for 2017 assuming Heidebrecht Design cannot exercise significant influence over Quayle. (Use the cost method and assume that Quayle common stock should be classified as a trading security.)

Prepare the journal entries for Heidebrecht Design for 2017, assuming Heidebrecht Design can exercise significant influence over Quayle. Use the equity method

Indicate the balance sheet and income statement account balances at December 31, 2017, under each method of accounting.

On January 1, 20X2, Prost Company acquired all of SKK Corporation’s assets and liabilities by issuing 24,100 shares of its $6 par value common stock. At that date, Prost shares were selling at $24 per share. Historical cost and fair value balance sheet data for SKK at the time of acquisition were as follows: Balance Sheet Item Historical Cost Fair Value Cash & Receivables $ 24,000 $ 24,000 Inventory 106,000 111,000 Buildings & Equipment 605,000 450,000 Less: Accumulated Depreciation (231,000 ) Total Assets $ 504,000 $ 585,000 Accounts Payable $ 49,000 $ 49,000 Notes Payable 74,000 72,000 Common Stock ($10 par value) 177,000 Retained Earnings 204,000 Total Liabilities & Equities $ 504,000 Prost paid legal fees for the transfer of assets and liabilities of $22,000. Prost also paid audit fees of $26,000 and listing application fees of $15,000, both related to the issuance of new shares. Required: Prepare the journal entries made by Prost to record the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the costs of issuing stock.

Note: Enter debits before credits.