Operating expensesOther comprehensive income4,0003,200(700)(20)Total$4$4On the consolidated balance sheet at December 31, 2020, what is the balance for consolidated retained earnings?Select one:A. $22,600B. $21,960C. $22,190D. $20,000 On January 1, 2019, Pali Company acquired 75% of Silicon Company's voting stock for $44,300 in cash. The noncontrolling interest had anestimated fair value of $12,700. Silicon's assets and liabilities at the date of acquisition were reported at amounts approximating fair value,but it had previously unreported indefinite life identifiable intangibles valued at $21,000. Silicon's total shareholders' equity at January 1,2019 was as follows:Capital stock$ 2,000Retained earnings2,900Accumulated other comprehensive income100Total$ 5,000It is now December 31, 2020 (two years later). Identifiable intangibles impairment for 2019 was $1,000 and there was no goodwillimpairment. There is no identifiable intangibles impairment for 2020, but goodwill impairment for 2020 is $200. Pali uses the completeequity method to account for its investment. December 31, 2020 trial balances for Pali and Silicon follow.PaliSiliconDr (Cr)Dr (Cr)5,00042,000Current assets$4241,000Property, net28,000IntangiblesInvestment in Silicon45,892GoodwillLiabilities(53,887)(20,664)Capital stockRE, beginningAOCI, beginning(15,000)(2,000)(20,000)(4,400)(1,100)(116)Sales revenue(25,000)(14,000)Equity in net income of Silicon(1,190)Equity in OCI of SiliconCost of goods sold(15)20,0009,000

Consolidated retained earnings is the element of the stakeholders equity on the balance sheet which…

Answered: n the consolidated balance sheet at…

n the consolidated balance sheet at December 31, 2020, what is the balance for consolidated retained earnings? lect one: A. $22,600 B. $21,960 C. $22,190

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 8MC

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On January 1, 2019, Vachirawit Company acquired 80% of Metawin Company's common stock for 280,000 cash. At that date, Metawin reported common stock outstanding of 200,000 and retained earnings of 100,000 and the fair value of Metawin's assets and liabilities were equal, except for other intangible assets, which has a fair value 50,000 greater than book value and an 8- year remaining life. Metawin reported the following data for 2019 and 2020: Year Net Income Comprehensive Income Dividends Paid 2019 25,000 30,000 5,000 2020 35,000 45,000 10,000 Vachirawit reported separate net income from own operations of 100,000 and paid dividends of 30,000 for both years. What is the amount of comprehensive attributable to the controlling interest in 2020?
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