P Company Purchased 80% of the Outstanding Common Stock of S

question 20

Multiple Choice

P Company purchased 80% of the outstanding common stock of S Company on May 1, 2014, for a cash payment of $318,000.S Company's December 31, 2013 balance sheet reported common stock of $200,000 and retained earnings of $180,000.During the calendar year 2014, S Company earned $210,000 evenly throughout the year and declared a dividend of $75,000 on November 1.What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated workpaper on December 31, 2014?

• A)$52,000
• B)$65,000
• C)$62,000
• D)$108,000

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Definitions:

Acetylene

A colorless, flammable gas, C2H2, used as a fuel and a building block for organic synthesis, known for its high flame temperature when burned in oxygen.

Covalently Bonded

Atoms connected by bonds formed when they share one or more pairs of electrons.

Molecule

A molecule is a group of two or more atoms bonded together, representing the smallest fundamental unit of a chemical compound that can take part in a chemical reaction.

Hydrogen

The lightest and most abundant chemical element in the universe, symbolized as H.