Pigeon Company Owns 80% of the Outstanding Stock of Spiniflex

question 27

Essay

Pigeon Company owns 80% of the outstanding stock of Spiniflex Corporation,which was purchased on January 1,2008,when Spiniflex's book values were equal to its fair values.The amount paid by Pigeon included $16,000 for goodwill.
On January 1,2009,Pigeon purchased a truck for $40,000 which had no salvage value with a useful life of 8 years,depreciated on a straight-line basis.On January 1,2014,Pigeon sold the truck to Spiniflex Corporation for $18,000.The truck was estimated to have a three-year remaining life on this date and no salvage value.All affiliates use the straight-line depreciation method.
Required:
Prepare all relevant entries with respect to the truck.
1.Record the journal entries on Pigeon's books for 2014.
2.Record the journal entries on Spiniflex's books for 2014.
3.Prepare the consolidation entries required for Pigeon and subsidiary for 2014 as a result of this transaction.

Grasp the significance and purposes of colonial-era proclamations and their effects on Native American lands.

Comprehend the strategic importance of the Ohio Valley during the 18th century and its role in colonial and Native American relations.

Recognize the influence of Native American leaders and prophets in shaping the resistance against European influence and colonization.

Analyze the colonial strategies and interactions of European powers, particularly the French, in North America.

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Definitions:

Scrambled Merchandising

A retailing practice where stores carry a wide variety of product lines, often unrelated, to attract a broader customer base.

Hypermarkets

Large retail stores that combine a supermarket and a department store, offering a wide range of food and non-food items under one roof.

Evolutionary Psychology

A theoretical approach in psychology that examines the ways in which human psychological traits and behaviors are shaped by evolutionary forces.

Evolutionary Theory

A scientific theory which explains how organisms change over generations through the processes of natural selection and genetic variation.