Use the Following Information to Answer the Question(s) Below

question 34

Essay

Use the following information to answer the question(s) below.
On January 1, 2014, Penelope Company acquired a 90% interest in Leah Company for $180,000 cash. On January 1, 2014, Leah Company had the following assets and liabilities:
Push-down accounting is used for the acquisition.
-On January 1, 2014, Brody Company acquired an 80% interest in Kristin Company for $240,000 cash. On January 1, 2014, Kristin Company had the following assets and liabilities:
Push-down accounting is used for the acquisition. Both companies use the entity theory.
Required:
1. What is the goodwill associated with Kristin Company on January 1, 2014?
2. Prepare the journal entry(ies) on Kristin's books on January 1, 2014.
3. Prepare the journal entry(ies) on Brody's books on January 1, 2014.
4. Prepare the elimination entry(ies) on the consolidating working papers on January 1, 2014.

Identify key concepts and techniques used in insight and behavior therapies.

Recognize the role of therapist-client relationship in therapeutic outcomes.

Distinguish between insight therapies and behavior therapies.

Comprehend the importance of bringing unconscious feelings to consciousness.

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Definitions:

Accounting Process

A systematic method of recording, summarizing, and reporting a company's financial transactions.

Financial Information

Data related to the financial status and operations of an entity, including assets, liabilities, revenue, and expenses.

Sole Proprietorships

Sole Proprietorships are businesses owned and operated by a single individual, with no legal distinction between the owner and the business.

Sarbanes-Oxley Act

A U.S. law enacted in 2002 to protect investors from fraudulent financial reporting by corporations.