For Each of the Following Situations (1 - 10),select the Correct

question 7

Essay

For each of the following situations (1 - 10),select the correct entry (a - e)that would be required on a consolidated worksheet.
(A. )Debit retained earnings.
(B. )Credit retained earnings.
(C. )Debit investment in subsidiary.
(D. )Credit investment in subsidiary.
(E. )None of the above.
___ 1.Upstream beginning inventory profit,using the initial value method.
___ 2.Downstream beginning inventory profit,using the initial value method.
___ 3.Upstream ending inventory profit,using the initial value method.
___ 4.Downstream ending inventory profit,using the initial value method.
___ 5.Upstream transfer of depreciable assets in the period after transfer where subsidiary recognizes a gain,using the initial value method.
___ 6.Downstream transfer of depreciable assets in the period after transfer where parent recognizes a gain,using the initial value method.
___ 7.Upstream transfer of land in the period after transfer where subsidiary recognizes a loss,using the initial value method.
___ 8.Downstream transfer of land in the period after transfer where parent recognizes a loss,using the initial value method.
___ 9.Income from subsidiary,using the equity method.
___ 10.Amortization of cost over book value,using the equity method.

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