(Solved by Humans)-PROBLEM 4 ( A CONTINUATION OF HARRY AND POTTER) BELOW ARE THE UNCONSOLIDATED INCOME STATEMENTS AND B

Paper Details

PROBLEM 4    ( A CONTINUATION OF HARRY AND POTTER) BELOW ARE THE UNCONSOLIDATED INCOME STATEMENTS AND BALANCE SHEETS OF HARRY AND POTTER FOR 2014.                                                             INCOME STATEMENT                                                                         HARRY                                   POTTER REVENUE                                                      5,000,000                            600,000 DEPRECIATION                                           1,000,000                            100,000 OTHER EXPENSES                                       1,000,000                            200,000 INVESTMENT INCOME                                          A                                             0 NET INCOME                                               B                                              300,000                                                                                                                    HARRY                                   POTTER CASH                                                              1,000,000                            800,000 ACCTS RECEIVABLE                                    8,000,000                            500,000 LAND                                                             9,000,000                            300,000 EQUIPMENT                                                9,000,000                            900,000 A/D EQUIPMENT                                    (3,000,000)                         (200,000) INVESTMENT IN POTTER                          C TOTAL ASSETS                                           D ACCTS PAYABLE                                   5,000,000                                400,000 COMMON STOCK                              20,000,000                              1,000,000 RETAINED EARNINGS                      E                                                  900,000 TOTAL EQUITY                                  F                                             1,900,000 TOTAL LIA +EQUITY                      G                                               2,300,000 AT THE BEGINNING OF THE YEAR, BOTH HARRYAc€?cS AND POTTERAc€?cS EQUIPMENT HAD A 9 YEAR REMAINING LIFE WITH NO SALVAGE. HINT: DONAc€?cT FORGET DIVIDENDS REQUIRED: USING WHICHEVER OF THE 3 METHODS YOU CHOOSE (INITIAL VALUE, PARTIAL EQUITY OF FULL EQUITY) DETERMINE THE VALUES FOR A THROUGH G PREPARE THE WORKSHEET ENTRIES NEEDED FOR THE CONSOLIDATION PREPARE THE CONSOLIDATED INCOME STATEMENT PREPARE THE CONSOLDIATED BALANCE SHEET.