Adv. Acct. Test 1 MC

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Last updated 10:10 PM on 9/11/26
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6 Terms

1
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Parent’s JE for accrued interest from subsidiary

Debit Cash & Rec and credit RE

2
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Formula for differential and goodwill

Acq Price + FV of NCI - BV of NA = differential - excess FV over BV = goodwill

3
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JE for parent when exchanging a Bonds Payable for subsidiary stock that has a greater fair value (510,000) than par value (500,000)

Debit Investment in the company, and credit Bonds Payable for 500,000 and then credit Premium on B/P for 10,000

4
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Paren’ts JE for income

Debit investment in the company, and credit income from the company

5
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Parents JE for dividends

Debit cash and credit investment in the company

6
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Consolidation Entries to look for and the order

Equity (c/s,re), income, dividends, yearly depreciation/ impairment loss, differential, OG depreciation, intercompany payables and receivables