Exam 5: Consolidation of Non-Wholly Owned Subsidiaries

On September 1,20X5,High Limited decided to buy 70% of the shares outstanding of Low Inc.for $630,000.High will pay for this acquisition by using cash of $500,000 and issuing share capital for the remaining amount.The balances showing on the statement of financial position for the two companies at August 31,20X5 are as follows: After a review of the financial assets and liabilities,High determines that some of the assets of Low have fair values different from their carrying values.These items are listed below: • Land has a fair value of 225,000 • The building has a fair value of 1,090,000.The remaining useful life of the building is 20 years. • Patent is $100,000.The patent is estimated to have a useful life of 5 years. During the 20X7 fiscal year,the following events occurred: 1.On March 1,20X7,Low sold land to High for $390,000,which had a carrying value of $275,000.High paid for this with $90,000 cash and a note payable for the difference.This note pays interest at 10% which is paid monthly. 2.High sold supplies (included in High sales)to Low for $200,000.Profit margin on these sales is 25%.Low still has supplies on hand of $70,000. 3.In 20X6,Low had provided seat space on flights to High for a value of $500,000.This amount was included in sales for Low.Profit margin on these sales is 40%.At the end of August,20X6,High still had an amount of $200,000 in these prepaid seats that had not yet been used.(High includes this in inventory. ) Statements of Financial Position As at August 31,20X7 Statements of Comprehensive Income For the year ended August 31,20X7 Required: Calculate the balances for the following consolidated balances of High at August 31,20X7 assuming High uses the entity approach: a.Goodwill b.Non-controlling interest c.Buildings and Equipment,net

Which consolidation method includes only the parent's share of a subsidiary's goodwill?

Bates Ltd.owns 60% of the outstanding common shares of Sam Ltd.During 20X6,sales from Sam to Bates were $200,000.Merchandise was priced to provide Sam with a gross margin of 20%.Bates' inventories contained $40,000 at December 31,20X5 and $15,000 at December 31,20X6 of merchandise purchased from Sam.Cost of goods sold for Bates and Sam for 20X6 on their separate-entity income statements were as follows: What is cost of goods sold on the consolidated income statement for 20X6?

Bates Ltd.owns 60% of the outstanding common shares of Sam Ltd.During 20X6,sales from Sam to Bates were $200,000.Merchandise was priced to provide Sam with a gross margin of 20%.Bates' inventories contained $40,000 at December 31,20X5 and $15,000 at December 31,20X6 of merchandise purchased from Sam.Cost of goods sold for Bates and Sam for 20X6 on their separate-entity income statements were as follows: What is the balance of the inventory account on Bates' consolidated statement of financial position at December 31,20X6?

Jordan Ltd.acquired 80% of Cool Co.in 20X1.During 20X1,Cool sold inventory to Jordan.At the end of 20X2,the goods were still in Jordan's inventory.Jordan correctly eliminated the $10,000 of unrealized profits on its 20X2 consolidated financial statements and the goods were finally sold in 20X3.In preparing its 20X3 consolidated financial statements,what adjustments should be made with respect to the previously unrealized profit?

On December 31,20X2,Bates Ltd.purchased 75% of the outstanding common shares of Ted Ltd.for $1,050,000 in cash.The balance sheets of Bates and Ted immediately before the acquisition were as follows (in 000s): At the time of acquisition,Ted's capital assets still had a remaining useful life Of ten years.What is the amount of the adjustment to the net book value of capital assets on the consolidated statement of financial position at December 31,20X2 under the parent-company approach?

What is the purpose of showing an allocation of the net income between the parent and the subsidiary companies on the consolidated statement of comprehensive income?

Bates Ltd.owns 60% of the outstanding common shares of Sam Ltd.During 20X6,sales from Sam to Bates were $200,000.Merchandise was priced to provide Sam with a gross margin of 20%.Bates' inventories contained $40,000 at December 31,20X5 and $15,000 at December 31,20X6 of merchandise purchased from Sam.Cost of goods sold for Bates and Sam for 20X6 on their separate-entity income statements were as follows: What is the non-controlling interest's share of the consolidation adjustments on the income statement for the year ended December 31,20X6?

Portia Ltd.acquired 80% of Siro Ltd.on December 31,20X0.At the acquisition date,Siro's net assets totalled $15,000.Portia uses the cost method to record the acquisition.At December 31,20X1,the separate-entity financial statements showed the following: During 20X1,Siro sold $7,000 of goods,with a gross margin of 40%,to Portia.At the end of 20X1,$3,000 of the goods were still in Portia's inventory.What amount should be shown on the consolidated statement of financial position for the non-controlling interest at December 31,20X1?

Which consolidation method does not include incorporating 100% of a subsidiary's revenues and expenses?

On December 31,20X5,Paper Co.purchased 60% of the outstanding common shares of Book Ltd.for $760,000 in shares and $200,000 in cash.The statements of financial position of Paper and Book immediately before the acquisition and issuance of the notes payable were as follows (in 000s): The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,nets) Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net" class="answers-bank-image d-inline" loading="lazy" > The difference in the carrying value and the fair value of the capital assets for Book relates to its office building.This building has an estimated 20 years remaining of useful life. During 20X6,the year following the acquisition,the following occurred: 1.Throughout the year,Book purchased merchandise of $800,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $250,000 on this merchandise.75% of this merchandise was resold by Book prior to December 31,20X6. 2.Throughout the year,Book sold merchandise to Paper totalling $500,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 60% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X6 and Paper paid dividends of $500,000. During 20X7,the following occurred: 1.Throughout the year,Book purchased merchandise of $1,000,000 from Paper.Paper's gross margin is 30% of selling price.At December 31,20X6,Book still owed Paper $150,000 on this merchandise.85% of this merchandise was resold by Book prior to December 31,20X7. 2.Throughout the year,Book sold merchandise to Paper totalling $650,000.The gross margin in these products is 25%.At the end of 20X6,Paper had not yet resold 40% of this merchandise. 3.Management fees were paid to Paper from Book totalling $250,000. 4.Book paid dividends of $250,000 at the end of 20X7 and Paper paid dividends of $500,000. 5.Paper uses the cost method to report its investment in Book. Statements of Financial Position As at December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d055_8673_1dfe378b5f0b_TB1557_00 Statements of Comprehensive Income For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_d056_8673_f38479e292e5_TB1557_00 Statements of Changes in Equity - Retained Earnings Section For the year ended December 31,20X7 (in thousands of $'s) 11ea7fc9_1097_f767_8673_0b473c8c4909_TB1557_00 Required: Calculate the following items as they would appear on the Paper Co.'s consolidated statement of financial position at December 31,20X7 under the entity method: a.Goodwill b.Non-controlling interest c.Capital assets,net

On December 31,20X2,the Esther Company purchased 80% of the outstanding common shares of the Jane Company for $7.5 million in cash.On that date,the shareholders' equity of Jane totalled $6 million and consisted of $1 million in no par common shares and $5 million in retained earnings.Both companies use the straight-line method to calculate depreciation and amortization.Goodwill,if any arises as a result of this business combination,is written down if there is a permanent impairment in its value. For the year ending December 31,20X4,the statements of comprehensive income for Esther and Jane were as follows: At December 31,20X4,the condensed statements of financial position for the two companies were as follows: OTHER INFORMATION: 1.On December 31,20X2,Jane had a building with a fair value that was $450,000 greater than its carrying value.The building had an estimated remaining useful life of 15 years. 2.On December 31,20X2,Jane had inventory with a fair value that was $150,000 less than its carrying value.This inventory was sold in 20X3. 3.During 20X3,Jane sold merchandise to Esther for $100,000,a price that included a gross profit of $50,000.During 20X3,40% of this merchandise was resold by Esther and the other 60% remained in its December 31,20X3 inventories.On December 31,20X4,the inventories of Esther contained merchandise purchased from Jane on which Jane had recognized a gross profit in the amount of $20,000.Total sales from Jane to Esther were $150,000 during 20X4. 4.During 20X4,Esther declared and paid dividends of $300,000 while Jane declared and paid dividends of $100,000. 5.Esther accounts for its investment in Jane using the cost method. Required: Calculate the retained earnings balance on the consolidated statement of financial position as at December 31,20X4 under the entity method.

On December 31,20X6,the statements of financial position of the Power Company and the Pro Company are as follows (amounts in thousands): Power Company has 100,000 shares of common stock outstanding.Pro Company has 45,000 shares outstanding.All assets and liabilities have book value equal to fair values,except as noted above. The plant and equipment has an estimated remaining useful life of nine years from the date of acquisition.The long term liabilities mature on December 31,2010.Market value of the new shares issued was $90 per share at issuance. Required: Assume that 90% of the outstanding shares of Pro were acquired for cash of $8.1 million.Calculate goodwill and the non-controlling interest on the consolidated balance sheet at December 31,20X6 under the entity method and the parent-company extension method.Explain the differences between the two balances for goodwill.

Taguchi Ltd.owns 80% of Shag Co.Shag declared and paid $100,000 in dividends.Taguchi uses the cost method to record its investment in Shag.In preparing Taguchi's consolidated financial statements,what elimination entry must be made with respect to the dividends?

How is the consolidated ending retained earnings balance calculated?

Portia Ltd.acquired 80% of Siro Ltd.on December 31,20X0.At the date of acquisition,Siro's net assets totalled $15,000.Portia uses the cost method to record the acquisition.At December 31,20X1,the separate-entity financial statements showed the following: During 20X1,Siro sold $7,000 of goods,with a gross margin of 40%,to Portia.At the end of 20X1,$3,000 of the goods were still in Portia's inventory.What portion of consolidated net income for 20X1 is attributable to Portia?