Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik

Exercise 13

Assume the same basic information as presented in problem (33) except that Monica employs the equity method of accounting. Hence, it reports $102,740 investment income for 2013 with an Investment account balance of $826,220. Under these circumstances, prepare the worksheet entries required for the consolidation of Monica Company and Young Company.