Expert answer:Spreadsheet

Solved by verified expert:Assignment Option #1: Intercompany Transactions – EquipmentUsing the data in the Option 1 Spreadsheet (linked at the bottom of the page), perform the accounting required for the elimination of each independent intercompany transaction:Prepare the book calculationsPerform the required journal entriesRequirements:Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading.
act470_studenttemplate_ct_mod04_opt1.xlsx

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Assume that Parent Company decides to sell Equipment (Cost = $10,000, Accumlated Deprecia
Show the sale and the subsequent elimination entries by Parent C
Parent Company Balance Sheet
Assets, Liabilities & Equities
Book Value
Cash
$1,500,000
AR
$10,000
Inventory
$200,000
Land
$640,000
Equipment
$400,000
Accumulated Depreciation
-$150,000
Patent
Total Assets
AP
Common Stock
Additional Paid In Capital
Retained Earnings
Total Liabilities & Equity
$0
$2,600,000
$100,000
$450,000
$600,000
$1,450,000
$2,600,000
Sub Company Balance Sheet
Assets, Liabilities & Equities
Book Value
Cash
$35,000
AR
$10,000
Inventory
$65,000
Land
$40,000
PP&E
$400,000
Accumulated Depreciation
-$150,000
Patent
$0
Total Assets
$400,000
AP
$100,000
Common Stock
$100,000
Additional Paid In Capital
$50,000
Retained Earnings
$150,000
Total Liabilities & Equity
$400,000
Assume that book Value = Fair Value
pment (Cost = $10,000, Accumlated Depreciation = $1,000) to Sub for $20,000 cash.
he subsequent elimination entries by Parent Company
Sale by Parent
Account
DR
CR
DR
CR
DR
CR
Acquisition by Sub
Account
Elimination Entries by Parent
Account
…
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