On January 1, 2019, P Co. acquired 80 percent of S Co. for $400,000 cash. S reported net income of $20,000 and dividends of $3,000 for 2019. On the date of acquisition, S reported common stock outstanding of $350,000 and retained earnings of $50,000. It held land with a book value of $180,000 and a market value of $200,000, and equipment with a book value of $80,000 and a market value of $98,000 at the date of combination. The remainder of the differential at acquisition was attributable to an increase in the value of patents, which had a remaining useful life of ten years. All depreciable assets held by S at the date of acquisition had a remaining economic life of eight years. P uses the equity method in accounting for its investment in S. Required:

Provide the journal entries recorded by P during 2019 on its books if it accounts for its investment in S.
Provide all consolidation entries needed at December 31, 2019, to prepare consolidated financial statements.

Exercise 8-6 goods in transit [lo8-2] the kwok company's inventory balance on december 31, 2016, was $190,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. goods shipped to kwok f.o.b. destination on december 20, 2016, were received on january 4, 2017. the invoice cost was $35,000. 2. goods shipped to kwok f.o.b. shipping point on december 28, 2016, were received on january 5, 2017. the invoice cost was $22,000. 3. goods shipped from kwok to a customer f.o.b. destination on december 27, 2016, were received by the customer on january 3, 2017. the sales price was $45,000 and the merchandise cost $27,000. 4. goods shipped from kwok to a customer f.o.b. destination on december 26, 2016, were received by the customer on december 30, 2016. the sales price was $25,000 and the merchandise cost $18,000. 5. goods shipped from kwok to a customer f.o.b. shipping point on december 28, 2016, were received by the customer on january 4, 2017. the sales price was $30,000 and the merchandise cost $17,000. required: determine the correct inventory amount to be reported in kwok's 2016 balance sheet.

After testing its water, a city water department issues a report to the related citizens, noting what chemicals have been identified, their doses, and the estimated risks of exposure at these levels. this report represents a type of

Wang distributors has an annual demand for an airport metal detector of 1 comma 350 units. the cost of a typical detector to wang is $400. carrying cost is estimated to be 19% of the unit cost, and the ordering cost is $24 per order. if ping wang, the owner, orders in quantities of 300 or more, he can get a 10% discount on the cost of the detectors. should wang take the quantity discount? \