2017 journal entries for herbert inc. to record the

Order ready-to-submit essays. No Plagiarism Guarantee!

Note: Our papers are 100% human-written, not AI-generated. 

            2017   journal entries for Herbert Inc.           To record the acquistion   transaction               1-1-17 Investment in Rambis   Company                   Cash                               To record receipt of   dividend               12-31-17 Cash                       Investment in Rambis   Company                           To accrue the subsidiary   income               12-31-17 Investment in Rambis   Company                   Equity in Subsidiary   Earnings                           To recognize amortization   on allocations             12-31-17 Equity in Subsidiary   Earnings                   Investment in Rambis   Company                          Investment in Rambis  Equity in Subsidiary Earnings      –   –      –   –        –   –                            –         –                  Herbert’s Internal Income           Add: Equity in Investee Income           Net Income                        Retained Earnings 1/1/17           Add: Net Income           Less: Dividends Paid            Retained Earnings 12/31/17                      Note: Since   the equity method is used, Herbert’s net income and retained earnings   includes the accrual for the subsidiary’s income. So the consolidated   retained earnings will be the same as Herbert’s retained earnings                   2018 journal entries for   Herbert Inc.           To record receipt of   dividend               12-31-18 Cash                       Investment in Rambis   Company                           To accrue the subsidiary   income               12-31-18 Investment in Rambis   Company                   Equity in Subsidiary   Earnings                           To recognize amortization   on allocations             12-31-18 Equity in Subsidiary   Earnings                   Investment in Rambis   Company                          Investment in Rambis  Equity in Subsidiary Earnings      –   –      –   –        –   –                            –         –                  Herbert’s Internal Income           Add: Equity in Investee Income           Net Income                                    Retained Earnings 1/1/18           Add: Net Income           Less: Dividends Paid            Retained Earnings 12/31/18                     A 2017 Consolidated   Retained Earnings            B 2017 Consolidated   Retained Earnings            C 2018 Investment in Ramis   balance               D 2018 Investment in Ramis   balance