Facts: Parent Co paid $176,000 for 80% of the outstanding voting stock of Sub Co on January 1, 2018, when Sub Co’s stockholders’ equity consisted of $120,000 common stock and $60,000 retained earnings. This implied that the total fair value of Sub co is $220,000 ($176,000 / 80%). The company assigned the $40,000 excess fair value to previously unrecorded patents with a 10-year useful life.

Parent Co’s $36,800 income from Sub Co for 2018 consisted of 80% of Sub Co’s $50,000 net income less $3,200 ($40,000 / 10 year life * 80%) patent amortization. Parent Co’s investment in subsidiary account at December 31, 2018 consisted of the following:

Investment in Sub Co $176,000

Income from subsidiary 36,800

Less: Dividend from Sub Co(24,000)

Investment in subsidiary

$188,800

Required: Using the Excel file "Case 1 - Advanced accounting topics" and the worksheet "Consolidation," prepare and show the required adjusting and eliminating journal entries (in journal entry form) and complete the worksheet, posting the journal entries to the worksheet and completing the Consolidated column with the totals.

You wish to buy a cabin in 15 years. today, the cabin costs $150,000. you believe the price of the cabin will inflate at 4% annually. you want to invest a single amount of money (lump sum) today and have the money grow to equal the future purchase price of the cabin 15 years from now. if you can earn 10% annually on your investments, how much do you need to invest now, in order to be able to purchase the cabin?

Benton company (bc), a calendar year entity, has one owner, who is in the 37% federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). bc's gross income is $395,000, and its ordinary trade or business deductions are $245,000. ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. if required, round computations to the nearest dollar. a. bc is operated as a proprietorship, and the owner withdraws $100,000 for personal use. bc's taxable income for the current year is $ , and the tax liability associated with the income from the sole proprietorship is $ . b. bc is operated as a c corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . the shareholder's tax liability is $ . c. bc is operated as a c corporation and pays out no salary or dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . d. bc is operated as a c corporation, pays out $100,000 as salary, and pays out the remainder of its earnings as dividends. bc's taxable income for the current year is $ , and bc's tax liability is $ .

Georgia's gross pay was 35,600 this year she is to pay a federal income tax of 16% how much should georgia pay in federal income ax this year