Playoff Corporation acquired 80 percent ownership of Squire Corporation on January 1, 2019, for $200,000. At that date, Squire reported common stock outstanding of $75,000 and retained earnings of $150,000. The fair value of the noncontrolling interest was $50,000. The differential is assigned to equipment, which had a fair value $25,000 greater than book value and a remaining economic life of five years at the date of the business combination. Squire reported net income of $40,000 and paid dividends of $20,000 in 2019. Part 1 Provide the journal entries recorded by Playoff during 2019 on its books if it accounts for its investment in Squire using the equity method. Part 2 Prepare the eliminating entries needed at December 31, 2019, to generate consolidated financial statements. Part 3 What should be the balance of Non-controlling Interest in Net Assets as of December 31, 2019 on the Consolidated Balance Sheet

The mccolls have made an offer on a new home. the home is new construction and scheduled to be completed by the end of the year. they provide a purchase deposit--a check in the amount of $40,000--to their agent, suzette. suzette, at the broker's direction, deposits the earnest money in the broker's trust fund account within two business days of receipt of the funds. did suzette follow the proper procedures? a. no, the check should not have been cashed. if a check is used as an earnest money deposit, it is to be held until acceptance of the offer. the seller must also be informed the buyer's check is being held and not negotiated. b. yes, suzette deposited the earnest money in the broker's trust fund account as directed. she also deposited the check within three business days of receipt. unless there were written instructions to hold the check until acceptance of the offer, the check may be cashed. c. no, suzette needed to deposit the earnest money in the broker's trust fund account within two days of receipt, not necessarily two business days. d. both a and c