Metro Corporation acquired 80 percent ownership of Dipper Corporation on January 1, 20X8, for $400,000. At that date, Dipper reported common stock outstanding of $150,000 and retained earnings of $300,000. The fair value of the noncontrolling interest was $100,000. The differential is assigned to equipment, which had a fair value which was $50,000 greater than book value and a remaining economic life of five years at the date of the business combination. Dipper reported net income of $80,000 and paid dividends of $40,000 in 20X8. Required: 1) Provide the journal entries recorded by Metro during 20X8 on its books if it accounts for its investment in Dipper using the equity method. 2) Give the eliminating entries needed at December 31, 20X8, to prepare consolidated financial statements.

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a. no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative. b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child. c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative. d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.