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23. Topic: Consolidation working paper, first year (16pts) Portobello Company bought all of Strata Company's voting...
On January 1, 2019, Pali Company acquired 75% of Silicon Company's voting stock for $44,300 in...
On January 1, 2019, Pali Company acquired 75% of Silicon Company's voting stock for $44,300 in cash. The noncontrolling interest had an estimated fair value of $12,700. Silicon's assets and liabilities at the date of acquisition were reported at amounts approximating fair value, but it had previously unreported indefinite life identifiable intangibles valued at $21,000. Silicon's total shareholders' equity at January 1, 2019 was as follows: Capital stock $ 2,000 Retained earnings 2,900 Accumulated other comprehensive income 100 Total $...
On January 1, 2017, Dirt Company acquired all of Cat Company's voting stock for $16,000 in...
On January 1, 2017, Dirt Company acquired all of Cat Company's voting stock for $16,000 in cash. Some of Cat's identifiable assets at the date of acquisition had fair values that are different from reported values, as follows: Fair Value Book Value Plant assets, net (20-year remaining life, straight-line) 3,000 11,000 Identifiable intangibles that should be capitalized (5-year remaining life, straight-line) 10,000 0 Cat's total shareholders' equity at January 1, 2017, was $4,000. It is now December 31, 2020 (four...
Can you do part a only? Part A 16. Pacer Hotels bought 80% of Southern Resorts'...
Can
you do part a only?
Part A
16. Pacer Hotels bought 80% of Southern Resorts' voting stock on January 1, 2020 for $35,000. The fair value of the noncontrolling interest in Southern was $7,000 at the date of acquisition. Fair value information on Southern's assets and liabilities at the date of acquisition is as follows: • Property and equipment is overvalued by $7,000. P&E has a 10-year remaining life, straight-line. Previously unreported identifiable intangibles are valued at $8,000. These...
7. The following information pertains to questions 7-14 On January 1, 2019, Pali Company acquired 75% of Silicon C...
7. The following information pertains to questions 7-14 On January 1, 2019, Pali Company acquired 75% of Silicon Company's voting stock for $44,300 in cash. The noncontrolling interest had an estimated fair value of $12,700. Silicon's assets and liabilities at the date of acquisition were reported at amounts approximating fair value, but it had previously unreported indefinite life identifiable intangibles valued at $21,000. Silicon's total shareholders' equity at January 1, 2019 was as follows: Capital stock Retained earnings Accumulated other...
Precision Company acquires all of Springfield Company's voting stock for $5,000,000 in cash. Information on Springfield's...
Precision Company acquires all of Springfield Company's voting stock for $5,000,000 in cash. Information on Springfield's assets and liabilities at the date of acquisition is as follows: Book Value Dr (Cr) Fair Value Dr (Cr) Current assets $ 500,000 $ 700,000 Land, buildings and equipment (net) 2,000,000 3,500,000 Liabilities (600,000) (550,000) Capital stock (500,000) Retained earnings (1,400,000) In addition, Springfield Company has unrecorded identifiable intangible assets, in the form of brand names and lease agreements, with a total estimated fair...
Precision Company acquires all of Springfield Company's voting stock for $5,000,000 in cash. Information on Springfield's...
Precision Company acquires all of Springfield Company's voting stock for $5,000,000 in cash. Information on Springfield's assets and liabilities at the date of acquisition is as follows: Book Value Dr (Cr) Fair Value Dr (Cr) Current assets $ 500,000 $ 700,000 Land, buildings and equipment (net) 2,000,000 3,500,000 Liabilities (600,000) (550,000) Capital stock (500,000) Retained earnings (1,400,000) In addition, Springfield Company has unrecorded identifiable intangible assets, in the form of brand names and lease agreements, with a total estimated fair...
On 1/1/17, Dirt Company acquired all of Cat Company's voting stock for $16,000 cash. Some of...
On 1/1/17, Dirt Company acquired all of Cat Company's voting stock for $16,000 cash. Some of Cat's identifiable assets at the date of acquisition has fair values that are different from reported values as follows: Fair Book Value Value Plant assets, net (20-year remaining life, straight-line) $3,000 $11,000 Identifiable intangibles that should be capitalized(5-year remaining life, straight-line) $10,000 0 Cat's total shareholder's equity at 1/1/17 was $4,000. Its now 12/31/20. Cumulative impairment for the goodwill recognized on this acquisition, to...
Consolidation Working Paper, Noncontrolling Interest, Intercompany Inventory Transactions Peninsula Industries and Seaport Company, an 85 percent...
Consolidation Working Paper, Noncontrolling Interest, Intercompany Inventory Transactions Peninsula Industries and Seaport Company, an 85 percent owned subsidiary, engage in extensive intercompany transactions involving raw material,component parts,and completed products. Peninsula acquired its interest in Seaport several years ago, at a cost of $24,575,000. At that time, Seaport's book value was $1,500,000 and the fair value of the noncontrolling interest in Seaport was $2,925,000. The excess of acquisition cost over book value was attributed to previously unrecorded indefinite-lived intangibles, valued at...
Pacific Inc. acquires all of the voting stock of Skye Company for $300 million in cash....
Pacific Inc. acquires all of the voting stock of Skye Company for $300 million in cash. Skye's balance sheet at the date of acquisition is as follows (in millions): Skye Company Assets Liabilities & equity Current assets $ 75 Current liabilities $ 80 Land, buildings & equipment, net 1,200 Long-term liabilities 1,500 Capital stock 100 Retained deficit (400) Accumulated other comprehensive income 10 _____ Treasury stock (15) Total assets $1,275 Total liabilities & equity $1,275 Skye's land, buildings & equipment...
Precision Company acquires all of Springfield Company's voting stock for $5,000,000 in cash. Information on Springfield's...
Precision Company acquires all of Springfield Company's voting stock for $5,000,000 in cash. Information on Springfield's assets and liabilities at the date of acquisition is as follows: Book Value Dr (Cr) Fair Value Dr (Cr) Current assets $ 500,000 $ 700,000 Land, buildings and equipment (net) 2,000,000 3,500,000 Liabilities (600,000) (550,000) Capital stock (500,000) Retained earnings (1,400,000) In addition, Springfield Company has unrecorded identifiable intangible assets, in the form of brand names and lease agreements, with a total estimated fair...
Can
you do part a only?
Part A
16. Pacer Hotels bought 80% of Southern Resorts' voting stock on January 1, 2020 for $35,000. The fair value of the noncontrolling interest in Southern was $7,000 at the date of acquisition. Fair value information on Southern's assets and liabilities at the date of acquisition is as follows: • Property and equipment is overvalued by $7,000. P&E has a 10-year remaining life, straight-line. Previously unreported identifiable intangibles are valued at $8,000. These...
7. The following information pertains to questions 7-14 On January 1, 2019, Pali Company acquired 75% of Silicon Company's voting stock for $44,300 in cash. The noncontrolling interest had an estimated fair value of $12,700. Silicon's assets and liabilities at the date of acquisition were reported at amounts approximating fair value, but it had previously unreported indefinite life identifiable intangibles valued at $21,000. Silicon's total shareholders' equity at January 1, 2019 was as follows: Capital stock Retained earnings Accumulated other...
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