Homework Answers
| Consolidated Balance Sheet Workpaper | |||||
| December 31, 2018 | |||||
| Defore Corp. | Crusoe Co. | Adjustments | |||
| Debit | Credit | Consolidated | |||
| Cash | $90,000 | $20,000 | $110,000 | ||
| Accounts receivable | $80,000 | $35,000 | (3) $15,000 | $100,000 | |
| Inventory | $100,000 | $40,000 | (2) $5,000 | $145,000 | |
| Land | $40,000 | $60,000 | $100,000 | ||
| Building & Equipment | $300,000 | $100,000 | (2) $40,000 | $440,000 | |
| Investment in crusoe company stock | $104,000 | ||||
| Differential | (1) $45,000 | (2) $45,000 | |||
| Total Debits | $714,000 | $255,000 | $895,000 | ||
| Accumulated Depreciation | $100,000 | $40,000 | $140,000 | ||
| Accounts payable | $120,000 | $30,000 | (3) $15,000 | $135,000 | |
| Mortgage payable | $200,000 | $100,000 | $300,000 | ||
| Common stock | |||||
| Defore Corp. | $50,000 | $50,000 | |||
| Crusoe Co. | $25,000 | (1) $25,000 | |||
| Retained Earnings | $244,000 | $60,000 | (1) $60,000 | $244,000 | |
| Noncontrolling interest | (1) $26,000 | $26,000 | |||
| Total Credits | $714,000 | $255,000 | $895,000 | ||
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consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below....
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Defoe Corporation $90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 $614,000 $120,000 200,000...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details...
Project: Using Microsoft Excel, prepare CONSOLIDATION
WORKSHEET (spreadsheet) for Salmon and
Perch. See project details below.
o On December 31, 20X8, Defoe Corporation acquired 80 percent of
Crusoe Company's common
stock for $104,000 cash. The fair value of the non-controlling
interest at that date was determined to be $26,000. Data from the
balance sheets of the two companies included the following amounts
as of the date of acquisition:
On that date, the book values of Crusoe's assets and liabilities...
Free Answer (8 pts) 1.On December 31, 20X8, Parkway Corporation acquired 80 percent of Street Company's...
Free Answer (8 pts) 1.On December 31, 20X8, Parkway Corporation acquired 80 percent of Street Company's common stock for $104,000 cash. The fair value of the noncontrolling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Df P- V 130- 45 130,000 Tate Street Parkway Corp $ Company 20,000 35,000 40,000 60,000 100,000 (40,000) Cash Accounts Receivable 90,000 80,000 100,000 40,000...
14. Based on the preceding information, the differential reflected in a consolidation worksheet to prepare a...
14. Based on the preceding information, the differential reflected in a consolidation worksheet to prepare a consolidated balance sheet immediately after the business combination is: A. $0. B. $25,000 C. $70,000. D. $45,000. 15. Based on the preceding information, what amount should be allocated to goodwill in the consolidated balance sheet, prepared after this business combination? A. $0 B. $25,000 C. $70,000 D. $45,000 16. Blue Company owns 70 percent of Black Company's outstanding common stock. On December 31, 20X8,...
Majority-Owned Subsidiary Acquired et Higher than Book Value LO 5-2 E5-6 Professor Corporation acquired 70 percent...
Majority-Owned Subsidiary Acquired et Higher than Book Value LO 5-2 E5-6 Professor Corporation acquired 70 percent of Scholar Corporation's common stock on December 31, 20x4, for $102,200. The fair value of the noncontrolling interest at that date was determined to be $43,800. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Professor Scholar Item Corporation Corporation S s0,300 Cash $ 21,000 Accounts Receivable 90,000 44,000 Inventory 130,000 75,000 Land 60,000...
P5–33 Consolidation Worksheet at End of First Year of Ownership LO 5–2 Pie Corporation acquired 75...
P5–33 Consolidation Worksheet at End of First Year of
OwnershipLO 5–2Pie Corporation acquired 75 percent of Slice Company’s ownership
on January 1, 20X8, for $96,000. At that date, the fair value of
the noncontrolling interest was $32,000. The book page 230value of
Slice’s net assets at acquisition was $100,000. The book values and
fair values of Slice’s assets and liabilities were equal, except
for Slice’s buildings and equipment, which were worth $20,000 more
than book value. Accumulated depreciation on the...
Consolidation at date of acquisition (purchase price equals book value) A parent company acquires its subsidiary...
Consolidation at date of acquisition (purchase price equals book value) A parent company acquires its subsidiary by exchanging 45,000 shares of its Common Stock, with a market value on the acquisition date of $25 per share, for all of the outstanding voting shares of the investee. a. What is the total fair value of the subsidiary on the acquisition date? b. Given the balance sheets of the parent and subsidiary in c. below, prepare the consolidation entry or entries on...
P5-33 Consolidation Worksheet at End of First Year of Ownership LO 5-2 Pie Corporation acquired 7...
P5-33 Consolidation Worksheet at End of First Year of Ownership LO 5-2 Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $99,000. At that date, the fair value of the noncontrolling interest was $33,000. The book value of Slice's net assets at acquisition was $97,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $19,400 more than book value. Accumulated depreciation on...
Sound Manufacturing Corporation prepared the following balance sheet as of January 1, 20X8 50,000 200,000 100,000...
Sound Manufacturing Corporation prepared the following balance sheet as of January 1, 20X8 50,000 200,000 100,000 70,000 280,000 $700,000 $ 40,000 Accounts Payable Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets 90,000 Bonds Payable 180,000 Common 500,000 Additional Paid-In Capital Stock (110,000) Retained Earnings 700,000 Total Liabilities &Equities The company is considering a 2-for-1 stock split, a stock dividend of 4,000 shares, or a stock dividend of 1,500 shares on its $10 par value common stock....
Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut Company acquired 100...
Consolidated Worksheet at End of the First Year of
Ownership (Equity Method)
Peanut Company acquired 100 percent of Snoopy Company’s
outstanding common stock for $300,000 on January 1, 20X8, when the
book value of Snoopy’s net assets was equal to $300,000. Peanut
uses the equity method to account for investments. Trial balance
data for Peanut and Snoopy as of December 31, 20X8, are as
follows:
Cash P2. Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Defoe Corporation $90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 $614,000 $120,000 200,000...
Project: Using Microsoft Excel, prepare CONSOLIDATION
WORKSHEET (spreadsheet) for Salmon and
Perch. See project details below.
o On December 31, 20X8, Defoe Corporation acquired 80 percent of
Crusoe Company's common
stock for $104,000 cash. The fair value of the non-controlling
interest at that date was determined to be $26,000. Data from the
balance sheets of the two companies included the following amounts
as of the date of acquisition:
On that date, the book values of Crusoe's assets and liabilities...
Free Answer (8 pts) 1.On December 31, 20X8, Parkway Corporation acquired 80 percent of Street Company's common stock for $104,000 cash. The fair value of the noncontrolling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Df P- V 130- 45 130,000 Tate Street Parkway Corp $ Company 20,000 35,000 40,000 60,000 100,000 (40,000) Cash Accounts Receivable 90,000 80,000 100,000 40,000...
14. Based on the preceding information, the differential reflected in a consolidation worksheet to prepare a consolidated balance sheet immediately after the business combination is: A. $0. B. $25,000 C. $70,000. D. $45,000. 15. Based on the preceding information, what amount should be allocated to goodwill in the consolidated balance sheet, prepared after this business combination? A. $0 B. $25,000 C. $70,000 D. $45,000 16. Blue Company owns 70 percent of Black Company's outstanding common stock. On December 31, 20X8,...
Majority-Owned Subsidiary Acquired et Higher than Book Value LO 5-2 E5-6 Professor Corporation acquired 70 percent of Scholar Corporation's common stock on December 31, 20x4, for $102,200. The fair value of the noncontrolling interest at that date was determined to be $43,800. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Professor Scholar Item Corporation Corporation S s0,300 Cash $ 21,000 Accounts Receivable 90,000 44,000 Inventory 130,000 75,000 Land 60,000...
Consolidation at date of acquisition (purchase price equals book value) A parent company acquires its subsidiary by exchanging 45,000 shares of its Common Stock, with a market value on the acquisition date of $25 per share, for all of the outstanding voting shares of the investee. a. What is the total fair value of the subsidiary on the acquisition date? b. Given the balance sheets of the parent and subsidiary in c. below, prepare the consolidation entry or entries on...
P5-33 Consolidation Worksheet at End of First Year of Ownership LO 5-2 Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $99,000. At that date, the fair value of the noncontrolling interest was $33,000. The book value of Slice's net assets at acquisition was $97,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $19,400 more than book value. Accumulated depreciation on...
Sound Manufacturing Corporation prepared the following balance sheet as of January 1, 20X8 50,000 200,000 100,000 70,000 280,000 $700,000 $ 40,000 Accounts Payable Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets 90,000 Bonds Payable 180,000 Common 500,000 Additional Paid-In Capital Stock (110,000) Retained Earnings 700,000 Total Liabilities &Equities The company is considering a 2-for-1 stock split, a stock dividend of 4,000 shares, or a stock dividend of 1,500 shares on its $10 par value common stock....
Consolidated Worksheet at End of the First Year of
Ownership (Equity Method)
Peanut Company acquired 100 percent of Snoopy Company’s
outstanding common stock for $300,000 on January 1, 20X8, when the
book value of Snoopy’s net assets was equal to $300,000. Peanut
uses the equity method to account for investments. Trial balance
data for Peanut and Snoopy as of December 31, 20X8, are as
follows:
Cash P2. Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut...
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