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Computing Consolidating Adjustments and Noncontrolling Interest Philipich Company purchases 80% of Hirst Company's common stock for...
On January 3, 20X9, Redding Company acquired 80 percent of Frazer Corporation's common stock for $344,000...
On January 3, 20X9, Redding Company acquired 80 percent of Frazer Corporation's common stock for $344,000 in cash. At the acquisition date, the book values and fair values of Frazer's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Frazer. The stockholders' equity accounts of the two companies at the acquisition date are: REDDING: Common Stock ($5 par) $500,000; Additional Paid-in capital $300,000; Retained Earnings...
On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for $344,000...
On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for $344,000 in cash. At the acquisition date, the book values and fair values of Stitch's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Stitch. The stockholders' equity accounts of the two companies at the acquisition date are: Pleat Stitch Common Stock ($5 par value) $ 500,000 $ 200,000 Additional...
On January 3, 20x9, Redding Company acquired controlling interest in Frazer orporation's common stock for $344.000...
On January 3, 20x9, Redding Company acquired controlling interest in Frazer orporation's common stock for $344.000 cash. At the acquisition date, the book alues and fair values of Frazer's assets and liabilities were equal. The stockholders equity accounts of the two companies at the acquisition date are: Redding Frazer Common Stock ($5 par value) Additional Paid-In Capital Retained Earnings $500,000 300,000 350,000 $200,000 80,000 1 50,000 Total Stockholders Equity $1,150.000 S430.000 Based on the preceding information, which of the following...
2. Consolidating Entries (35 points) Bates Corporation purchased 100% of the common stock of Johns Inc....
2. Consolidating Entries (35 points) Bates Corporation purchased 100% of the common stock of Johns Inc. on January 2, 2021. Johns’ balance sheet on January 2, 2021 was as follows: Accounts receivable-net $350,000 Inventory Current liabilities $250,000 300,000 250,000 Long term debt Common stock ($1 par) Paid-in capital Retained carnings Total Liabilities & Equity $1,370,000 Land 200,000 45,000 Building-net Equipment-net 450,000 300,000 120,000 475,000 Total Assets $1,370,000 Fair values agree with book values except for inventory, land, and equipment that...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information was prepared immediately after the acquisition and presents the acquisition-date balance sheet for the pre-consolidation investor company, the investee company and the consolidated financial statements for the investor and investee. Investor Investee Consolidated Cash & receivables $1,500,000 $187,500 $1,687,500 Inventory 1,125,000 468,750 1,593,750 Property & equipment...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information was prepared immediately after the acquisition and presents the acquisition date balance sheet for the pre-consolidation investor company, the investee company and the consolidated financial statements for the investor and investee. Investor Investee Consolidated Cash & receivables $500,000 $62,500 $562,500 Inventory 375,000 156,250 531,250 Property &...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $98,400 cash....
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $98,400 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow. Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits Pencil Company Book Value Fair Value $216,000 $216,080 418,000 418,000 $634,000 $100,000 100,000 298,000 236,000 $634,000 Stylus Corporation Book Value Fair Value $ 63,000 $ 63,000 140,000 140,000 $203,000 $ 80,000 80.000 63,000 60,000 $200,000 Required: Prepare a consolidated...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $85,600 cash....
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $85,600 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Pencil Company Stylus Corporation Book Value Fair Value Book Value Fair Value Cash $ 201,000 $201,000 $ 52,000 $ 52,000 Other Assets 409,000 409,000 128,000 128,000 Total Debita $610,000 $180,000 Current Liabilities $ 93,000 93,000 $ 73,000 73,000 Common Stock 285,000 52,000 Retained Earnings 232,000 55,000 Total Credits $610,000 $180,000 Required: Prepare...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Series Company Book Value Fair Value $ 25,000 $ 25,000 23,000 23,000 37,000 42,000 68,000 88,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 35,000 43,000 85,000 138,000 174,000 $475,000 $ 23,000...
Polypipe Company acquired 80% of Svedex Company's voting stock for $95,000 in cash. The noncontrolling interest...
Polypipe Company acquired 80% of Svedex Company's voting stock for $95,000 in cash. The noncontrolling interest had an estimated fair value of $20,000. Some of Svedex's identifiable assets and liabilities at the date of acquisition had fair values that were different from reported values, as follows: Book Value Fair Value Property, net $ 6,000 $ 4,000 Licensing agreements 1,000 25,000 Svedex's total shareholders' equity at the date of acquisition was as follows: Capital stock $5,000 Retained deficit (400) Treasury stock...
On January 3, 20x9, Redding Company acquired controlling interest in Frazer orporation's common stock for $344.000 cash. At the acquisition date, the book alues and fair values of Frazer's assets and liabilities were equal. The stockholders equity accounts of the two companies at the acquisition date are: Redding Frazer Common Stock ($5 par value) Additional Paid-In Capital Retained Earnings $500,000 300,000 350,000 $200,000 80,000 1 50,000 Total Stockholders Equity $1,150.000 S430.000 Based on the preceding information, which of the following...
2. Consolidating Entries (35 points) Bates Corporation purchased 100% of the common stock of Johns Inc. on January 2, 2021. Johns’ balance sheet on January 2, 2021 was as follows: Accounts receivable-net $350,000 Inventory Current liabilities $250,000 300,000 250,000 Long term debt Common stock ($1 par) Paid-in capital Retained carnings Total Liabilities & Equity $1,370,000 Land 200,000 45,000 Building-net Equipment-net 450,000 300,000 120,000 475,000 Total Assets $1,370,000 Fair values agree with book values except for inventory, land, and equipment that...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information was prepared immediately after the acquisition and presents the acquisition-date balance sheet for the pre-consolidation investor company, the investee company and the consolidated financial statements for the investor and investee. Investor Investee Consolidated Cash & receivables $1,500,000 $187,500 $1,687,500 Inventory 1,125,000 468,750 1,593,750 Property & equipment...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information was prepared immediately after the acquisition and presents the acquisition date balance sheet for the pre-consolidation investor company, the investee company and the consolidated financial statements for the investor and investee. Investor Investee Consolidated Cash & receivables $500,000 $62,500 $562,500 Inventory 375,000 156,250 531,250 Property &...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $98,400 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow. Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits Pencil Company Book Value Fair Value $216,000 $216,080 418,000 418,000 $634,000 $100,000 100,000 298,000 236,000 $634,000 Stylus Corporation Book Value Fair Value $ 63,000 $ 63,000 140,000 140,000 $203,000 $ 80,000 80.000 63,000 60,000 $200,000 Required: Prepare a consolidated...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $85,600 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Pencil Company Stylus Corporation Book Value Fair Value Book Value Fair Value Cash $ 201,000 $201,000 $ 52,000 $ 52,000 Other Assets 409,000 409,000 128,000 128,000 Total Debita $610,000 $180,000 Current Liabilities $ 93,000 93,000 $ 73,000 73,000 Common Stock 285,000 52,000 Retained Earnings 232,000 55,000 Total Credits $610,000 $180,000 Required: Prepare...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Series Company Book Value Fair Value $ 25,000 $ 25,000 23,000 23,000 37,000 42,000 68,000 88,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 35,000 43,000 85,000 138,000 174,000 $475,000 $ 23,000...
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