Question

Can anyone help me fill this in? I have no idea what I’m missing but on the example the debits and credits both total to 1,167,160. The only column I’m missing information on is the credit column but im not sure what numbers I’m missing to equal 1,167,160. Thanks in advance.

Padre, Inc, buys 80 percent of the outstanding common stock of Sierra Corporation on January 1,2018, for $765,440 cash At the acquisition dete, Sierra's total tair value, Including the noncontroling interest, was assessed at $956,800 although Sierra's book value was only $694,000. Also, several individual items on Sierra's financial records hed fair values that differed from their book values as 63,200 241,200 Buildings and equipment (10-year remaining lite)365,000 Cepyright 120-year remaining Lite) Sotes payable (due in & years) 331,000 261,000 159,000 (208,000) (191 200) For internal reporting purposes, Padre, Inc, employs the equity method to account for this investment. The following account balances are for the year ending December 31,2018, for both compenies. 11,498,640)(686, 150) Cost of goods pald Degreciation expense 5,000 39,000 445,000 12,400 ,950 47,400 quity in income ot Sterra 1519,000)(211,000) (211,000) 500) $ 1680,800) Satained earnings. inn* (1.332,500) 1534,900 519,000) Rotaised sarnings, 32/31/18 5 913,300 30,150 365.400 48-000 suLldings and equipement (net ) Copyrig 52,60 208,00 199,009) dtitLonal paid-is capital and equitien At yeer-end, there were no intra entsity receivables or payables uing the acqusition method prepare the wok sheot to consolidate these two comparies IPor accounts where muitiple worksheet. Simlarly, combine all credit entries into one amount and entet shis the entries are r all debit entries into one amount and enter this amount in the debit column of the and Credit columns shoudld be entered as positive. Negative amounts for the Noncontrolting Interest and celumns should be entered with a rinus sign) credit column of the worksheer 31, 205 20 Fo

Answer 1