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Pencil company and subsidiary consolidated balance sheet :
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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 $92,800 cash....
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $92,800 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 $ 205,000 $ 205,000 406,000 406,000 $611,000 $ 93,000 93,000 296,000 222,000 $611,000 Stylus Corporation Book Value Fair Value $ 56,000 $ 56,000 133,000 133,000 $189,000 $ 73,000 73,000 56,000 60,000 $189,000 Required:...
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 $81,600 cash....
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $81,600 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 $212,000 $212,000 415,000 415,000 $627,000 $100,000 100,000 287,000 240,000 $627,000 Stylus Corporation Book Value Fair Value $ 58,000 $ 58,000 124,000 124,000 $182,000 $ 80,000 80,000 58,000 44,000 $182,000 Required: Prepare a consolidated...
Pencil Company acquired 80 percent of Stylus Corporation’s stock on January 2, 20X3, for $88,000 cash....
Pencil Company acquired 80 percent of Stylus Corporation’s stock on January 2, 20X3, for $88,000 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 $ 215,000 $ 215,000 $ 55,000 $ 55,000 Other Assets 420,000 420,000 131,000 131,000 Total Debits $ 635,000 $ 186,000 Current Liabilities $ 96,000 96,000 $ 76,000 76,000 Common Stock 297,000 55,000 Retained Earnings 242,000 55,000 Total Credits $...
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 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...
Azure Enterprises acquired 80 percent of Brown Corporation's voting common stock on January 1, 20X3, for...
Azure Enterprises acquired 80 percent of Brown Corporation's voting common stock on January 1, 20X3, for $392,000. At that date, the fair value of the noncontrolling interest of Brown Corporation was $98,000. Immediately after Azure acquired its ownership, Brown purchased 60 percent of Coral Company's stock for $129,000. The fair value of the noncontrolling interest of Coral Company was $86,000 at that date. During 20X3, Azure reported operating income of $250,000 and paid dividends of $95,000. Brown reported operating income...
The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts: Total...
The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts: Total Assets $420,000 Total Liabilities Preferred Stock Common Stock Retained Earnings Total Liabilities and Equities $ 45,000 110,000 85,000 180,000 $420,000 Total Assets $420,000 On January 1, 20X3, Point Corporation acquired 90 percent of the common shares and 80 percent of the preferred shares of Separate Company at underlying book value. At that date, the fair value of the noncontrolling interest in Separate's common stock...
Photo Corporation acquired 75 percent of Shutter Corporation's voting common stock on January 1, 20X2, at...
Photo Corporation acquired 75 percent of Shutter Corporation's voting common stock on January 1, 20X2, at underlying book value. At the acquisition date, the book values and fair values of Shutter's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 25 percent of the total book value of Shutter. Noncontrolling interest was assigned income of $8,000 in Photo's consolidated income statement for 20X2 and a balance of $65,500 in Photo's consolidated balance sheet...
Saud Corporation acquired 70% of Rama Corporation’s common stock on 1-1-2019, for $294,000 in cash. At...
Saud Corporation acquired 70% of Rama Corporation’s common stock on 1-1-2019, for $294,000 in cash. At the acquisition date, the book values and fair values of Rama’s assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 30% of the total book value of Rama. The stockholders’ equity of the two companies at the date of the purchase are: Saud Rama Common stock ($10 par value) $400,000 $180,000 ...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $92,800 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 $ 205,000 $ 205,000 406,000 406,000 $611,000 $ 93,000 93,000 296,000 222,000 $611,000 Stylus Corporation Book Value Fair Value $ 56,000 $ 56,000 133,000 133,000 $189,000 $ 73,000 73,000 56,000 60,000 $189,000 Required:...
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 $81,600 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 $212,000 $212,000 415,000 415,000 $627,000 $100,000 100,000 287,000 240,000 $627,000 Stylus Corporation Book Value Fair Value $ 58,000 $ 58,000 124,000 124,000 $182,000 $ 80,000 80,000 58,000 44,000 $182,000 Required: Prepare a consolidated...
Azure Enterprises acquired 80 percent of Brown Corporation's voting common stock on January 1, 20X3, for $392,000. At that date, the fair value of the noncontrolling interest of Brown Corporation was $98,000. Immediately after Azure acquired its ownership, Brown purchased 60 percent of Coral Company's stock for $129,000. The fair value of the noncontrolling interest of Coral Company was $86,000 at that date. During 20X3, Azure reported operating income of $250,000 and paid dividends of $95,000. Brown reported operating income...
The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts: Total Assets $420,000 Total Liabilities Preferred Stock Common Stock Retained Earnings Total Liabilities and Equities $ 45,000 110,000 85,000 180,000 $420,000 Total Assets $420,000 On January 1, 20X3, Point Corporation acquired 90 percent of the common shares and 80 percent of the preferred shares of Separate Company at underlying book value. At that date, the fair value of the noncontrolling interest in Separate's common stock...
Photo Corporation acquired 75 percent of Shutter Corporation's voting common stock on January 1, 20X2, at underlying book value. At the acquisition date, the book values and fair values of Shutter's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 25 percent of the total book value of Shutter. Noncontrolling interest was assigned income of $8,000 in Photo's consolidated income statement for 20X2 and a balance of $65,500 in Photo's consolidated balance sheet...
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