Question

The Hotz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., .for $6.40 per share on January 1 2017. The remaining 20 percent of Devines shares also traded actively at $6.40 per share before and after Holtzs acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devines underlying accounts except that a building with a 5-year future life was undervalued by $62,000 and a fully amortized trademark with arn estimated 10-year remaining life had a $67,000 fair value. At the acquisition date, Devine reported common stock of $100,000 and a retained earnings balance of $260,000. Following are the separate financial statements for the year ending December 31, 2018 Holtz Devine, CorporationInc. (787,900) $(392,800) Sales Cost of goods.sold Operating expenses Dividend income 282,000 346,000 (16,080) 105,800 117,809 Net income Retained earnings,1/1/18 Net income (above) Dividends declared S (175,000) $(170,000) (727,800) (330,000) (175,000) (176,800) 58,999 26,999 $ (852,000) (480,000) S 379,500 162,000 Retained earnings, 12/31/18 Current assets Investment in Devine, Inc Buildings and equipment (net) Trademarks 512,000 785,080 422,90 148,0286,909 s 1,824,580 798,90 Total assets Liabilities Common stock Retained earnings, 12/31/18 (above) (652,560) $(210,800) (320,090) (180,000) (852,080) (488,908) Total liabilities and equlties $(1,824,500) $(790,000) At year-end, there were no intra-entity receivables or payables
media%2F47f%2F47fee916-cfde-4369-a384-e0
media%2F7d3%2F7d3d5eeb-4a04-4373-8ac0-cb
0 0
Add a comment Improve this question Transcribed image text
Answer #1

HOLTZ CORPORATION AND DEVINE, INC. Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Noncontrol

Add a comment
Know the answer?
Add Answer to:
The Hotz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., .for...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $6.80 per share on January 1, 2020. The remaining 20 percent of Devine's shares also traded actively at $6.80 per share before and after Holtz's acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine's underlying accounts except that a building with a 5-year future life was undervalued by $84,000 and a fully amortized trademark...

  • The Holtz Corporation acquired 80 percent of the 100.000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100.000 outstanding voting shares of Devine, Inc., for $7.35 per share on January 1, 2017. The remaining 20 percent of Devine's shares also traded actively at $7.35 per share before and after Holtz's acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine's underlying accounts except that a building with a 5-year future life was undervalued by $70,000 and a fully amortized trademark...

  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $6.90 per share on January 1, 2017. The remaining 20 percent of Devine’s shares also traded actively at $6.90 per share before and after Holtz’s acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine’s underlying accounts except that a building with a 5-year future life was undervalued by $52,500 and a fully amortized trademark...

  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.20 per share on January 1, 2017. The remaining 20 percent of Devine’s shares also traded actively at $7.20 per share before and after Holtz’s acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine’s underlying accounts except that a building with a five-year future life was undervalued by $85,500 and a fully amortized trademark...

  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $6.55 per share on January 1, 2017. The remaining 20 percent of Devine’s shares also traded actively at $6.55 per share before and after Holtz’s acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine’s underlying accounts except that a building with a 5-year future life was undervalued by $59,500 and a fully amortized trademark...

  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $6.10 per share on January 1, 2017. The remaining 20 percent of Devine’s shares also traded actively at $6.10 per share before and after Holtz’s acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine’s underlying accounts except that a building with a 5-year future life was undervalued by $67,500 and a fully amortized trademark...

  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.60 per share on January 1, 2014. The remaining 20 percent of Devine’s shares also traded actively at $7.60 per share before and after Holtz’s acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine’s underlying accounts except that a building with a 5-year life was undervalued by $72,500 and a fully amortized trademark with...

  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $6.90 per share on January 1, 2017. The remaining 20 percent of Devine’s shares also traded actively at $6.90 per share before and after Holtz’s acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine’s underlying accounts except that a building with a 5-year future life was undervalued by $52,500 and a fully amortized trademark...

  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $6.55 per share on January 1, 2020. The remaining 20 percent of Devine’s shares also traded actively at $6.55 per share before and after Holtz’s acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine’s underlying accounts except that a building with a 5-year future life was undervalued by $59,500 and a fully amortized trademark...

  • The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for...

    The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.50 per share on January 1, 2014. The remaining 20 percent of Devines shares also traded actively at $7.50 per share before and after Holtzs acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devines underlying accounts except that a building with a 5-year life was undervalued by $46,500 and a fully amortized trademark with...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT