Pie Corporation acquired 65 percent of Slice Company's common stock on r 31, 20X5, at underlying book value. The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 35 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5: Deco Acco
Required:
a. How much did Pie pay to purchase its shares of Slice? (Round your answer to nearest whole dollar amount.)
b. If consolidated financial statements are prepared at December 31, 20X5, what amount will be assigned to the noncontrolling interest in the consolidated balance sheet? (Round your answer to nearest whole dollar amount.)
c. If Pie reported income of $141.750 from its separate operations for 20X5, what amount of consolidated net income will be reported for 20X5?
d. If Pie had purchased its ownership of Slice on January 1, 20X5, at underlying book value and Pie reported income of $141,750 from its separate operations for 20X5, what amount of consolidated net income would be reported for 20X5?
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Pie Corporation acquired 65 percent of Slice Company's common stock on r 31, 20X5, at underlying book value....
Pie Corporation acquired 75 percent of Slice Company’s common stock on December 31, 20X5, at underlying...
Pie Corporation acquired 75 percent of Slice Company’s common
stock on December 31, 20X5, at underlying book value. The book
values and fair values of Slice’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 Slice. Slice provided the
following trial balance data at December 31, 20X5:
Required:
a. How much did Pie pay to purchase its shares of Slice?
(Round your answer to nearest...
Pie Corporation acquired 65 percent of Slice Company's common stock on r 31, 20X5, at underlying...
Pie Corporation acquired 65 percent of Slice Company's common stock on r 31, 20X5, at underlying book value. The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 35 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5: Deco Acco Required: a. How much did Pie pay to purchase its shares of Slice? (Round your answer...
Pie Corporation acquired 85 percent of Slice Company’s common stock on December 31, 20X5, at underlying...
Pie Corporation acquired 85 percent of Slice Company’s common stock on December 31, 20X5, at underlying book value. The book values and fair values of Slice’s assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 15 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5: Debit Credit Cash $ 28,600 Accounts Receivable 65,950 Inventory 90,200 Buildings and Equipment (net) 212,000 Cost of Goods...
Pie Corporation acquired 70 percent of Slice Company’s common stock on December 31, 20X5, at underlying...
Pie Corporation acquired 70 percent of Slice Company’s common stock on December 31, 20X5, at underlying book value. The book values and fair values of Slice’s assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 30 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5: Debit Credit Cash $ 28,200 Accounts Receivable 65,650 Inventory 89,400 Buildings and Equipment (net) 215,000 Cost of Goods...
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...
Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $148,000....
Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $148,000. On that date, the fair value of the noncontrolling interest was $37,000, and Slice reported retained earnings of $42,000 and had $96,000 of common stock outstanding. Pizza has used the equity method in accounting for its investment in Slice. Trial balance data for the two companies on December 31, 20X5, are as follows: Pizza Corporation Slice Products Company Item Debit Credit Debit Credit...
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...
P Corporation acquired 80 percent ownership of S Company on January 1, 20X6, at underlying book...
P Corporation acquired 80 percent ownership of S Company on
January 1, 20X6, at underlying book value. At that date, the fair
value of the noncontrolling interest was equal to 20 percent of the
book value of S Company. Consolidated balance sheets at January 1,
20X8, and December 31, 20X8, are as follows:
The consolidated income statement for 20X8 contained the
following amounts:
P and S paid dividends of $25,000 and $15,000, respectively, in
20X8.
Required:
Prepare a worksheet to...
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...
Pizza Corporation acquired 80 percent ownership of SliceProducts Company on January 1, 20X1, for $155,000....
Pizza Corporation acquired 80 percent ownership of Slice
Products Company on January 1, 20X1, for $155,000. On that date,
the fair value of the noncontrolling interest was $38,750, and
Slice reported retained earnings of $46,000 and had $99,000 of
common stock outstanding. Pizza has used the equity method in
accounting for its investment in Slice. Trial balance data for the
two companies on December 31, 20X5, are as follows:Additional InformationOn the date of combination, the fair value of Slice's
depreciable...
Pie Corporation acquired 75 percent of Slice Company’s common
stock on December 31, 20X5, at underlying book value. The book
values and fair values of Slice’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 Slice. Slice provided the
following trial balance data at December 31, 20X5:
Required:
a. How much did Pie pay to purchase its shares of Slice?
(Round your answer to nearest...
Pie Corporation acquired 65 percent of Slice Company's common stock on r 31, 20X5, at underlying book value. The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 35 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5: Deco Acco Required: a. How much did Pie pay to purchase its shares of Slice? (Round your answer...
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...
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...
P Corporation acquired 80 percent ownership of S Company on
January 1, 20X6, at underlying book value. At that date, the fair
value of the noncontrolling interest was equal to 20 percent of the
book value of S Company. Consolidated balance sheets at January 1,
20X8, and December 31, 20X8, are as follows:
The consolidated income statement for 20X8 contained the
following amounts:
P and S paid dividends of $25,000 and $15,000, respectively, in
20X8.
Required:
Prepare a worksheet to...
Pizza Corporation acquired 80 percent ownership of Slice
Products Company on January 1, 20X1, for $155,000. On that date,
the fair value of the noncontrolling interest was $38,750, and
Slice reported retained earnings of $46,000 and had $99,000 of
common stock outstanding. Pizza has used the equity method in
accounting for its investment in Slice. Trial balance data for the
two companies on December 31, 20X5, are as follows:Additional InformationOn the date of combination, the fair value of Slice's
depreciable...
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