Calculations five years after acquisitionPea Corporation purchased 75 percent of the outst...

Calculations five years after acquisition

Pea Corporation purchased 75 percent of the outstanding voting stock of Sen Corporation for $2,400,000 on January 1, 2011. Sen’s stockholders’ equity on this date consisted of the following (in thousands):

The excess fair value of the net assets acquired was assigned 10 percent to undervalued inventory (sold in 2011), 40 percent to undervalued plant assets with a remaining usuful life of eight years, and 50 percent to goodwill.

Comparative trail balances of pea Corporation and Sen Coorporation at December 31, 2015, are as follows:

REQUIRED: Determine the amounts that would appear in the consolidated financial statements of Pea Corporation and Subsidiary for each of the following items:

1. Goodwill at December 31, 2015

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2. Noncontrolling interest share for 2015

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3. Consolidated retained earnings at December 31, 2014

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4. Consolidated retained earnings at December 31, 2015

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5. Consolidated net income for 2015

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6. Noncontrolling interest at December 31, 2014

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7. Noncontrolling interest at December 31, 2015