Calculate items that may appear in consolidated statements two years after acquisitionPor...

Calculate items that may appear in consolidated statements two years after acquisition

Por Corporation acquired 80 percent of the outstanding stock of Sle Corporation for $560,000 cash on January 3, 2011, on which date Sle’s stockholders’ equity consisted of capital stock of $400,000 and retained earnings of $100,000.

There were no changes in the outstanding stock of either corporation during 2011 and 2012. At December 31, 2012, the adjusted trial balances of Por and Sle are as follows (in thousands):

ADDITIONAL INFORMATION

1. All of Sle’s assets and liabilities were recorded at fair values equal to book values on January 3, 2011.

2. The current liabilities of Sle at December 31, 2012, include dividends payable of $20,000.

REQUIRED: Determine the amounts that should appear in the consolidated statements of Por Corporation and Subsidiary at December 31, 2012, for each of the following:

1. Noncontrolling interest share

2. Current assets

3. Income from Sle

4. Capital stock

5. Investment in Sle

6. Excess of investment fair value over book value

7. Consolidated net income for the year ended December 31, 2012

8. Consolidated retained earnings, December 31, 2011

9. Consolidated retained earnings, December 31, 2012

10. Noncontrolling interest, December 31, 2012