Padre- Inc-- buys 80 percent of the outstanding common stock of Sierra.pdf
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Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1,2021 , for $802 , 720 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $1 , 003 , 400 although Sierra's book value was only $690 , 000 . Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies. At year-end, there were no intra-entity receivables or payables. Answer is complete but not entirely correct. PADRE INC., AND SIERRA CORPORATION Consolidated Worksheet For Year Ending December 31, 2021.
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The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
Padre, Inc., buys 80 percent of the outstanding common stock of Sier.pdf
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January
1, 2015, for $796,960 cash. At the acquisition date, Sierra’s total fair value, including the
noncontrolling interest, was assessed at $996,200 although Sierra’s book value was only
$623,000. Also, several individual items on Sierra’s financial records had fair values that
differed from their book values as follows:
Buildings and equipment
(10-year remaining life)
For internal reporting purposes, Padre, Inc., employs the equity method to account for this
investment. The following account balances are for the year ending December 31, 2015, for both
companies.
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January
1, 2015, for $796,960 cash. At the acquisition date, Sierra’s total fair value, including the
noncontrolling interest, was assessed at $996,200 although Sierra’s book value was only
$623,000. Also, several individual items on Sierra’s financial records had fair values that
differed from their book values as follows:
Solution
Ans:
Determination of consolidate Balances:
Acquisition-date subsidiary fair value (given) $996,200
Book value of subsidiary (given) $623,000
Fair value in excess of book value $373,200
Allocations to specific accounts based on difference between fair value and book value
Land $226,000
Buildings and equipment $18,000
Copyright $150,000
Notes payable $15,200
Total $373,200
Annual excess amortizations:
Buildings and equipment ($18,000 / 10) $1,800
Copyright ($150,000 / 20) $7,500
Notes payable ($15,200 / 8) $1,900
Total $7,600
Acquisition Method:
Consolidation Entries
Accounts
Padre
Sierra
Debit
Credit
No controlling Interest
Consolidates Total
Revenues
(1,396,980)
(657,250)
(2,054,230)
Cost of goods sold
736,000
399,000
1,135,000
Depreciation Expense
298,000
15,100
E
1,800
311,300
Amortization Expense
-
8,600
E
7,500
16,100
Interest Expense
50,100
5,550
E
1,900
57,550
Equity in Income of Sierra
(177,120)
-
I
177,120
-
Separate Company Net Income
(490,000)
(229,000)
consolidate Net Income
(534,280)
No controlling Interest in Sierra\'s Income
(44,280)
44,280
Controlling Interest in CNI
(490,000)
Retained Earnings 1 / 1
(1,380,000)
(463,000)
S
(463,000)
(1,380,000)
Net Income (above)
(490,000)
(229,000)
(490,000)
Dividend Paid
260,000
65,000
D
52,000
13,000
260,000
Retained Earnings 12/31
(1,610,000)
(627,000)
(1,610,000)
Current Assets
854,920
569,100
1,424,020
Investments in Sierra
922,080
-
D
52,000
S
I
A
-
Land
369,000
60,600
A
226,000
655,600
Buildings and Equipment
955,000
324,900
E
1,800
A
18,000
1,263,700
Copyright
-
163,400
A
150,000
E
7,500
305,900
Total Assets
3,101,000
1,118,000
3,649,220
Accounts Payable
(220,000)
(199,000)
(419,000)
Notes Payable
(521,000)
(132,000)
A
15,200
E
1,900
(639,700)
NCI in Sierra 1/1
NCI in Sierra 12/ 31
(199,240)
(230,520)
(230,520)
Common Stock
(300,000)
(100,000)
S
100,000
(300,000)
Additional paid-in capital
(450,000)
(60,000)
S
60,000
(450,00.
Financial data for Beaker Company for last year appear below.T.pdf
Financial data for Beaker Company for last year appear below.
The company paid dividends of $2,100 last year. The Investment in Cedar Company on the
statement of financial position represents an investment in the stock of another company.
Required:
i. Compute the company\'s margin, turnover, and return on investment for last year.
ii. The board of directors of Beaker Company has set a minimum required return of 20%. What
was the company\'s residual income last year?Beaker CompanyStatement of Financial
PositionBeginningEndingBalanceBalanceAssetsCash$50,000$70,000Accounts
receivable20,00025,000Inventory30,00035,000Plant and Equipment
(net)120,000110,000Investment in Cedar Company80,000100,000Land
(undeveloped)170,000170,000Total Assets$470,000510,000Liabilities and Owners\'
EquityAccounts payable$70,000$90,000Long-term debt250,000250,000Owner\'s
equity150,000170,000Total liabilities and owner\'s equity$470,000$510,000
Solution.
ChapterTool KitChapter 2112018Financial Statements, Cash Flow, a.docx
ChapterTool KitChapter 211/20/18Financial Statements, Cash Flow, and Taxes2-1 Financial Statements and ReportsThe annual report contains a verbal section plus four key statements: the balance sheet, income statement, statement of stockholders' equity, and statement of cash flows.Our spreadsheets use formulas rather than fixed numbers. For example, the cell for Total assets for the most recent year contains the Sum formula rather than just a fixed number. That way, if the data for any inputs (cash, for instance) change, the spreadsheet will automatically recalculate and provide the correct new value for Total assets.In financial modeling, it is helpful to users when input data is grouped together, so you should follow this practice in your own models, too.2-2 The Balance SheetINPUT DATA SECTION: Historical Data Used in the Analysis20192018Tax rate25%25%Weighted average cost of captal (WACC)11.50%11.50%Figure 2-1MicroDrive Inc. December 31 Balance SheetsOlder version in manuscript 4/20(Millions of Dollars)Assets20192018Assets20192018Cash and equivalents$100$110Cash and equivalents$100$102Short-term investments10182Short-term investments1040Accounts receivable500410Accounts receivable500384Inventories1,000830Inventories1,000774Total current assets$1,610$1,532Total current assets$1,610$1,300Net plant and equipment2,0001,780Net property, plant, and equipment (PP&E)2,0001,780Note: Net plant and equipment is equal to cumulative purchases of fixed assets less cumulative depreciation and cumulative disposed assets. Total assets$3,610$3,312Total assets$3,610$3,080Liabilities and EquityLiabilities and EquityAccounts payable$200$190Accounts payable$200$180Notes payable150100Notes payable15028Accruals400370Accruals400370Total current liabilities$750$660Total current liabilities$750$578Long-term bonds520500Long-term bonds520350Total liabilities$1,270$1,160Total liabilities$1,270$928Preferred stock (1,000,000 shares)100100Preferred stock (1,000,000 shares)100100Common stock (50,000,000 shares)500500Common stock (50,000,000 shares)500500Retained earnings1,7401,552Retained earnings1,7401,552Total common equity$2,240$2,052Total common equity$2,240$2,052Total liabilities and equity$3,610$3,312Total liabilities and equity$3,610$3,0802-2 The Income StatementFigure 2-2MicroDrive Income Statements (and Selected Additional Information) for Years Ending December 31(Millions, Except for Per Share Data)20192018Older version in manuscript 4/20Net sales$5,000$4,800Net sales50004680Costs of goods sold except depreciation3,9003,710Costs of goods sold except depreciation$3,900$3,618Depreciation and amortizationa200180Depreciation and amortizationa200180Other operating expenses500470Other operating expenses500470Earnings before interest and taxes (EBIT)$400$440Earnings before interest and taxes (EBIT)400412Less interest 6040Less interest $60$56Pre-tax earnings$340$400Pre-tax earnings340356Taxes85100Taxes$85$89Net Income before preferred dividends$255$300Net Income before ...
2- Record the 40- income earned during period by Seida- 3- Record 2021.docx
2. Record the 40% income earned during period by Seida.
3. Record 2021 amortization for trademark excess fair value.
4. Record dividend declaration from Seida.
5. Record collection of dividend from investee.
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195 , 000 and appropriately accounted for the investment using the fair-value method. On January 1, 2021, Milani purchased an additional 30 percent of Seida for $600 , 000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2 , 000 , 000 in total. Seida's January 1, 2021, pook value equaled $1 , 850 , 000 , although land was undervalued by $130 , 000 . Any additional excess fair value over Seida's book value was attributable to a trademark with an eight-year remaining life. During 2021, Seida reported income of $332 , 000 and declared and paid dividends of $101 , 000 . Prepare the 2021 journal entries for Milani related to its investment in Seida. (If no entry is required for a transaction/event, select 'No journal entry required" in the first account field.)
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On January 1, 2020, Prestige Corporation acquired 100 percent of the.pdf
On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene
Corporation in exchange for $2,347,500 in cash and securities. On the acquisition date, Stylene
had the following balance sheet:
Cash
$
24,800
Accounts payable
$
1,891,800
Accounts receivable
102,000
Inventory
223,000
Equipment (net)
2,310,000
Common stock
800,000
Trademarks
920,000
Retained earnings
888,000
Total assets
$
3,579,800
Total liabilities and equity
$
3,579,800
At the acquisition date, the book values of Stylenes assets and liabilities were generally
equivalent to their fair values except for the following assets:
Asset
Book Value
Fair Value
Remaining
Useful Life
Equipment
$
2,310,000
$
2,483,000
8 years
Customer lists
0
234,000
4 years
Trademarks
920,000
1,009,500
indefinite
During the next two years, Stylene has the following income and dividends in its own separately
prepared financial reports to its parent.
Net Income
Dividends
2020
$
240,000
$
25,000
2021
238,000
45,000
Dividends are declared and paid in the same period. The December 31, 2021, separate financial
statements for each company follow. Parentheses indicate credit balances.
Prestige
Stylene
Income Statement
Revenues
$
(4,780,000
)
$
(2,326,000
)
Cost of goods sold
2,590,000
1,640,000
Depreciation expense
552,000
448,000
Amortization expense
116,000
0
Equity earnings in Stylene
(157,875
)
0
Net income
$
(1,679,875
)
$
(238,000
)
Statement of Retained Earnings
Retained earnings 1/1
$
(3,570,000
)
$
(1,103,000
)
Net income (above)
(1,679,875
)
(238,000
)
Dividends declared
150,000
45,000
Retained earnings 12/31
$
(5,099,875
)
$
(1,296,000
)
Balance Sheet
Cash
$
542,000
$
52,500
Accounts receivable
736,000
101,000
Inventory
929,000
558,000
Investment in Stylene
2,595,250
0
Equipment
6,010,000
1,740,000
Customer lists
168,000
0
Trademarks
3,150,000
994,000
Goodwill
260,000
0
Total assets
$
14,390,250
$
3,445,500
Accounts payable
$
(790,375
)
$
(1,349,500
)
Common stock
(8,500,000
)
(800,000
)
Retained earnings, 12/31
(5,099,875
)
(1,296,000
)
Total liabilities and equity
$
(14,390,250
)
$
(3,445,500
)
Determine the fair value in excess of book value for Prestiges acquisition date investment in
Stylene.
Determine Prestige's December 31, 2021, Investment in Stylene balance.
Prepare a worksheet to determine the balances for Prestiges December 31, 2021, consolidated
financial statements.
Cash
$
24,800
Accounts payable
$
1,891,800
Accounts receivable
102,000
Inventory
223,000
Equipment (net)
2,310,000
Common stock
800,000
Trademarks
920,000
Retained earnings
888,000
Total assets
$
3,579,800
Total liabilities and equity
$
3,579,800.
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below (the company's fiscal year ends on December 31): On July 1, 2024, the company adopted
a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP.
The assets of the component were sold on September 30,2024 , for $52,000 less than their book
value. Results of operations for the component (included in the above account balances) were as
follows: In addition to the account balances above, several events occurred during 2024 that have
not yet been reflected in the above accounts: 1. A fire caused $51,000 in uninsured damages to
the main office bullding. The fire was considered to be an unusual event. 2 . Inventory that had
cost $41,000 had become obsolete because a competitor introduced a better product. The
inventory was written down to its scrap value of $5,000. 3. Income taxes have not yet been
recorded. Required: Prepare a multiple-step income statement for the Reed Company for 2024,
showing 2023 information in comparative format, including income taxes computed of 25% and
EPS disclosures assuming 400,000 shares of outstanding common stock. Note: Round EPS
answers to 2 decimal places.
Total operating expenses.
Recommended
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
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Padre, Inc., buys 80 percent of the outstanding common stock of Sier.pdf
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January
1, 2015, for $796,960 cash. At the acquisition date, Sierra’s total fair value, including the
noncontrolling interest, was assessed at $996,200 although Sierra’s book value was only
$623,000. Also, several individual items on Sierra’s financial records had fair values that
differed from their book values as follows:
Buildings and equipment
(10-year remaining life)
For internal reporting purposes, Padre, Inc., employs the equity method to account for this
investment. The following account balances are for the year ending December 31, 2015, for both
companies.
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January
1, 2015, for $796,960 cash. At the acquisition date, Sierra’s total fair value, including the
noncontrolling interest, was assessed at $996,200 although Sierra’s book value was only
$623,000. Also, several individual items on Sierra’s financial records had fair values that
differed from their book values as follows:
Solution
Ans:
Determination of consolidate Balances:
Acquisition-date subsidiary fair value (given) $996,200
Book value of subsidiary (given) $623,000
Fair value in excess of book value $373,200
Allocations to specific accounts based on difference between fair value and book value
Land $226,000
Buildings and equipment $18,000
Copyright $150,000
Notes payable $15,200
Total $373,200
Annual excess amortizations:
Buildings and equipment ($18,000 / 10) $1,800
Copyright ($150,000 / 20) $7,500
Notes payable ($15,200 / 8) $1,900
Total $7,600
Acquisition Method:
Consolidation Entries
Accounts
Padre
Sierra
Debit
Credit
No controlling Interest
Consolidates Total
Revenues
(1,396,980)
(657,250)
(2,054,230)
Cost of goods sold
736,000
399,000
1,135,000
Depreciation Expense
298,000
15,100
E
1,800
311,300
Amortization Expense
-
8,600
E
7,500
16,100
Interest Expense
50,100
5,550
E
1,900
57,550
Equity in Income of Sierra
(177,120)
-
I
177,120
-
Separate Company Net Income
(490,000)
(229,000)
consolidate Net Income
(534,280)
No controlling Interest in Sierra\'s Income
(44,280)
44,280
Controlling Interest in CNI
(490,000)
Retained Earnings 1 / 1
(1,380,000)
(463,000)
S
(463,000)
(1,380,000)
Net Income (above)
(490,000)
(229,000)
(490,000)
Dividend Paid
260,000
65,000
D
52,000
13,000
260,000
Retained Earnings 12/31
(1,610,000)
(627,000)
(1,610,000)
Current Assets
854,920
569,100
1,424,020
Investments in Sierra
922,080
-
D
52,000
S
I
A
-
Land
369,000
60,600
A
226,000
655,600
Buildings and Equipment
955,000
324,900
E
1,800
A
18,000
1,263,700
Copyright
-
163,400
A
150,000
E
7,500
305,900
Total Assets
3,101,000
1,118,000
3,649,220
Accounts Payable
(220,000)
(199,000)
(419,000)
Notes Payable
(521,000)
(132,000)
A
15,200
E
1,900
(639,700)
NCI in Sierra 1/1
NCI in Sierra 12/ 31
(199,240)
(230,520)
(230,520)
Common Stock
(300,000)
(100,000)
S
100,000
(300,000)
Additional paid-in capital
(450,000)
(60,000)
S
60,000
(450,00.
Financial data for Beaker Company for last year appear below.T.pdf
Financial data for Beaker Company for last year appear below.
The company paid dividends of $2,100 last year. The Investment in Cedar Company on the
statement of financial position represents an investment in the stock of another company.
Required:
i. Compute the company\'s margin, turnover, and return on investment for last year.
ii. The board of directors of Beaker Company has set a minimum required return of 20%. What
was the company\'s residual income last year?Beaker CompanyStatement of Financial
PositionBeginningEndingBalanceBalanceAssetsCash$50,000$70,000Accounts
receivable20,00025,000Inventory30,00035,000Plant and Equipment
(net)120,000110,000Investment in Cedar Company80,000100,000Land
(undeveloped)170,000170,000Total Assets$470,000510,000Liabilities and Owners\'
EquityAccounts payable$70,000$90,000Long-term debt250,000250,000Owner\'s
equity150,000170,000Total liabilities and owner\'s equity$470,000$510,000
Solution.
ChapterTool KitChapter 2112018Financial Statements, Cash Flow, a.docx
ChapterTool KitChapter 211/20/18Financial Statements, Cash Flow, and Taxes2-1 Financial Statements and ReportsThe annual report contains a verbal section plus four key statements: the balance sheet, income statement, statement of stockholders' equity, and statement of cash flows.Our spreadsheets use formulas rather than fixed numbers. For example, the cell for Total assets for the most recent year contains the Sum formula rather than just a fixed number. That way, if the data for any inputs (cash, for instance) change, the spreadsheet will automatically recalculate and provide the correct new value for Total assets.In financial modeling, it is helpful to users when input data is grouped together, so you should follow this practice in your own models, too.2-2 The Balance SheetINPUT DATA SECTION: Historical Data Used in the Analysis20192018Tax rate25%25%Weighted average cost of captal (WACC)11.50%11.50%Figure 2-1MicroDrive Inc. December 31 Balance SheetsOlder version in manuscript 4/20(Millions of Dollars)Assets20192018Assets20192018Cash and equivalents$100$110Cash and equivalents$100$102Short-term investments10182Short-term investments1040Accounts receivable500410Accounts receivable500384Inventories1,000830Inventories1,000774Total current assets$1,610$1,532Total current assets$1,610$1,300Net plant and equipment2,0001,780Net property, plant, and equipment (PP&E)2,0001,780Note: Net plant and equipment is equal to cumulative purchases of fixed assets less cumulative depreciation and cumulative disposed assets. Total assets$3,610$3,312Total assets$3,610$3,080Liabilities and EquityLiabilities and EquityAccounts payable$200$190Accounts payable$200$180Notes payable150100Notes payable15028Accruals400370Accruals400370Total current liabilities$750$660Total current liabilities$750$578Long-term bonds520500Long-term bonds520350Total liabilities$1,270$1,160Total liabilities$1,270$928Preferred stock (1,000,000 shares)100100Preferred stock (1,000,000 shares)100100Common stock (50,000,000 shares)500500Common stock (50,000,000 shares)500500Retained earnings1,7401,552Retained earnings1,7401,552Total common equity$2,240$2,052Total common equity$2,240$2,052Total liabilities and equity$3,610$3,312Total liabilities and equity$3,610$3,0802-2 The Income StatementFigure 2-2MicroDrive Income Statements (and Selected Additional Information) for Years Ending December 31(Millions, Except for Per Share Data)20192018Older version in manuscript 4/20Net sales$5,000$4,800Net sales50004680Costs of goods sold except depreciation3,9003,710Costs of goods sold except depreciation$3,900$3,618Depreciation and amortizationa200180Depreciation and amortizationa200180Other operating expenses500470Other operating expenses500470Earnings before interest and taxes (EBIT)$400$440Earnings before interest and taxes (EBIT)400412Less interest 6040Less interest $60$56Pre-tax earnings$340$400Pre-tax earnings340356Taxes85100Taxes$85$89Net Income before preferred dividends$255$300Net Income before ...
2- Record the 40- income earned during period by Seida- 3- Record 2021.docx
2. Record the 40% income earned during period by Seida.
3. Record 2021 amortization for trademark excess fair value.
4. Record dividend declaration from Seida.
5. Record collection of dividend from investee.
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195 , 000 and appropriately accounted for the investment using the fair-value method. On January 1, 2021, Milani purchased an additional 30 percent of Seida for $600 , 000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2 , 000 , 000 in total. Seida's January 1, 2021, pook value equaled $1 , 850 , 000 , although land was undervalued by $130 , 000 . Any additional excess fair value over Seida's book value was attributable to a trademark with an eight-year remaining life. During 2021, Seida reported income of $332 , 000 and declared and paid dividends of $101 , 000 . Prepare the 2021 journal entries for Milani related to its investment in Seida. (If no entry is required for a transaction/event, select 'No journal entry required" in the first account field.)
.
On January 1, 2020, Prestige Corporation acquired 100 percent of the.pdf
On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene
Corporation in exchange for $2,347,500 in cash and securities. On the acquisition date, Stylene
had the following balance sheet:
Cash
$
24,800
Accounts payable
$
1,891,800
Accounts receivable
102,000
Inventory
223,000
Equipment (net)
2,310,000
Common stock
800,000
Trademarks
920,000
Retained earnings
888,000
Total assets
$
3,579,800
Total liabilities and equity
$
3,579,800
At the acquisition date, the book values of Stylenes assets and liabilities were generally
equivalent to their fair values except for the following assets:
Asset
Book Value
Fair Value
Remaining
Useful Life
Equipment
$
2,310,000
$
2,483,000
8 years
Customer lists
0
234,000
4 years
Trademarks
920,000
1,009,500
indefinite
During the next two years, Stylene has the following income and dividends in its own separately
prepared financial reports to its parent.
Net Income
Dividends
2020
$
240,000
$
25,000
2021
238,000
45,000
Dividends are declared and paid in the same period. The December 31, 2021, separate financial
statements for each company follow. Parentheses indicate credit balances.
Prestige
Stylene
Income Statement
Revenues
$
(4,780,000
)
$
(2,326,000
)
Cost of goods sold
2,590,000
1,640,000
Depreciation expense
552,000
448,000
Amortization expense
116,000
0
Equity earnings in Stylene
(157,875
)
0
Net income
$
(1,679,875
)
$
(238,000
)
Statement of Retained Earnings
Retained earnings 1/1
$
(3,570,000
)
$
(1,103,000
)
Net income (above)
(1,679,875
)
(238,000
)
Dividends declared
150,000
45,000
Retained earnings 12/31
$
(5,099,875
)
$
(1,296,000
)
Balance Sheet
Cash
$
542,000
$
52,500
Accounts receivable
736,000
101,000
Inventory
929,000
558,000
Investment in Stylene
2,595,250
0
Equipment
6,010,000
1,740,000
Customer lists
168,000
0
Trademarks
3,150,000
994,000
Goodwill
260,000
0
Total assets
$
14,390,250
$
3,445,500
Accounts payable
$
(790,375
)
$
(1,349,500
)
Common stock
(8,500,000
)
(800,000
)
Retained earnings, 12/31
(5,099,875
)
(1,296,000
)
Total liabilities and equity
$
(14,390,250
)
$
(3,445,500
)
Determine the fair value in excess of book value for Prestiges acquisition date investment in
Stylene.
Determine Prestige's December 31, 2021, Investment in Stylene balance.
Prepare a worksheet to determine the balances for Prestiges December 31, 2021, consolidated
financial statements.
Cash
$
24,800
Accounts payable
$
1,891,800
Accounts receivable
102,000
Inventory
223,000
Equipment (net)
2,310,000
Common stock
800,000
Trademarks
920,000
Retained earnings
888,000
Total assets
$
3,579,800
Total liabilities and equity
$
3,579,800.
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recitals, she has "paid" this obligation.) 20 Received $3 , 300 cash from students for music
lessons provided in December. 21 Paid her monthly telephone bill of $135 . 22 Billed customers
$2 , 250 for providing music at several holiday partiec. 24. Withdrew $3 , 000 for personal use.
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