1. Consider the following information from the financial statements of Para Inc. and SIG Co.

P S

Separate income 450

Net income 300

Separate OCI 125 100

S OCI (Ps share) 80

Provide the following:

a. Total Consolidated Net Income _________

b. Consolidated OCI_________

c. Ps %, Consolidated OCI_________

d. Ps %, Consolidated Net Income_________

e. Total Consolidated Comprehensive Income_________

f. Ps %, Consolidated Comprehensive Income_________

2. Assume the following data apply shortly after Perfunctory Co. acquires Serious, Inc.:

P Co. (000s) S Co. (000s)

Assets 400 200

Liabilities 250 100

CS 75 60

APIC/OCC 50 30

RE 25 10

P assets have a fair value = 435k; S identifiable assets have a fair value = 320k. P acquires 75% of Ss outstanding voting stock for $165k cash. S assets include pre-acquisition Goodwill of 40k, and Ps assets (and S liabilities) reflect a loan P has made to S for 10k. The DOA consolidated Balance Sheet should show:

a. identifiable assets____________

b. liabilities____________

c. Common Stock____________

d. APIC/OCC_____________

e. RE_____________

f. Goodwill (algebraic)____________