a. Show how Mcilroy determined the $422.239 Investment in Stinson occount balance. Assume that Mcilioy defers 100 percent of downstream intra-entity profits against its share of Stinson's incorne b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31 , 2021. Complete this question by entering your answers in the tabs below. Show how McIlroy determined the \$422,239 Imvestment in Stinson account balance. Assume that Mcilioy defers 100 percent of downstream intra-entity profits agoinst its share of Stinson's incorne. Amounts to be deducted sheuld be indicated with a minus slon.) On January 1, 2020. Mcllroy, Inc, acquired a 60 percent interest in the common stock of Stinison, Ine, for 5384,000 Stirison's book value on that date consisted of common stock of $100,000 and retoined earnings of $227100. Aso, the acquisition-dote fair value of the 40 percent noncontrolling interest was $256,000. The subsidiary held patents (with a 10 year remaining tife) that were undervalued within the company/s accounting records by $73,300 and an unrecorded customer list (15-year remaining life) assessed at a $49,500 foir value. Any remaining excess acquisition-date fair value was assigned to goodwill. Since acquisition, Mcliroy has applied the equity method to its Imvestment in Stinson account and no goodwill impairment has occurred. At year-end, there are no intra-entify payables or feceivables. Intra-entity inventory sales between the two companies have been made as follows The individual financial statements for these two companies as of December 31.2021. ond the yeor then ended follow Prepare a consolidated worksheet to determine approprlate balances for external financial reporting as of December 31 , 2021 . (For accounts where multiple corisolidation entries are required, combine all debit entries into one amount and enter this amount in the debir column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) a. Show how Mcilroy determined the $422.239 Investment in Stinson occount balance. Assume that Mcilioy defers 100 percent of downstream intra-entity profits against its share of Stinson's incorne b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31 , 2021. Complete this question by entering your answers in the tabs below. Show how McIlroy determined the \$422,239 Imvestment in Stinson account balance. Assume that Mcilioy defers 100 percent of downstream intra-entity profits agoinst its share of Stinson's incorne. Amounts to be deducted sheuld be indicated with a minus slon.) On January 1, 2020. Mcllroy, Inc, acquired a 60 percent interest in the common stock of Stinison, Ine, for 5384,000 Stirison's book value on that date consisted of common stock of $100,000 and retoined earnings of $227100. Aso, the acquisition-dote fair value of the 40 percent noncontrolling interest was $256,000. The subsidiary held patents (with a 10 year remaining tife) that were undervalued within the company/s accounting records by $73,300 and an unrecorded customer list (15-year remaining life) assessed at a $49,500 foir value. Any remaining excess acquisition-date fair value was assigned to goodwill. Since acquisition, Mcliroy has applied the equity method to its Imvestment in Stinson account and no goodwill impairment has occurred. At year-end, there are no intra-entify payables or feceivables. Intra-entity inventory sales between the two companies have been made as follows The individual financial statements for these two companies as of December 31.2021. ond the yeor then ended follow Prepare a consolidated worksheet to determine approprlate balances for external financial reporting as of December 31 , 2021 . (For accounts where multiple corisolidation entries are required, combine all debit entries into one amount and enter this amount in the debir column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.)
