Accounting - consolidation

Using the data in the picture, find the overall fair value of Troll Company

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P6-26 Consolidation Following inventory Transactions Bell Company purchased 60 percent ownership of Troll Corporation on January 1, 20xi, for S82,800. On that date, the noncontrolling interest had a fair value of $55,200 and Troll reported common stock outstanding of $100,000 and retained earnings of $20,000. The full amount of the differential is assigned to land to be used as a future building site. Bell uses the fully adjusted equity method in accounting for its ownership of Troll. On December 31, 20X2, the trial balances of the two companies are as follows: Bell Company Troll Corporation Debit Credit Debit Credit tem 69,400 51,200 Cash and Accounts Receivable Inventory 60,000 55,000 40,000 30,000 Land 350,000 Buildings & Equipment 520,000 Investment in Troll Corporation Stock 103,780 Cost of Goods Sold 99,800 61,000 25,000 Depreciation Expense 15,000 6,000 14,000 Interest Expense Dividends Declared 40,000 10,000 Accumulated Depreciation 75,000 $175,000 68,800 Accounts Payable 41,200 Bonds Payable 200,000 80,000 Bond Premium 200 200,000 Common Stock 100,000 Retained Earnings 50,000 227,960 Sales 200,000 120,000 Income from Subsidiary 11,020 $963,980 $963,980 $586,200 $586,200 Troll sold inventory costing $25,500to Bell for $42,500 in 20xi. Bell resold 80 percent of the pur- chase in 20Xi and the remainder in 20X2. Troll sold inventory costing $21,000 to Bell in 20X2 for S35,000, and Bell resold 70 percent of it prior to December 31, 20X2. In addition, Bell sold inven- tory costing $14,000 to Troll for $28,000 in 20X2, and Troll resold all but $13,000 of its purchase prior to December 31, 20X2. Assume both companies use straight-line depreciation and that no property, plant, and equipment has been purchased since the acquisition P6-26 Consolidation Following inventory Transactions Bell Company purchased 60 percent ownership of Troll Corporation on January 1, 20xi, for S82,800. On that date, the noncontrolling interest had a fair value of $55,200 and Troll reported common stock outstanding of $100,000 and retained earnings of $20,000. The full amount of the differential is assigned to land to be used as a future building site. Bell uses the fully adjusted equity method in accounting for its ownership of Troll. On December 31, 20X2, the trial balances of the two companies are as follows: Bell Company Troll Corporation Debit Credit Debit Credit tem 69,400 51,200 Cash and Accounts Receivable Inventory 60,000 55,000 40,000 30,000 Land 350,000 Buildings & Equipment 520,000 Investment in Troll Corporation Stock 103,780 Cost of Goods Sold 99,800 61,000 25,000 Depreciation Expense 15,000 6,000 14,000 Interest Expense Dividends Declared 40,000 10,000 Accumulated Depreciation 75,000 $175,000 68,800 Accounts Payable 41,200 Bonds Payable 200,000 80,000 Bond Premium 200 200,000 Common Stock 100,000 Retained Earnings 50,000 227,960 Sales 200,000 120,000 Income from Subsidiary 11,020 $963,980 $963,980 $586,200 $586,200 Troll sold inventory costing $25,500to Bell for $42,500 in 20xi. Bell resold 80 percent of the pur- chase in 20Xi and the remainder in 20X2. Troll sold inventory costing $21,000 to Bell in 20X2 for S35,000, and Bell resold 70 percent of it prior to December 31, 20X2. In addition, Bell sold inven- tory costing $14,000 to Troll for $28,000 in 20X2, and Troll resold all but $13,000 of its purchase prior to December 31, 20X2. Assume both companies use straight-line depreciation and that no property, plant, and equipment has been purchased since the acquisition