Accounting - consolidation

Using values in following trial balance

Please show work

Find, for end of 1st year (20X8)

1) Noncontrolling interest in Best's net assets

2) Consolidated depreciation expense

3) Consolidated buildings and equipment

Thank you

P5-33 Consolidation Worksheet at End of First Year of Ownership Power Corporation acquired 75 percent of Best Company's ownership on January 1, 20X8 for $96,000. At that date, the fair value of the noncontrolling interest was $32,000. The book 269 nsolidation of Less-than-Wholly-owned Subsidiaries Acquired at More than Book Value value of Best's net assets at acquisition was $100,000. The book values and fair values of Best's assets and liabilities were equal, except for Best's buildings and equipment, which were worth $20,000 more than book value. Accumulated depreciation on the buildings and equipment was S30,000 on the acquisition date. Buildings and equipment are depreciated o a 10-year basis Although goodwill is not amortized, the management of Power concluded at December 3 20x8, that goodwill from its purchase of Best shares had been impaired and the correct carrying amount was $2,500. Goodwill and goodwill impairment were assigned proportionately to the con trolling and noncontrolling shareholders Trial balance data for Power and Best on December 31, 20X8, are as follows: Power Corporation Best Company Debit Credit Debit Credit Item Cash 47,500 21,000 Accounts Receivable 70,000 12,000 Inventory 90,000 25,000 Land 30,000 5,000 Buildings & Equipment 350,000 150,000 96,375 Investment in Best Co. Stock Cost of Goods Sold 125,000 110,000 Wage Expense 42,000 27,000 Depreciation Expense 25,000 10,000 Interest Expense 12,000 4,000 Other Expenses 13,500 5,000 Dividends Declared 30,000 16,000 Accumulated Depreciation $145,000 40,000 Accounts Payable 45,000 16,000 Wages Payable 17,000 9,000 Notes Payable 150,000 50,000 Common Stock 200,000 60,000 Retained Earnings 02,000 40,000 Sales 260,000 180,000 Income from Subsidiary 12,375 $931,375 $931,375 $395,000 $395,000