Admiral Casino & Resort paid $47,286,000 in cash for 80 percent of the stock of Gold Road Motor Inn, Inc. on January 1, 2016. The book values of Gold Roads net assets equal their fair values except for the following items:

Gold Road Motor Inn, Inc.

	Book Value	Fair Value
Plant and Equipment	277,500,000	289,710,000
Patents and copyrights	688,200,000	700,410,000

In addition, Admiral Casino identified and valued Gold Road's previously unreported intangible asset as follows:

	Fair Value
Customer Lists	5,550,000

Admiral Casino has determined that the Plant and Equipment has a useful life of 10 years, the Patents and Copyrights have a useful life of 8 years, and the customer list has a useful life of 4 years.

On the date of acquisition, Gold Road reported Common Stock of $2,775,000 and Retained Earnings of $8,325,000. On this date, Admiral estimated the fair value of the 20 percent noncontrolling interest in Gold Road to be $9,324,000.

During the 2017 year, Admiral and Gold Road had several intercompany transactions. As a result of these transactions, Admiral Casino owes Gold Road $470,000.

Required:

1) Prepare a value analysis and a determination and distribution of excess schedule for Admiral Casinos investment in Gold Road on the date of acquisition. Include if necessary, a goodwill allocation schedule and an amortization schedule. 2) Complete both consolidated worksheets for Admiral Casino and its subsidiary Gold Road as of December 31, 2017 showing all consolidated totals. Drafted worksheets have been provided to you and all inputs must be handwritten. In addition, provide all necessary consolidation entries (S,A,I,D,E) either handwritten or typed.

E | e Consolidation 2 ACC 110 Ct - Business 5uategy Game sim Con 2 Completeef + y.edu/bbieswebdav/pid-773693-i-onent-rid-3401607 1/courses/201709-90912-ACCA Foe Year Endig December 31, 2017 (Subsidlary Gold Road Consolldatian Entries (Parent) dmiral counts Debit Credit EBB 200 c0 137,600,000 126,54000a 5,530,00 Consolidated Net Income Non-Cantroling interest in Switaer's Income Retaired Earmings. Retained Larnings, December 31, 201 17 096 003 20,979,00 3,2190 Plant and Eqipment 57,099 00 3,865,0 Paterts and Copyrights 16860003 78B,100,000 in Gold Rca 9:20 PM 10 13/2017 Type here to search E | e Consolidation 2 ACC 110 Ct - Business 5uategy Game sim Con 2 Completeef + y.edu/bbieswebdav/pid-773693-i-onent-rid-3401607 1/courses/201709-90912-ACCA Foe Year Endig December 31, 2017 (Subsidlary Gold Road Consolldatian Entries (Parent) dmiral counts Debit Credit EBB 200 c0 137,600,000 126,54000a 5,530,00 Consolidated Net Income Non-Cantroling interest in Switaer's Income Retaired Earmings. Retained Larnings, December 31, 201 17 096 003 20,979,00 3,2190 Plant and Eqipment 57,099 00 3,865,0 Paterts and Copyrights 16860003 78B,100,000 in Gold Rca 9:20 PM 10 13/2017 Type here to search