Advance financial

Point Company acquired 80 percent of the stock of Slash Corp. on January 1, 2020. The stockholder's equity section at that date is as follows: Stockholder's Equity Section Point Slash Common Stock 600,000 $200,000 Additional Paid in Capital 1,000,000 400.000 Retained Earnings 800,000 600,000 Accumulated Other 100,000 50,000 comprehensive Income Total Stockholders' Equity $2,500,000 $1,250,000 Point financed the acquisition by using $1,000,000 cash and giving a note payable for $125,000. Book value approximated fair value for all of Slash's assets and liabilities except for Buildings which had a fair value of $50,000 more than its book value and a remaining useful life of 10 years. Land which had a fair value of $40.000 more than its book value Merchandise Inventory which had a fair value of 20,000 more than its book value, and was sold during 2020 Internally created patent with a fair value of 30,000 and a useful life of 5 years Any remaining differential was related to goodwill Goodwill is deemed to be impaired and worth only $12.000 Slash has accounts payable to point in the amount of $25.000 During 2020. Polnt & Slash had the following Paint Slash 1. Declared cash dividends $120.000 $60,000 2. Earned net income 200.000 100.000 20.000 3. Earned other comprehensive 40,000 income from available for sale securities Use this information to calculate the followings: Point Company acquired 80 percent of the stock of Slash Corp. on January 1, 2020. The stockholder's equity section at that date is as follows: Stockholder's Equity Section Point Slash Common Stock 600,000 $200,000 Additional Paid in Capital 1,000,000 400.000 Retained Earnings 800,000 600,000 Accumulated Other 100,000 50,000 comprehensive Income Total Stockholders' Equity $2,500,000 $1,250,000 Point financed the acquisition by using $1,000,000 cash and giving a note payable for $125,000. Book value approximated fair value for all of Slash's assets and liabilities except for Buildings which had a fair value of $50,000 more than its book value and a remaining useful life of 10 years. Land which had a fair value of $40.000 more than its book value Merchandise Inventory which had a fair value of 20,000 more than its book value, and was sold during 2020 Internally created patent with a fair value of 30,000 and a useful life of 5 years Any remaining differential was related to goodwill Goodwill is deemed to be impaired and worth only $12.000 Slash has accounts payable to point in the amount of $25.000 During 2020. Polnt & Slash had the following Paint Slash 1. Declared cash dividends $120.000 $60,000 2. Earned net income 200.000 100.000 20.000 3. Earned other comprehensive 40,000 income from available for sale securities Use this information to calculate the followings