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At year-end, there were no intra-entity receivables or payables. a. Prepare a worksheet to consolidate these two companies as of December 31, 2018. b. Prepare
At year-end, there were no intra-entity receivables or payables. a. Prepare a worksheet to consolidate these two companies as of December 31, 2018. b. Prepare a 2018 consolidated income statement for Holtz and Devine. C. If instead the noncontrolling interest shares of Devine had traded for $5.22 surrounding Holtz's acquisition date, what is the impact on goodwill? Complete this question by entering your answers in the tabs below. Required A Required B Required C. Prepare a worksheet to consolidate these two companies as of December 31, 2018. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for the Noncontrolling Interest and Consolidated Totals columns should be entered with a minus sign.) Show less HOLTZ CORPORATION AND DEVINE, INC. Consolidation Worksheet For Year Ending December 31, 2018 Holtz Consolidation Entries Devine Inc. Corporation Debit Credit Accounts Noncontrolling Consolidated Interest Totals $ (761,000) (396,750) Sales Cost of goods sold Operating expenses Dividend income 267,000 258,000 (16,000) 124.000 114,750 0 Separate company net income $ (252,000) (158,000) Consolidated net income NI attributable to noncontrolling interest NI attributable to Holtz Corp. Retained earnings, 1/1 Net income Dividends declared $ (744,000) (252,000) 80,000 $ (916,000) (362,000) (158,000) 20,000 Retained earnings, 12/31 500,000) Current assets Investment in Devine Buildings and equipment (net) Trademarks Goodwill Total assets $ 294,000 568,000 810,000 164,000 0 $ 1,836,000 $ 161,000 01 483,000 180,000 0 $ 824,000 Current assets $ $ 161,000 n Investment in Devine Buildings and equipment (net) Trademarks 294,000 568,000 810,000 164,000 483,000 180,000 Goodwill Total assets $ 1,836,000 $ 824,000 Liabilities $ (600,000) os (320,000) (916,000) (224,000) (100,000) (500,000) Common stock Retained earnings, 12/31 NCI in Devine, 1/1 NCI in Devine, 12/31 Total liabilities and equities (1,836,000)| (824,000)|
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