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2. Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair value of Float's net assets was $1,850,000, and the book value was $1,500,000. The non-controlling interest shares of Float Corp. are not actively traded. What amount of goodwill should be attributed to Perch at the date of acquisition? A. $150,000. B. $250,000. C. $0. D. $120,000. E. $170,000. 3. Royce Co. acquired 60% of Park Co. for $420,000 on December 31, 2010 when Park's book value was $560,000. The Royce stock was not actively traded. On the date of acquisition, Park had equipment (with a ten-year life) that was undervalued in the financial records by $140,000. One year later, the following selected figures were reported by the two companies. Additionally, no dividends have been paid. What is consolidated net income for 2011 attributable to Royce's controlling interest? A. B. C. D. E. $686,000. $560,000. $644,000. $635,600. $691,600. 4. On January 1, 2010, Palk Corp. and Spraz Corp. had condensed balance sheets as follows: On January 2, 2010, Palk borrowed the entire $84,000 it needed to acquire 80% of the outstanding common shares of Spraz. The loan was to be paid in ten equal annual principal payments, plus interest, beginning December 31, 2010. The excess consideration transferred over the underlying book value of the acquired net assets was allocated 60% to inventory and 40% to goodwill. What is consolidated stockholders' equity at January 2, 2010? A. B. C. D. E. $112,000. $133,000. $168,000. $182,000. $203,000. 7. McGuire Company acquired 90 percent of Hogan Company on January 1, 2010, for $234,000 cash. This amount is reflective of Hogan's total fair value. Hogan's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Hogan's net assets revealed the following: Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years. In consolidation at December 31, 2010, what adjustment is necessary for Hogan's Equipment account? 8. McGuire Company acq Company on January 1, 2 amount is reflective of Ho stockholders' equity consi $160,000 and retained ear Hogan's net assets reveale Any excess consideration attributable to an unamort years. In consolidation at Decem necessary for Hogan's Eq 9. Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on an annual review, goodwill has not been impaired. Demers earns income and pays dividends as follows: Assume the initial value method is applied. How much does Pell record as Income from Demers for the year ended December 31, 2012? A. B. C. D. E. $48,000. $56,000. $98,400. $97,000. $50,400. 10. Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Demers earns income and pays dividends as follows: Assume the partial equity method is applied. Compute the non-controlling interest in the net income of Demers at December 31, 2011. A. B. C. D. E. $18,400. $14,000. $22,600. $24,000. $12,600