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Can you help with a, b, and c? Please show calculations for each. E5.10 Consolidation Working Paper, Date of Acquisition (see related E3.10) Below are
Can you help with a, b, and c? Please show calculations for each.
E5.10 Consolidation Working Paper, Date of Acquisition (see related E3.10) Below are the pre- combination condensed balance sheets of Princecraft and Sylvan Companies just prior to Princecraft's acquisition of 90 percent of the voting shares of Sylvan for $43 million in cash. The book values of Syl. van Company's net assets approximate fair value. The noncontrolling interest in Sylvan has a fair value of $4,250,000. Princecraft Company Sylvan Company Cash. Other current assets. Property and equipment, net. Total assets $ 2,000,000 8,000,000 15,000,000 $25,000,000 Total liabilities. Common stock. Additional paid-in capital Retained earnings Total liabilities and equity.. $ 60,000,000 20,000,000 70,000,000 $150,000,000 $ 30,000,000 15,000,000 45,000,000 60,000,000 $150,000,000 $ 8,000,000 5,000,000 10,000,000 2,000,000 $25,000,000 a. Required Calculate total goodwill and its allocation to the controlling and noncontrolling interests. b. Prepare the consolidation working paper at the date of acquisition. Prepare the consolidated balance sheet at the date of acquisition, in good form. Consolidation Eliminating Co. CStep by Step Solution
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