Canan Corporation paid $14.400 for a nos interest in Kodak Corporation on January 1, 2020, when Kodak's stockholdenequity consisted of 8,000 Capital Stock, APIC $2,000 and 51,000 of Retained furnings. The excess cost ever book value was attributable to trademark which has not been impared since ition date Additional Information 1. Canan sella merchandieta Kodak wt 120% of Canan's cost. During 2020, Caran's sales to Kodak were 54,800, of which half of the marthandise remained in Kodas Inventory at December 31, 2020. (The 2020 ending Inventory was sold in 2021.) During 2021, Conan's was to Kodes were 56,000 of which to remained in Kadak's Inventory st December 31, 2021 Alverend 2021, Kodukowed Cunan S4,000 for the Inventory Burchased during 2021 2. Conan Corporation vold walipment with a book value of $2,000 and a remaining vietui le of four years and no savage value to Kodak Corporation on bary 1, 2021 32.100 Straight-line depreciation is used 3. During 2021. Kodok said to Canan land for 350,000 that had a book value of $20,000. Caran well owns the land et 17/11/21 4. Separate company financial statements for Canon Corporation and Kodok December , 2023 are summarised in the first two columna of the consoldation working papers Sex Spreadsheet Tab Po 10 Required Curly follow and labeled 1. Pre the only of cution date. Complete named flerential of 1/1/2021 2. Mascherano venutten av mer stream downstream 2. SEMUTELY Ce set income to the contente meret for ex year 2011 15 20 20 Verify the creation of the in the newly in and record the companies with sector 2011 3. Paremation entries for 2023 6. Compare the consolidating predator the war ended 2011 20 15 total 100 INCOME STATEMENT CONS. TOT. S ELIMINATIONS Dr Cr 14.000 Sales Equity in sub eaminge gain on sale of equip Gain on sale of land Total revenues 60,000 4,000 800 74,000 4,000 800 30,000 100,000 30,000 44,000 54,800 Cost of goods sold Expenses 25,000 28.000 4,400 3,600 30.400 31,600 Total expenses Total Net Income Less net income to NCI Net Income to controlling interest 54,000 10.800 3,000 36,000 62.000 46.100 0 45,800 10,000 36,000 RETAINED EARNINGS STATEMENT Retained Earnings 11 7.833 5.000 12.833 Net income 10,000 36,000 45.800 Dividends declared 7.000 2,000 9.000 Retained Earnings 12/31 11.833 39.000 50.633 BALANCE SHEET Cash 5.500 7.135 33,000 4000 10,000 4,500 Boots rec Dividends rec Inventory Other current assets Land Buildings.net Equipment, net Investments traden 38,500 11,133 0 14.500 0 53.500 0 33.000 18.000 50,000 3.500 3.000 24000 18.000 Total 1140633 54,000 156,633 53.000 5.00 odo Accounts payable Dividends payable Otherland Common stock Additional Paid in capital Retained earnings noncontrolling interest Totalbies and equity 50.000 8.000 2.000 30.000 50.000 2.000 50,633 11.0 154.633 TRUE 540000 TRUE 0.43 TRUE Answer sheet: Muit use cell reference Enter Here in Shaded Cell BOX WARNINGI INSERTING OR CHANGING ANY FORMAT ON this short wat impact your pradell BUMPE LOOK AT CELL MEFERENCE ABOVE 1. What the amount for Trademark shown in the consolidated balance sheet? 2. What amount of the intercompany Equipment niet aan or loss djustment be confirmed in 2021 Enter as a poutre value pain ora negative value on adjustment to not come to controlling stories 3. What the amount of the Net parent company intercompany inventory pro mun be recognised in 2021? ter na positive value of income read and negative i dedd 4. What is the amount of the wosidiary Intercompany and in profite that the conformed in 2021? 5. What is the son controlling interese Cuin on the scandaly Net Income! terasa positive amount 6. What is the set income voted to the Contrating interest 7. What are consolidated total warts in the consolidated Bounce Sheet What the NonControlling interest Claire on the Subsidiary's Equity at 12/01/2a presented in the consolidated Balance sheet? 9. What is the adjustment to the land account in the elimination entries! Le pouve amount 10. What are consolidated sales for 2017 Canan Corporation paid $14,400 for a 80% interest in Kodak Corporation on January 1, 2020, when Kodak's stockholders' equity consisted of $8,000 Capitol Stock, APIC of $2,000 and $3,000 of Retained Earnings. The excess cost over book value was attributable to trademark, which has not been impaired since acquisition date. Additional information: 1. Canan sells merchandise to Kodak at 120% of Canan's cost. During 2020, Canan's sales to Kodak were $4,800, of which half of the merchandise remained in Kodak's inventory at December 31, 2020. (The 2020 ending inventory was sold in 2021.) During 2021, Canan's sales to Kodak were $6,000 of which 60% remained in Kodak's inventory at December 31, 2021 At year-end 2021, Kodak owed Canan $4,000 for the inventory purchased during 2021. 2. Canan Corporation sold equipment with a book value of $2,000 and a remaining useful life of four years and no salvage value to Kodak Corporation on January 1, 2021 for $2.800. Straight-line depreciation is used. 3. During 2021, Kodak sold to Canan land for $50,000 that had a book value of $20,000. Canan still owns the land at 12/31/21. A. Separate company financial statements for Canan Corporation and Kodak at December 31, 2021 are summarized in the first two columns of the consolidation working papers. See Spreadsheet Tab 5 7 11 Points 9 0 1 2 3 34|| Hequired: Carefully follow and label each step, 35 36 1. Prepare the acquisition analysis as of acquisition date Compute the 37 amortized afferential as of 1/1/2021 38 392. Analyse each intercompany transaction. Label as either upstream 40 downstream 41 42 SEPARATELY Calculate Net Income to the controlling interest for the year 2021 143 10 15 20 20 4. Verte calculation of the balance in the account equity in sub catrines and record the parent company entries with respect to its investment dura 2021 47 tepate a limination entries for 2023 49 ISO Complete the consolidating spreadsheet for the year ended 2021 20 23 100 Sa total 54 P $ CONS. TOT ELIMINATIONS Dr Cr 14,000 60,000 4,000 800 74,000 4,000 800 30,000 108,800 30,000 44,000 64,800 4.400 26,000 28,000 30,400 31,600 3.600 1 INCOME STATEMENT 2 3 Sales 4 Equity in sub earnings 5 gain on sale of equip 6 Gain on sale of land 7 Total revenues 8 9 Cost of goods sold 10 Expenses 11 12 Total expenses 13 Total Net Income 14 Loss net income to NCI 15 Net income to controlling interest 16 17 28 19 RETAINED EARNINGS 20 STATEMENT 21 22 Retained Earnings 111 23 24. Not Income 54,000 10,000 8,000 36,000 62,000 46,800 0 46,800 10,000 36,000 7,833 5,000 12,830 10,000 36,000 46,000 25 7,000 2,000 9,000 11,633 39,000 50,633 26 Dividends declared 27 28 Retained Earnings 12/31 29 30 31 BALANCE SHEET 32 33 cash accts rec 35 Dividends rec 36 Inventory 37 Other current assets 38 Land 39 Buildings, net 40 Equipment.net 41 Investment in S 42 tradem 43 5,500 7.133 33,000 4,000 F F 38,500 11,133 0 14,500 10,000 4,500 50.000 3.500 9.000 24,000 10,000 53,500 O 33,000 18.000 0 0 . 168,630 114.633 54,000 53,000 5,000 58,000 0 50,000 45 Total assets 46 47 Accounts payable 48 Dividends payable 49 Other liabilities SO Common stock 51 Additional Pald.in capital 52 Retained earnings 53 noncontrolling interest 54 Total liabilities and equity 55 56 57 58 59 8,000 2,000 39,000 58.000 2.000 50,633 11.633 114.633 TRUE 54,000 TRUE 168,633 TRUE Answer Sheet Must use cell reference Enter Here in Shaded Cell BOX WARNINGI INSERTING OR CHANGING ANY FORMAT ON this sheet will impact your gradell EXAMPLE 38,500 LOOK AT CELL REFERENCE ABOVE 1. What is the amount for Trademark shown in the consolidated balance sheet? 2. What amount of the Intercompany Equipment net gain or loss adjustment be confirmed in 2021? Enter as a positive valueil gain or a negative value for adjustment to net income to controlling interest 3. What is the amount of the Net parent company intercompany inventory profit that must be recognized in 2021? Enter as a positive value of net income is increased and negative il decreased 4. What is the amount of the tubulidiary Intercompany tand galn profit that is confirmed in 20217 What is the NonControlling Interest Claim on the Subeldiary's Net Income? Enter as a positive amount. 12 16 6. What is the Net Income Attributed to the Controlling Interest? 18 7. What are consolidated total assets in the Comolidated Balance Sheet? 19 20 R. What is the NonControlling interest Claim on the Subsidiary's Equity at 12/31/21 21 as presented in the Consolidated Balance Sheet? 22 23 9. What is the adjustment to the land account in the elimination entries? 24 Enter as a positive amount 25 26 10. What are consolidated sales for 20217 27 28 Canan Corporation paid $14.400 for a nos interest in Kodak Corporation on January 1, 2020, when Kodak's stockholdenequity consisted of 8,000 Capital Stock, APIC $2,000 and 51,000 of Retained furnings. The excess cost ever book value was attributable to trademark which has not been impared since ition date Additional Information 1. Canan sella merchandieta Kodak wt 120% of Canan's cost. During 2020, Caran's sales to Kodak were 54,800, of which half of the marthandise remained in Kodas Inventory at December 31, 2020. (The 2020 ending Inventory was sold in 2021.) During 2021, Conan's was to Kodes were 56,000 of which to remained in Kadak's Inventory st December 31, 2021 Alverend 2021, Kodukowed Cunan S4,000 for the Inventory Burchased during 2021 2. Conan Corporation vold walipment with a book value of $2,000 and a remaining vietui le of four years and no savage value to Kodak Corporation on bary 1, 2021 32.100 Straight-line depreciation is used 3. During 2021. Kodok said to Canan land for 350,000 that had a book value of $20,000. Caran well owns the land et 17/11/21 4. Separate company financial statements for Canon Corporation and Kodok December , 2023 are summarised in the first two columna of the consoldation working papers Sex Spreadsheet Tab Po 10 Required Curly follow and labeled 1. Pre the only of cution date. Complete named flerential of 1/1/2021 2. Mascherano venutten av mer stream downstream 2. SEMUTELY Ce set income to the contente meret for ex year 2011 15 20 20 Verify the creation of the in the newly in and record the companies with sector 2011 3. Paremation entries for 2023 6. Compare the consolidating predator the war ended 2011 20 15 total 100 INCOME STATEMENT CONS. TOT. S ELIMINATIONS Dr Cr 14.000 Sales Equity in sub eaminge gain on sale of equip Gain on sale of land Total revenues 60,000 4,000 800 74,000 4,000 800 30,000 100,000 30,000 44,000 54,800 Cost of goods sold Expenses 25,000 28.000 4,400 3,600 30.400 31,600 Total expenses Total Net Income Less net income to NCI Net Income to controlling interest 54,000 10.800 3,000 36,000 62.000 46.100 0 45,800 10,000 36,000 RETAINED EARNINGS STATEMENT Retained Earnings 11 7.833 5.000 12.833 Net income 10,000 36,000 45.800 Dividends declared 7.000 2,000 9.000 Retained Earnings 12/31 11.833 39.000 50.633 BALANCE SHEET Cash 5.500 7.135 33,000 4000 10,000 4,500 Boots rec Dividends rec Inventory Other current assets Land Buildings.net Equipment, net Investments traden 38,500 11,133 0 14.500 0 53.500 0 33.000 18.000 50,000 3.500 3.000 24000 18.000 Total 1140633 54,000 156,633 53.000 5.00 odo Accounts payable Dividends payable Otherland Common stock Additional Paid in capital Retained earnings noncontrolling interest Totalbies and equity 50.000 8.000 2.000 30.000 50.000 2.000 50,633 11.0 154.633 TRUE 540000 TRUE 0.43 TRUE Answer sheet: Muit use cell reference Enter Here in Shaded Cell BOX WARNINGI INSERTING OR CHANGING ANY FORMAT ON this short wat impact your pradell BUMPE LOOK AT CELL MEFERENCE ABOVE 1. What the amount for Trademark shown in the consolidated balance sheet? 2. What amount of the intercompany Equipment niet aan or loss djustment be confirmed in 2021 Enter as a poutre value pain ora negative value on adjustment to not come to controlling stories 3. What the amount of the Net parent company intercompany inventory pro mun be recognised in 2021? ter na positive value of income read and negative i dedd 4. What is the amount of the wosidiary Intercompany and in profite that the conformed in 2021? 5. What is the son controlling interese Cuin on the scandaly Net Income! terasa positive amount 6. What is the set income voted to the Contrating interest 7. What are consolidated total warts in the consolidated Bounce Sheet What the NonControlling interest Claire on the Subsidiary's Equity at 12/01/2a presented in the consolidated Balance sheet? 9. What is the adjustment to the land account in the elimination entries! Le pouve amount 10. What are consolidated sales for 2017 Canan Corporation paid $14,400 for a 80% interest in Kodak Corporation on January 1, 2020, when Kodak's stockholders' equity consisted of $8,000 Capitol Stock, APIC of $2,000 and $3,000 of Retained Earnings. The excess cost over book value was attributable to trademark, which has not been impaired since acquisition date. Additional information: 1. Canan sells merchandise to Kodak at 120% of Canan's cost. During 2020, Canan's sales to Kodak were $4,800, of which half of the merchandise remained in Kodak's inventory at December 31, 2020. (The 2020 ending inventory was sold in 2021.) During 2021, Canan's sales to Kodak were $6,000 of which 60% remained in Kodak's inventory at December 31, 2021 At year-end 2021, Kodak owed Canan $4,000 for the inventory purchased during 2021. 2. Canan Corporation sold equipment with a book value of $2,000 and a remaining useful life of four years and no salvage value to Kodak Corporation on January 1, 2021 for $2.800. Straight-line depreciation is used. 3. During 2021, Kodak sold to Canan land for $50,000 that had a book value of $20,000. Canan still owns the land at 12/31/21. A. Separate company financial statements for Canan Corporation and Kodak at December 31, 2021 are summarized in the first two columns of the consolidation working papers. See Spreadsheet Tab 5 7 11 Points 9 0 1 2 3 34|| Hequired: Carefully follow and label each step, 35 36 1. Prepare the acquisition analysis as of acquisition date Compute the 37 amortized afferential as of 1/1/2021 38 392. Analyse each intercompany transaction. Label as either upstream 40 downstream 41 42 SEPARATELY Calculate Net Income to the controlling interest for the year 2021 143 10 15 20 20 4. Verte calculation of the balance in the account equity in sub catrines and record the parent company entries with respect to its investment dura 2021 47 tepate a limination entries for 2023 49 ISO Complete the consolidating spreadsheet for the year ended 2021 20 23 100 Sa total 54 P $ CONS. TOT ELIMINATIONS Dr Cr 14,000 60,000 4,000 800 74,000 4,000 800 30,000 108,800 30,000 44,000 64,800 4.400 26,000 28,000 30,400 31,600 3.600 1 INCOME STATEMENT 2 3 Sales 4 Equity in sub earnings 5 gain on sale of equip 6 Gain on sale of land 7 Total revenues 8 9 Cost of goods sold 10 Expenses 11 12 Total expenses 13 Total Net Income 14 Loss net income to NCI 15 Net income to controlling interest 16 17 28 19 RETAINED EARNINGS 20 STATEMENT 21 22 Retained Earnings 111 23 24. Not Income 54,000 10,000 8,000 36,000 62,000 46,800 0 46,800 10,000 36,000 7,833 5,000 12,830 10,000 36,000 46,000 25 7,000 2,000 9,000 11,633 39,000 50,633 26 Dividends declared 27 28 Retained Earnings 12/31 29 30 31 BALANCE SHEET 32 33 cash accts rec 35 Dividends rec 36 Inventory 37 Other current assets 38 Land 39 Buildings, net 40 Equipment.net 41 Investment in S 42 tradem 43 5,500 7.133 33,000 4,000 F F 38,500 11,133 0 14,500 10,000 4,500 50.000 3.500 9.000 24,000 10,000 53,500 O 33,000 18.000 0 0 . 168,630 114.633 54,000 53,000 5,000 58,000 0 50,000 45 Total assets 46 47 Accounts payable 48 Dividends payable 49 Other liabilities SO Common stock 51 Additional Pald.in capital 52 Retained earnings 53 noncontrolling interest 54 Total liabilities and equity 55 56 57 58 59 8,000 2,000 39,000 58.000 2.000 50,633 11.633 114.633 TRUE 54,000 TRUE 168,633 TRUE Answer Sheet Must use cell reference Enter Here in Shaded Cell BOX WARNINGI INSERTING OR CHANGING ANY FORMAT ON this sheet will impact your gradell EXAMPLE 38,500 LOOK AT CELL REFERENCE ABOVE 1. What is the amount for Trademark shown in the consolidated balance sheet? 2. What amount of the Intercompany Equipment net gain or loss adjustment be confirmed in 2021? Enter as a positive valueil gain or a negative value for adjustment to net income to controlling interest 3. What is the amount of the Net parent company intercompany inventory profit that must be recognized in 2021? Enter as a positive value of net income is increased and negative il decreased 4. What is the amount of the tubulidiary Intercompany tand galn profit that is confirmed in 20217 What is the NonControlling Interest Claim on the Subeldiary's Net Income? Enter as a positive amount. 12 16 6. What is the Net Income Attributed to the Controlling Interest? 18 7. What are consolidated total assets in the Comolidated Balance Sheet? 19 20 R. What is the NonControlling interest Claim on the Subsidiary's Equity at 12/31/21 21 as presented in the Consolidated Balance Sheet? 22 23 9. What is the adjustment to the land account in the elimination entries? 24 Enter as a positive amount 25 26 10. What are consolidated sales for 20217 27 28