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Carson, Inc., acquires 80 percent of the outstanding common stock of Gardena corporation on January 1, 2020, in exchange for $900,000 cash. At the acquisition

Carson, Inc., acquires 80 percent of the outstanding common stock of Gardena corporation on January 1, 2020, in exchange for $900,000 cash. At the acquisition date, Gardena's total fair value, including the noncontrolling interest, was assessed at $1,125,000. Also at the acquisition date, Gardena's book value was $690,000. Several individual items on Gardena's financial records had fair values that differed from their book values as follows: Trademark (indefinite life) Property and equipment (net, 8-year remaining useful life) Patent (14-year remaining useful life) For internal reporting purposes, Carson, inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2020, for both companies. At year-end, there were no intra-entity receivables or payables. Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Gardena Net income Consolidated Net Income NCI share of CNI Carsons Share of CNI Retained earnings (1/1/2020) Net income Dividends declared Retained earnings (12/31/2020) Current assets Investment in Gardena Trademark Property and equipment (net) Patents Goodwill Total assets Accounts payable Common stock Additional paid-in capital Non controlling interest Retained earnings (12/31/2020) Total liabilities and equities 1. What is the control premium paid by Carson to aquire 80 percent of voting shares of Gardena? Your answer : 2. What is the goodwill of Gardena at acquisition? Your answer: 232000 3.What is the amount of Non-Controlling Interest at acquisition (1/1/2020)? Your answer: -225,000 4. The working paper entry to eliminate any dividend earned from Gardena Corporation during 2020 (consolidation JE D) Your answer: 5. The working paper entry to eliminate Carson's investment in Gardena at December 31, 2020 (consolidation JE S and A) Your answer: 6.What is the consolidated balance for investment at December 31, 2020? Your answer: 7. What is the consolidated balance for equiy in income of Gardena at December 31, 2020? Your answer: 8. What is the consolidated balance for dividend declared at December 31, 2020? Your answer: 9. What is the net income attributable to noncontrolling interests of Gardena at December 31, 2020? Your answer: 10. What is the net income attributable to controlling interests of Gardena at December 31, 2020? Your answer: 11. What is the amount of Non-Controlling Interest at December 31, 2020? Your answer: 12. What is the consolidated balance for additional paid in capital at December 31, 2020? Your answer: 13. What is the consolidated balance for common stock at December 31, 2020? Your answer: 14. Suppose Carson used the initial value method to record its investment in Gardena in 2020. The working paper entry to eliminate the difference in accounting methods between equity method and the initial value method in 2021? (Consolidated Journal Entry *C) Your answer: 15. Suppose Carson used the partial equity method to record its investment in Gardena in 2020. The working paper entry to eliminate the difference in accounting methods between equity method and the partial equity method in 2021? (Consolidated Journal Entry *C) Your answer:

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