Click to see additional instructions Parent acquires 60% of Subsidiary Corp for $500,000 on January 1, 2012. The remaining 40% is valued at $250,000. The consolidation date is 12/31/15. On the acquisition date Subsidiary had the following assets and liabilities: BOOK 150,000 200,000 300,000 Cash Accounts Receivable Buildings - 6 year life Equipment - 4 year life Customer List - 10 year life Liabilities Retained Earnings FAIR VALUE 150,000 200,000 360,000 280,000 100,000 (400,000) 300,000 (400,000) 153,334 On 12/31/15 the following is available Parent Subsidiary 100,000 Current Assets Investment in Subsidiary Buildings (net) Equipment (net) Land Total 244,000 500,000 700,000 400,000 220,000 2,064,000 200,000 500,000 200,000 1,000,000 Liabilities Common Stock Retained Earnings 12/31 (500,000) (724,000) (840,000) (200,000) (480,000) ) (320,000) ) Total (2,064,000) (1,000,000) (300,000) 210,000 Revenue Operating expenses Dividend Income Net Income separate company (600,000) 410,000 (42,000) (232,000) ) (90,000) Retained Earnings 1/1 Net Income Dividends Retained Earnings 12/31 (700,000) (232,000) 92.000 (840,000) (300,000) ) (90,000) 70,000 (320,000) What is the amount of the (*C) entry ? = Click to see additional instructions Parent acquires 60% of Subsidiary Corp for $500,000 on January 1, 2012. The remaining 40% is valued at $250,000. The consolidation date is 12/31/15. On the acquisition date Subsidiary had the following assets and liabilities: BOOK 150,000 200,000 300,000 Cash Accounts Receivable Buildings - 6 year life Equipment - 4 year life Customer List - 10 year life Liabilities Retained Earnings FAIR VALUE 150,000 200,000 360,000 280,000 100,000 (400,000) 300,000 (400,000) 153,334 On 12/31/15 the following is available Parent Subsidiary 100,000 Current Assets Investment in Subsidiary Buildings (net) Equipment (net) Land Total 244,000 500,000 700,000 400,000 220,000 2,064,000 200,000 500,000 200,000 1,000,000 Liabilities Common Stock Retained Earnings 12/31 (500,000) (724,000) (840,000) (200,000) (480,000) ) (320,000) ) Total (2,064,000) (1,000,000) (300,000) 210,000 Revenue Operating expenses Dividend Income Net Income separate company (600,000) 410,000 (42,000) (232,000) ) (90,000) Retained Earnings 1/1 Net Income Dividends Retained Earnings 12/31 (700,000) (232,000) 92.000 (840,000) (300,000) ) (90,000) 70,000 (320,000) What is the amount of the (*C) entry ? =