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Posted on Jul 14, 2024

COMPLETE THE CONSOUDATION WORKSHEET FOR CONSOUDATION OF HILLARY CORP AND BILLINC. IN SPACE PROVIDED BELOW POST CONSOUDATION WORKSHEET ENTRIES S, A,1,D,E & PFROM e. ABOVE.

COMPLETE THE CONSOUDATION WORKSHEET FOR CONSOUDATION OF HILLARY CORP AND BILLINC. IN SPACE PROVIDED BELOW POST CONSOUDATION WORKSHEET ENTRIES S, A,1,D,E & PFROM e. ABOVE. LABEL ALL ENTRIES. HILLARY CORP. and BILL INC CONSOLIDATION WORKSHEET 31-Dec-17 Consolidation Worksheet Entries Debit Credit S Income statement Revenues Expenses Depreciation Equity in investee earnings Net income Hillary Corp (3.720,000) $ 3,140,000 200,000 235.0001 (615,000) $ (1,200,000) 840,000 100.000 Consolidated Totals $ (4.920,000) 3,980,000 300,000 (235,000) $ (875,000) $ 260,000) $ Statement of Retained famines Retained earnings, 1/1/2017 Net Income (above) Dividends paid Retained earnings 12/31/2017 2,075,000) $ (615,000) 200 000 2490 000) $ (780,000) (260,000) 80.000 (960,000) $ 2,855.000) (875.000) 280,000 S (3.450.000 $ Balance Sheet Current assets Due from Hinc. Investment in Huling $ $ 1,180,000 2,040,000 100,000 2,315,000 $ 3.220.000 100,000 2,315,000 Buildings (net) Equipment (net) Good Total assets 1,550,000 1,600,000 600,000 800 DOO 2,150,000 2.400,000 $ 7,505 000 $ 2.500.000 $ 10,185,000 S Liabilities Due to Hillary Corp. Common stock Additional pad-in-capital Retained earnings, 12/31/2017 Total abilities and stockholder's equity S (2,307,000) S $ (600.000) (2,208,000) (2.490,000) 7 6050005 (500,000) 100,000) (200,000) (820 000) (960000 2 580 000] (2.807,000) (100,000) (800,000 (3,028,000) $ (3,450.000) - S YES Y DEBITS = CREDITS SUMMARY PROB 1 TAB 1 PROB 1 TAB 2 PROB 1 EX CREDIT PROB 2 To = ap Calibri (Body) 11 A A lili General $ - %. BIU A ex & fx B DO ALL WORK PROB 1 TAB_1 on Parts a., b., e., d., AS INDICATED ON "REQUIRED" in spaces provided below DO ALL WORK for Parts e. & f. on PROB_1_TAB_2 Hillary Corp. acquired all the outstanding common stock of Bill Inc. on January 1, 2019. Bill Inc.'s book value was $1,800,000 at the time. Hillary Corp issued 60,000 shares of its common stock having a par value of $5 per share and a fair value of $36 per share to execute this transaction. Bill Inc. will remain in existence and continue to operate. Hillary was willing to pay this level of consideration because it felt that buildings (ten-year life) were undervalued on Bill's records by $100,000 and equipment (eight-year life) was undervalued by $120,000. Any remaining consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Hillary Corp. incurred $50,000 legal expenses and $32,000 stock issuance costs in executing this transaction. At the time of this transaction Hillary Corp Jadvanced $100,000 to Bill Inc. Bill Inc, had not paid back the advance as of December 31, 2019. For the year ended December 31, 2019 Bill Inc. reported net income of $260,000 and paid dividends of $80,000 to its shareholders. REQUIRED: a. Prepare the journal entry to record Hillary Corp's acquisition of Billinc on 1/1/2019. Answer in space provided PROB 1_TAB_1 space "a."below b. Prepare an Fair Value Allocation of Purchase Price Schedule for Hillary Corp.'s acquition of Hill Inc. Answer in space provided PROB1_TAB_1 space "b." belo c. Prepare an Excess Amortization Schedule for this acquition as of 1/1/2019. Answer in space provided PROB 1 TAB 1 space "c"below d. Complete an analysis of Hillary Corp.'s Investment in Billing for the period 1/1/2019 to 12/31/2019. Answer in the space provided PROB 1_TAB_1 spaced." e. Prepare ALL Consolidation Worksheet Entries S, A, I, D, E & P for year ending December 31, 2019 for Hillary Corp. and Bill Inc.. Answer PROB 1_TAB_2 All entries should be labeled appropriately and should have explanations for the purpose of each entry 1. Complete the Consolidation Worksheet to Consolidate the statements of Hillary Corp., and Billinc, using the space provided on the tab PROB 1 TAB 2 ANSWERS FOR PARTS , b, and d SHOULD BE DONE IN THE AREAS PROVIDED BELOW: HILLARY CORP Journal Entry to Record Acquisition of BILL Inc. on 1/1/2019 Excess Amor COMPLETE THE CONSOUDATION WORKSHEET FOR CONSOUDATION OF HILLARY CORP AND BILLINC. IN SPACE PROVIDED BELOW POST CONSOUDATION WORKSHEET ENTRIES S, A,1,D,E & PFROM e. ABOVE. LABEL ALL ENTRIES. HILLARY CORP. and BILL INC CONSOLIDATION WORKSHEET 31-Dec-17 Consolidation Worksheet Entries Debit Credit S Income statement Revenues Expenses Depreciation Equity in investee earnings Net income Hillary Corp (3.720,000) $ 3,140,000 200,000 235.0001 (615,000) $ (1,200,000) 840,000 100.000 Consolidated Totals $ (4.920,000) 3,980,000 300,000 (235,000) $ (875,000) $ 260,000) $ Statement of Retained famines Retained earnings, 1/1/2017 Net Income (above) Dividends paid Retained earnings 12/31/2017 2,075,000) $ (615,000) 200 000 2490 000) $ (780,000) (260,000) 80.000 (960,000) $ 2,855.000) (875.000) 280,000 S (3.450.000 $ Balance Sheet Current assets Due from Hinc. Investment in Huling $ $ 1,180,000 2,040,000 100,000 2,315,000 $ 3.220.000 100,000 2,315,000 Buildings (net) Equipment (net) Good Total assets 1,550,000 1,600,000 600,000 800 DOO 2,150,000 2.400,000 $ 7,505 000 $ 2.500.000 $ 10,185,000 S Liabilities Due to Hillary Corp. Common stock Additional pad-in-capital Retained earnings, 12/31/2017 Total abilities and stockholder's equity S (2,307,000) S $ (600.000) (2,208,000) (2.490,000) 7 6050005 (500,000) 100,000) (200,000) (820 000) (960000 2 580 000] (2.807,000) (100,000) (800,000 (3,028,000) $ (3,450.000) - S YES Y DEBITS = CREDITS SUMMARY PROB 1 TAB 1 PROB 1 TAB 2 PROB 1 EX CREDIT PROB 2 To = ap Calibri (Body) 11 A A lili General $ - %. BIU A ex & fx B DO ALL WORK PROB 1 TAB_1 on Parts a., b., e., d., AS INDICATED ON "REQUIRED" in spaces provided below DO ALL WORK for Parts e. & f. on PROB_1_TAB_2 Hillary Corp. acquired all the outstanding common stock of Bill Inc. on January 1, 2019. Bill Inc.'s book value was $1,800,000 at the time. Hillary Corp issued 60,000 shares of its common stock having a par value of $5 per share and a fair value of $36 per share to execute this transaction. Bill Inc. will remain in existence and continue to operate. Hillary was willing to pay this level of consideration because it felt that buildings (ten-year life) were undervalued on Bill's records by $100,000 and equipment (eight-year life) was undervalued by $120,000. Any remaining consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Hillary Corp. incurred $50,000 legal expenses and $32,000 stock issuance costs in executing this transaction. At the time of this transaction Hillary Corp Jadvanced $100,000 to Bill Inc. Bill Inc, had not paid back the advance as of December 31, 2019. For the year ended December 31, 2019 Bill Inc. reported net income of $260,000 and paid dividends of $80,000 to its shareholders. REQUIRED: a. Prepare the journal entry to record Hillary Corp's acquisition of Billinc on 1/1/2019. Answer in space provided PROB 1_TAB_1 space "a."below b. Prepare an Fair Value Allocation of Purchase Price Schedule for Hillary Corp.'s acquition of Hill Inc. Answer in space provided PROB1_TAB_1 space "b." belo c. Prepare an Excess Amortization Schedule for this acquition as of 1/1/2019. Answer in space provided PROB 1 TAB 1 space "c"below d. Complete an analysis of Hillary Corp.'s Investment in Billing for the period 1/1/2019 to 12/31/2019. Answer in the space provided PROB 1_TAB_1 spaced." e. Prepare ALL Consolidation Worksheet Entries S, A, I, D, E & P for year ending December 31, 2019 for Hillary Corp. and Bill Inc.. Answer PROB 1_TAB_2 All entries should be labeled appropriately and should have explanations for the purpose of each entry 1. Complete the Consolidation Worksheet to Consolidate the statements of Hillary Corp., and Billinc, using the space provided on the tab PROB 1 TAB 2 ANSWERS FOR PARTS , b, and d SHOULD BE DONE IN THE AREAS PROVIDED BELOW: HILLARY CORP Journal Entry to Record Acquisition of BILL Inc. on 1/1/2019 Excess Amor