Comprehensive Consolidated Working Paper, Consolidated Financial Statements report its investment in ShoeDaze on its own books. It is now January 31, 2024, the fiscal year-end. The following information is available: - Goodwill impairment as of beginning of fiscal 2024 is $2 million. Goodwill impairment for fiscal 2024 is $300,000. the end of fiscal 2024 is $500,000. Total sales of merchandise from ShoeDaze to PK during fiscal 2024 are priced by ShoeDaze at $30 million. - PK sold land it carried at $1 million to Shoedaze at the beginning of fiscal 2020 for $2,500,000. ShoeDaze still carries the land on its books. 5-year life, straight-line, as of the date it was sold to ShoeDaze. Below are the trial balances of PK and ShoeDaze at January 31, 2024. d. Prepare a consolidation working paper for fiscal 2024. - Use negative signs with Cr (credit) answers in the Consolidated Balances Dr (Cr) column. - Enter answers in thousands ( $2,000,000 equals $2,000 in thousands). e. Prepare a consolidated balance sheet as of January 31, 2024 and a consolidated income statement for fiscal 2024 , in good form. - Do not use negative signs with any of your answers below. - Enter answers in thousands ( $370,000,000 equals $370,000 in thousands). - Do not use negative signs with any of your answers below. - Enter answers in thousands ( $370,000,000 equals $370,000 in thousands). Comprehensive Consolidated Working Paper, Consolidated Financial Statements report its investment in ShoeDaze on its own books. It is now January 31, 2024, the fiscal year-end. The following information is available: - Goodwill impairment as of beginning of fiscal 2024 is $2 million. Goodwill impairment for fiscal 2024 is $300,000. the end of fiscal 2024 is $500,000. Total sales of merchandise from ShoeDaze to PK during fiscal 2024 are priced by ShoeDaze at $30 million. - PK sold land it carried at $1 million to Shoedaze at the beginning of fiscal 2020 for $2,500,000. ShoeDaze still carries the land on its books. 5-year life, straight-line, as of the date it was sold to ShoeDaze. Below are the trial balances of PK and ShoeDaze at January 31, 2024. d. Prepare a consolidation working paper for fiscal 2024. - Use negative signs with Cr (credit) answers in the Consolidated Balances Dr (Cr) column. - Enter answers in thousands ( $2,000,000 equals $2,000 in thousands). e. Prepare a consolidated balance sheet as of January 31, 2024 and a consolidated income statement for fiscal 2024 , in good form. - Do not use negative signs with any of your answers below. - Enter answers in thousands ( $370,000,000 equals $370,000 in thousands). - Do not use negative signs with any of your answers below. - Enter answers in thousands ( $370,000,000 equals $370,000 in thousands)
