consolidated financial statements for 3 years using equity and cost method

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Home Wet Draw Page Layout Formulas Data Review View Help P ISTON stock of Sun Company to $775.000 Sun reported the foowing 2014 2015 2016 150000 100000 $25000 $45.000 $55.000 $65.000 come Dicts December 31 2013 Pro The acquisition the balance sheets of Plant Company and Sun Company were as follows Sun 1 Accounts receivable net) a menton Plant $1.650.000 400.000 600 000 900.000 $3.550.000 Sun Book) $515000 190.000 125.000 100.000 $930 000 (Market) $515 000 190.000 125.000 150.000 $980.000 Liables $230,000 No amortization required Aditional pand in capital SO 500.000 250.000 2.800.000 $3.550,000 $200,000 300.000 100,000 330.000 $930,000 Required 1 Assume that Plant accounts for the acquisition using the Equity method. Use the information above as well as the incomplete worksheet information presented on the following pages to consolidate the financial statements for Plant and Sun for 2014, 2015 & 2016. in working the consolidations, please provide the following information: 1. The Equity method entries that Plant would make each year 2. The Allocation Schedule to allocate excess fair values 3. The consolidation entries 4. The Completed worksheets showing the consolidated totals 2. Assume that Plant accounts for the acquisition using the initial Value method (ie, the cost method). Use the information above as well as the appropriate Incomplete worksheet information to consolidate the financial statements for Plant and Sun for 2014, 2015 and 2016. Please provide all the same information as #1 above. Note: no journal entry is required, please indicate that" no journal entry is needed. A29 Pre-consolidation Worksheet 12/31/2014 Trial Balances Plant Sun DR INCOME STATEMENT Net sales Cost of sales Other expenses Equity Income Consolidated NI To NCI To Controlling Interest 800,000 410,000 215,000 280,000 455,000 650,000 250,000 50,000 350,000 STATEMENT OF RETAINED EARNINGS Retained earnings, 1/1/2014 NI 2,800,000 455,000 50,000 3,205,000 330,000 350,000 45,000 635,000 Divs End RE 16 BALANCE SHEET Cash Accounts receivable net Inventory Land Goodwill Equity Investment 1,433,000 425,000 800,000 900,000 735,000 230,000 270,000 100,000 1,019,000 Total Assets 4,577,000 1,335,000 Liabilities Common stock Other paid in capital Retained Earnings NCI-Equity 622,000 500,000 250,000 3,205,000 300,000 300,000 100,000 635,000 Total L +E 4,577,000 1,335,000 HU X Trial Balances Plant Sun Pre-consolidation worksheet 12/31/2015 CR DR INCOME STATEMENT Net sales Cost of sales Other expenses Equity Income Consolidated NI To NCI To Controlling Interest 785,000 362,000 218,000 288,000 493,000 684,000 287,000 37,000 360,000 STA EMENT OF RETAINED EARNINGS Retained earnings, 1/1/15 3,205,000 493,000 70,000 3,628,000 635,000 360,000 55,000 940,000 Divs End RE BALANCE SHEET Cash Accounts receivable net Inventory Land Goodwill Equity Investment 2,000,000 442,000 683,000 900,000 968,000 310,000 208,000 100,000 1,263,000 Total Assets 5,288,000 1,586,000 SSSRRERA Liabilities Common stock Other paid in capital Retained Earnings NCI-Equity 910,000 500,000 250,000 3,628,000 246,000 300,000 100,000 940,000 Total 5,288,000 1,586,000 : x for 29 Pre-consolidation worksheet 12/31/2016 Trial Balances Plant Sun INCOME STATEMENT Net sales Cost of sales Other expenses Equity Income Consolidated NI To NCI To Controlling Interest 785,000 362,000 218,000 260,000 465,000 656,000 292,000 39,000 325,000 10 11 STATEMENT OF RETAINED EARNINGS Retained earnings, January 1 NI 3,628,000 465,000 70,000 4,023,000 940,000 325,000 65,000 1,200,000 Divs End RE BALANCE SHEET Cash Accounts receivable net Inventory Land Goodwill Equity Investment 1,946,000 421,000 610,000 1,200,000 985,000 400,000 250,000 100,000 1,471,000 Total Assets 5,648,000 1,735,000 Liabilities Common stock Other paid in capital Retained Earnings NCI-Equity 875,000 500,000 250,000 4,023,000 135,000 300,000 100,000 1,200,000 25 Total LE 5,648,000 1,735,000 H e e rt Draw Page Layout Formulas Data Review View Help e Pro P r e coon stock of Sun Company for $175.000 Sun reported the fowa 2014 2015 2016 $10000 100000 $25.000 $45.000 $55.000 $65.000 Dicients December 31 2013 por lo he acquisition the balance sheets of Plant Company and Sun Company were as follows 1 Accounts receivable (net) as mention 5 Land Plant $1.650000 400.000 600 000 900.000 $3.550.000 Sun Book) $515000 190.000 125.000 100.000 $930.000 Sun (Market) $515 000 190.000 125.000 150.000 $980.000 Liabilities $0 $230,000 No amortization required Actional and in capital 500.000 250,000 2.800.000 $3,550,000 $200,000 300 000 100,000 330.000 $930,000 Required 1 Assume that Plant accounts for the acquisition using the Equity method. Use the information above as well as the incomplete worksheet information presented on the following pages to consolidate the financial statements for Plant and Sun for 2014, 2015 & 2016. in working the consolidations, please provide the following information: 1. The Equity method entries that Plant would make each year 2. The Allocation Schedule to allocate excess fair values 3. The consolidation entries 4. The Completed worksheets showing the consolidated totals 2 Assume that Plant accounts for the acquisition using the initial Value method (ie, the cost method). Use the information above as well as the appropriate Incomplete worksheet information to consolidate the financial statements for Plant and Sun for 2014, 2015 and 2016. Please provide all the same information as #1 above Note: no journal entry is required, please indicate that no journal entry is needed. Home Wet Draw Page Layout Formulas Data Review View Help P ISTON stock of Sun Company to $775.000 Sun reported the foowing 2014 2015 2016 150000 100000 $25000 $45.000 $55.000 $65.000 come Dicts December 31 2013 Pro The acquisition the balance sheets of Plant Company and Sun Company were as follows Sun 1 Accounts receivable net) a menton Plant $1.650.000 400.000 600 000 900.000 $3.550.000 Sun Book) $515000 190.000 125.000 100.000 $930 000 (Market) $515 000 190.000 125.000 150.000 $980.000 Liables $230,000 No amortization required Aditional pand in capital SO 500.000 250.000 2.800.000 $3.550,000 $200,000 300.000 100,000 330.000 $930,000 Required 1 Assume that Plant accounts for the acquisition using the Equity method. Use the information above as well as the incomplete worksheet information presented on the following pages to consolidate the financial statements for Plant and Sun for 2014, 2015 & 2016. in working the consolidations, please provide the following information: 1. The Equity method entries that Plant would make each year 2. The Allocation Schedule to allocate excess fair values 3. The consolidation entries 4. The Completed worksheets showing the consolidated totals 2. Assume that Plant accounts for the acquisition using the initial Value method (ie, the cost method). Use the information above as well as the appropriate Incomplete worksheet information to consolidate the financial statements for Plant and Sun for 2014, 2015 and 2016. Please provide all the same information as #1 above. Note: no journal entry is required, please indicate that" no journal entry is needed. A29 Pre-consolidation Worksheet 12/31/2014 Trial Balances Plant Sun DR INCOME STATEMENT Net sales Cost of sales Other expenses Equity Income Consolidated NI To NCI To Controlling Interest 800,000 410,000 215,000 280,000 455,000 650,000 250,000 50,000 350,000 STATEMENT OF RETAINED EARNINGS Retained earnings, 1/1/2014 NI 2,800,000 455,000 50,000 3,205,000 330,000 350,000 45,000 635,000 Divs End RE 16 BALANCE SHEET Cash Accounts receivable net Inventory Land Goodwill Equity Investment 1,433,000 425,000 800,000 900,000 735,000 230,000 270,000 100,000 1,019,000 Total Assets 4,577,000 1,335,000 Liabilities Common stock Other paid in capital Retained Earnings NCI-Equity 622,000 500,000 250,000 3,205,000 300,000 300,000 100,000 635,000 Total L +E 4,577,000 1,335,000 HU X Trial Balances Plant Sun Pre-consolidation worksheet 12/31/2015 CR DR INCOME STATEMENT Net sales Cost of sales Other expenses Equity Income Consolidated NI To NCI To Controlling Interest 785,000 362,000 218,000 288,000 493,000 684,000 287,000 37,000 360,000 STA EMENT OF RETAINED EARNINGS Retained earnings, 1/1/15 3,205,000 493,000 70,000 3,628,000 635,000 360,000 55,000 940,000 Divs End RE BALANCE SHEET Cash Accounts receivable net Inventory Land Goodwill Equity Investment 2,000,000 442,000 683,000 900,000 968,000 310,000 208,000 100,000 1,263,000 Total Assets 5,288,000 1,586,000 SSSRRERA Liabilities Common stock Other paid in capital Retained Earnings NCI-Equity 910,000 500,000 250,000 3,628,000 246,000 300,000 100,000 940,000 Total 5,288,000 1,586,000 : x for 29 Pre-consolidation worksheet 12/31/2016 Trial Balances Plant Sun INCOME STATEMENT Net sales Cost of sales Other expenses Equity Income Consolidated NI To NCI To Controlling Interest 785,000 362,000 218,000 260,000 465,000 656,000 292,000 39,000 325,000 10 11 STATEMENT OF RETAINED EARNINGS Retained earnings, January 1 NI 3,628,000 465,000 70,000 4,023,000 940,000 325,000 65,000 1,200,000 Divs End RE BALANCE SHEET Cash Accounts receivable net Inventory Land Goodwill Equity Investment 1,946,000 421,000 610,000 1,200,000 985,000 400,000 250,000 100,000 1,471,000 Total Assets 5,648,000 1,735,000 Liabilities Common stock Other paid in capital Retained Earnings NCI-Equity 875,000 500,000 250,000 4,023,000 135,000 300,000 100,000 1,200,000 25 Total LE 5,648,000 1,735,000 H e e rt Draw Page Layout Formulas Data Review View Help e Pro P r e coon stock of Sun Company for $175.000 Sun reported the fowa 2014 2015 2016 $10000 100000 $25.000 $45.000 $55.000 $65.000 Dicients December 31 2013 por lo he acquisition the balance sheets of Plant Company and Sun Company were as follows 1 Accounts receivable (net) as mention 5 Land Plant $1.650000 400.000 600 000 900.000 $3.550.000 Sun Book) $515000 190.000 125.000 100.000 $930.000 Sun (Market) $515 000 190.000 125.000 150.000 $980.000 Liabilities $0 $230,000 No amortization required Actional and in capital 500.000 250,000 2.800.000 $3,550,000 $200,000 300 000 100,000 330.000 $930,000 Required 1 Assume that Plant accounts for the acquisition using the Equity method. Use the information above as well as the incomplete worksheet information presented on the following pages to consolidate the financial statements for Plant and Sun for 2014, 2015 & 2016. in working the consolidations, please provide the following information: 1. The Equity method entries that Plant would make each year 2. The Allocation Schedule to allocate excess fair values 3. The consolidation entries 4. The Completed worksheets showing the consolidated totals 2 Assume that Plant accounts for the acquisition using the initial Value method (ie, the cost method). Use the information above as well as the appropriate Incomplete worksheet information to consolidate the financial statements for Plant and Sun for 2014, 2015 and 2016. Please provide all the same information as #1 above Note: no journal entry is required, please indicate that no journal entry is needed