Excel Case $-$ Consolidated Balances at End of Second Year of Ownership $($CPA Skills$)$ Excel Case $-$ Consolidated Balances at End of Second Year of Ownership $($CPA Skills$)$

Case Facts:

On January $1,2020,$

Fast$-$net.com acquired $100$ percent of the common stock of Open$-$Wi Co$.$ for

cash of $$790,000.$ The consideration transferred was allocated among Open$-$Wi's net assets as

follows:

At the acquisition date, the computer software has a $4-$year remaining life, and the Internet domain

was estimated to have a $12-$year remaining life. By the end of $2020,$ it became clear that the

acquired in$-$process research and development would yield no economic benefits and

Fast$-$net.com

recognized an impairment loss. At December $31,2021,$ Open$-$Wi's accounts payable included a

$$45,000$ amount owed to Fast$-$net.

The December $31,2021$ trial balances for

Fast$-$net.com and Open$-$Wi is presented on the "Data"

tab of the Week $2$ Excel Case data and template Excel file.

Requirements:

Using the template on the "Template" tab in this provided Excel file, complete the following:

In the space provided, prepare the calculation that Fast$-$net performed to derive the

$$910,000$ reported as its December $31,2021$ investment in Open$-$Wi$.$

In the space provided, prepare the consolidating entries following the format shown in

example entry $(S).$ Post the entries to the appropriate columns in the provided consolidation

worksheet.

Complete the consolidation worksheet to compute all consolidated totals which will be

reported in Fast$-$net's financial statements at December $31,2021.$

Be sure to meet the following criteria as well :

Properly label and format the worksheet.

Utilize formulas for all computational based cells.

Final product should be professional looking.

Case Facts:

On January $1,2020,$ Fast$-$net.com acquired $100$ percent of the common stock of Open$-$Wi Co$.$ for cash of $$790,000.$ The consideration transferred was allocated among Open$-$Wi$$s net assets as follows:

At the acquisition date, the computer software has a $4-$year remaining life, and the Internet domain was estimated to have a $12-$year remaining life. By the end of $2020,$ it became clear that the acquired in$-$process research and development would yield no economic benefits and Fast$-$net.com recognized an impairment loss. At December $31,2021,$ Open$-$Wi$$s accounts payable included a $$45,000$ amount owed to Fast$-$net.

The December $31,2021$ trial balances for Fast$-$net.com and Open$-$Wi is presented on the $$Data$$ tab of the Week $2$ Excel Case data and template Excel file.

Requirements:

Using the template on the $$Template$$ tab in this provided Excel file, complete the following:

In the space provided, prepare the calculation that Fast$-$net performed to derive the $$910,000$ reported as its December $31,2021$ investment in Open$-$Wi$.$

In the space provided, prepare the consolidating entries following the format shown in example entry $($S$).$ Post the entries to the appropriate columns in the provided consolidation worksheet.

Complete the consolidation worksheet to compute all consolidated totals which will be reported in Fast$-$net$$s financial statements at December $31,2021.$

Be sure to meet the following criteria as well :

Properly label and format the worksheet.

Utilize formulas for all computational based cells.

Final product should be professional looking.Excel Case $1$: Consolidated Balances at End of Second Year of Ownership $($CPA Skills$)$

Part a: Investment in Open$-$Wi account balance $12/31/21$

Open$-$Wi$$s acquisition$-$date fair value

Balance $12/31/21$

Use the columns before the debit and credit columns to insert the journal entry reference letter.

These letters need to correspond to your consolidating entries below.

Part b:$$ Consolidation Entries Consolidated

Fast$-$net Open$-$Wi Debit Credit Totals

Revenues

Cost of goods sold

Depreciation expense

Amortization expense

Equity in subsidiary earnings

Net Income

Retained earnings $1/1$

Net income

Dividends declared

Retained earnings $12/31$

Current assets

Investment in Open$-$Wi

Equipment $($net$)$

Computer software

Internet domain name

Goodwill

Total assets

Liabilities

Common stock

Additional paid$-$in capital

Retained earnings $12/31$

Total liab. and equity

Write out the consolidating entries here along with any supporting computations. Make sure to identify

each entry according to its purpose $($eg$,($S$)$ Eliminate subsidiary's equity amounts as of the b