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Consolidation subsequent to date of acquisition-Equity method with noncontrolling interest , AAP and gain on upstream intercompany equipment sale A parent company acquired its 75% interest in its subsidiary on January 1, 2008. On the acquisition date, the total fair value of the controlling interest and the noncontrolling interest was $490,000 in excess of the book value of the subsidiary's Stockholders' Equity. All of that excess was allocated to a Royalty Agreement, which had a zero book value in the subsidiary's financial statements (i.e., there is no Goodwill). The Royalty Agreement has a 7 year estimated remaining economic life on the acquisition date. Both companies use straight line depreciation and amortization, with no salvage value. In January 2011, the subsidiary sold Equipment to the parent for a cash price of $250,000. The subsidiary acquired the equipment at a cost of $480,000 and depreciated the equipment over its 10-year useful life using the straight-line method (no salvage value). The subsidiary had depreciated the equipment for 6 years at the time of sale. The parent retained the depreciation policy of the subsidiary and depreciated the equipment over its remaining 4 year useful life. Following are financial statements of the parent and its subsidiary for the year ended December 31, 2013. The parent uses the equity method to account for its Equity Investment. Parent Subsidiary Parent Subsidiary Income statement: Balance sheet: Sales $3,380,000 $876,000 Assets Cost of goods sold (2,433,600 (525,600) Cash $684,595 $243,272 Gross Accounts profit 946,400 350,400 receivable 591 500 376,680 Income (loss) from subsidiary 50.355 Inventory 878,800 481,800 Operating expenses (507,000) (227,760) PPE, net 3,400,280 902,280 Net Equity income $489,755 122,640 investment 451,593 Activate Windows $6,006,768 $2,004,032 Go to Settings to activate Windo $341,380 $155,928 Statement of retained earnings: Liabilities BOY and retained stockholders earnings $1,812,627 $197,100 equity Net Accounts income 489,755 122,640 payable Other current liabilities Long-term Dividends (98,408) (17,520) liabilities EOY retained Common earnings $2,203,974 $302,220 stock APIC Retained earnings 402,220 201,480 1,500,000 1,100,000 186,914 1,372,280 108,624 135,780 2,203,974 302,220 $6,006,768 $2,004,032 a. Disaggregate and document the activity for the 100% Acquisition Accounting Premium (AAP), the controlling interest AAP and the noncontrolling interest AAP. Do no enter any negative answers in part a. 2008 Amortization 0 Unamortized AAP 1/1/2009 0 2009 Amortization 0 Unamortized 1/1/2010 2010 Amortization 0 Unamortized 1/1/2011 0 2011 Amortization 0 Unamortized 1/1/2012 0 2012 Amortization 0 Unamortized 1/1/2013 0 2013 Amortization 0 Unamortized AAP 1/1/2014 0 0 Unamortized AAP 1/1/2008 Royalty agreement 0 Controlling interest: Royalty agreement 0 Noncontrolling interest: Royalty agreement 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 b. Calculate and organize the profits and losses on intercompany transactions and balances. Use negative signs with answers that are reductions. Downstream Upstream 0 0 0 0 0 0 0 Less: C. Compute the pre-consolidation Equity Investment account beginning and ending balances starting with the stockholders' equity of the subsidiary. Use negative signs with answers that are deductions. Equity investment at 1/1/13: Common stock APIC 0 0 Retained earnings 0 0 Less: 0 0 Equity investment at 12/31/13: Common stock APIC 0 0 Retained earnings 0 0 Less: 0 0 d. Reconstruct the activity in the parent's pre-consolidation Equity Investment T-account for the year of consolidation. Equity Investment Balance at 1/1/13 0 Net income 0 0 Dividends 0 0 Balance at 12/31/13 0 0 e. Independently compute the owners' equity attributable to the noncontrolling interest beginning and ending balances starting with the owners' equity of the subsidiary. Use negative signs with answers that are reductions. Noncontrolling interest at 1/1/13: Common stock 0 APIC Retained earnings 0 0 0 Less: 0 O 0 Noncontrolling interest at 12/31/13: Common stock APIC Retained earnings 0 0 0 Less: 0 0 f. Independently calculate consolidated net income, controlling interest net income and noncontrolling interest net income. Use negative signs with answers that are reductions. Consolidated: Parent's stand-alone net income Subsidiary's stand-alone net income 0 0 Plus: e 0 0 0 0 0 0 Less: Subsidiary's adjusted stand-alone net income Consolidated net income Parent: Parent's stand-alone net income 75% Subsidiary's stand-alone net income Plus: Less: 75% of subsidiary's stand-alone net income Consolidated net income attributable to the parent Subsidiary: 25% of subsidiary's stand-alone net income Plus: e . 0 0 0 0 0 0 Less: 0 0 g. Complete the consolidating entries according to the C-E-A-D-I sequence. Consolidation Worksheet Description [C] Equity income Debit Credit 0 0 0 0 0 0 0 Dividends Equity investment 0 0 0 0 [E] O 0 Common stock APIC 0 0 0 0 Equity investment 0 0 + O 0 [A] 0 0 0 Equity investment 0 0 0 [D] Operating expenses O O O 0 0 0 [lgain) Equity investment 0 . 0 0 0 0 > > [ldep] 0 O O 0