Hello John, Here is a new assignment. Thanks

Problem 6-24 [LO1] On December 31, 2013, PanTech Company invests $32,000 in SoftPlus, a variable interest entity. In contractual agreements completed on that date, PanTech established itself as the primary beneficiary of SoftPlus. Previously, PanTech had no equity interest in SoftPlus. Immediately after PanTech's investment, SoftPlus presents the following balance sheet: Cash $ Marketin g software Computer equipment Total assets $ Long-term debt Noncontrolling 152,000 interest PanTech 52,000 equity interest 32,000 236,000 $ Total liabilities and equity $ 108,0 00 96,00 0 32,00 0 236,0 00 Each of the above amounts represents an assessed fair value at December 31, 2013, except for the marketing software. a. If the marketing software was undervalued by $32,000, what amounts for SoftPlus would appear in PanTech's December 31, 2013, consolidated financial statements? (Credit balances should be entered with a minus sign.) Cash Marketing software Computer equipment Long-term debt Noncontrolling interest PanTech equity interest $ $ $ $ $ $ $ b. If the marketing software was overvalued by $32,000, what amounts for SoftPlus would appear in PanTech's December 31, 2013, consolidated financial statements? (Credit balances should be entered with a minus sign.) Cash Marketing software Computer equipment Long-term debt Noncontrolling interest PanTech equity interest $ $ $ $ $ $ $ Problem 6-26 [LO2] Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parent's interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton. On January 1, 2010, Hamilton sold $1,900,000 in 10-year bonds to the public at 110. The bonds had a cash interest rate of 8 percent payable every December 31. Cairns acquired 45 percent of these bonds at 92 percent of face value on January 1, 2012. Both companies utilize the straight-line method of amortization. Prepare the consolidation worksheet entries to recognize the effects of the intra-entity bonds at each of the following dates. a. December 31, 2012. Event Entry B General Journal Debit Credit General Journal Debit Credit b. December 31, 2013. Event Entry *B c. December 31, 2014. Event Entry *B General Journal Debit Credit Problem 6-28 [LO2] Several years ago Abrams, Inc., sold $1,020,000 in bonds to the public. Annual cash interest of 8 percent ($81,600) was to be paid on this debt. The bonds were issued at a discount to yield 10 percent. At the beginning of 2012, Bierman Corporation (a wholly owned subsidiary of Abrams) purchased $170,000 of these bonds on the open market for $191,000, a price based on an effective interest rate of 6 percent. The bond liability had a book value on that date of $960,000. Assume Abrams uses the equity method to account internally for its investment in Bierman. a. What consolidation entry would be required for these bonds on December 31, 2012? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Event Entry B General Journal Debit Credit b. What consolidation entry would be required for these bonds on December 31, 2014? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Event Entry *B General Journal Debit Credit Problem 6-30 [LO3] Hepner Corporation has the following stockholders' equity accounts: Preferred stock (5% cumulative dividend) Common stock Additional paid-in capital $720,000 970,000 520,000 1,170,000 Retained earnings The preferred stock is participating. Wasatch Corporation buys 75 percent of this common stock for $1,860,000 and 65 percent of the preferred stock for $780,000. The acquisition-date fair value of the noncontrolling interest in the common shares was $620,000 and was $420,000 for the preferred shares. All of the subsidiary's assets and liabilities are viewed as having fair values equal to their book values. What amount is attributed to goodwill on the date of acquisition? Goodwill $ Problem 6-31 [LO3] Smith, Inc., has the following stockholders' equity accounts as of January 1, 2013: Preferred stock$125 par, nonvoting nonparticipating, 6 percent cumulative dividend and $ 2,150,000 Common stock$20 par value Retained earnings 4,150,000 10,150,000 Haried Company purchases all of Smith's common stock on January 1, 2013, for $14,350,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 40-year life. During 2013, Smith reports earning $600,000 in net income and pays $510,000 in cash dividends. Haried applies the equity method to this investment. a. What is the noncontrolling interest's share of consolidated net income for this period? Net income - non-controlling interest's share $ b. What is the balance in the Investment in Smith account as of December 31, 2013? Investment in Smith account $ c. What consolidation entries are needed for 2013? General Journal Entry S and A combined Entry I Entry D Debit Credit Entry E Problem 6-35 [LO5] Porter Corporation owns all 30,000 shares of the common stock of Street, Inc. Porter has 70,000 shares of its own common stock outstanding. During the current year, Porter earns income (without any consideration of its investment in Street) of $211,000 while Street reports $147,000. Annual amortization of $15,000 is recognized each year on the consolidation worksheet based on acquisition date fair-value allocations. Both companies have convertible bonds outstanding. During the current year, bond-related interest expense (net of taxes) is $36,000 for Porter and $28,000 for Street. Porter's bonds can be converted into 7,000 shares of common stock; Street's bonds can be converted into 10,000 shares. Porter owns none of these bonds. What are the earnings per share amounts that Porter should report in its current year consolidated income statement? (Round your answers to 2 decimal places.) Earnings Per Share Basic Diluted $ $ Problem 6-40 [LO6] Albuquerque, Inc., acquired 24,000 shares of Marmon Company several years ago for $690,000. At the acquisition date, Marmon reported a book value of $800,000, and Albuquerque assessed the fair value of the noncontrolling interest at $172,500. Any excess of acquisition-date fair value over book value was assigned to broadcast licenses with indefinite lives. Since the acquisition date and until this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. At the present time, Marmon reports $930,000 as total stockholders' equity, which is broken down as follows: Common stock ($10 par value) Additional paid-in capital Retained earnings Total $300,000 320,000 310,000 $930,000 View the following as independent situations: a. Marmon sells 10,000 shares of previously unissued common stock to the public for $35 per share. Albuquerque purchased none of this stock. What journal entry should Albuquerque make to recognize the impact of this stock transaction? General Journal Debit Credit b. Marmon sells 2,000 shares of previously unissued common stock to the public for $30 per share. Albuquerque purchased none of this stock. What journal entry should Albuquerque make to recognize the impact of this stock transaction? (Do not round your intermediate percentage values.) General Journal Debit Credit