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help figure out what missing values are... everything in the table correct but im unsure whats missing On January 1, 2020, Mcliroy, Inc, acquired a
help figure out what missing values are... everything in the table correct but im unsure whats missing
On January 1, 2020, Mcliroy, Inc, acquired a 60 percent interest in the common stock of Sunson, Inc, for $372,000. Sunson's book value on that date consisted of common stock of $100,000 and retained earnings of $219,900. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $248,000. The subsidiary heid patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $79,300 and an unrecorded customer list (15-year remaining life) assessed at a $54,900 fair value. Any remaining excess acquisition-date fair value was assigned to goodwili. Since acquisition, Mcllioy has applied the equity method to its investment in Sunson account and no goodwill impairment has occurred. At year-end, there are no intra-entity payables or recelvables: Intra-entiy inventory sales between the two companles have been made as follows: The Individual financial statements for these two companies as of December 31, 2021, and the year then ended follow: (Note: Parentheses indicate a credit baiance) B. Show how Mcliroy determined the $415,112 Investment in Stinson account balance, Assume that Mcliroy defers 100 percent of downstream intra-entity profits against its share of Stinson's income. b. Prepare a consollidated worksheet to determine appropnate balances for external financial reporting as of December 31,2021 Step by Step Solution
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