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Assignment Part B.114. Marks Company Pacquired 70% of the 100,000 outstanding common stock of Company Son 1 January 2015 The acquisition price included a $30,000 control premium. On the date of acquisition, an equipment was undervalued by $42,000 in the books of Company S. The equipment has a remaining useful life of 10 years. The remaining excess fair value was attributed to Goodwill. Company Paccounted for the investment using the partial equity method. Between 1 January 2015 and 1 January 2018, the Investment in Company account has increased by $89,180. Companys did not issue any new common stock during the period 2015-2018 On 1 January 2018, Company Preported $280,000 in bonds outstanding with a book value of $263.200. These bonds carry a coupon rate of 10%. Company S purchased half of these bonds on the open market for $135,800 During 2018, Company P sold to Company Smerchandise inventory costing $112.000 at a price of $140,000. All but $14,000 of these goods were resold to outside parties by the end of 2018. Company still owed $50,400 for inventory shipped from Company P during December Company Phas convertible bonds that were issued at face value in 2016. These are 6% bonds that can be converted into 15,000 common stock shares) Company has convertible bonds that were issued at face value in 2017. These are 7% bonds that can be converted into 14,000 common stock shares) Company Phas 500,000 common stock/shares) outstanding by the end of 2018. Ignore tax rate. The following in selected financial statements for Company and Company Sat 31 December 2018 ACE Com CS Rev Cast of Goods Sold Expenses including interests of Interest ExpresBonds 33 NA Interest Income-Beed investment NA Equity in Company Income NA Net Income RE1 January 2018 307.300 SO5.400 Net Income Divided Paid RE 31 December 2013 Cash & Receivables laventory 239.400 Investment in Company NA Investment in Company P Bonds NA Land Building & Iquipment 3.600 757.000 Total Assets Accounts Payable 115.00 Bands Payable Convertible) 200.000 100.000 Honds Payable Discount on Brade Payable NA Common Stock RE31 December 2018 Total Liabilities & Stockholders' Equity Required 1. Using a worksheet format, prepare the Consolidated Financial Statements for year 2018, Show all your calculations! Assignment Part B (14 Marks) Company Pacquired 70% of the 100,000 outstanding common stock of Company S on 1 January 2015. The acquisition price included a $30,000 control premium. On the date of acquisition, an equipment was undervalued by $42,000 in the books of Company S. The equipment has a remaining useful life of 10 years. The remaining excess fair value was attributed to Goodwill. Company P accounted for the investment using the partial equity method. Between 1 January 2015 and 1 January 2018, the Investment in Company S account has increased by $89,180. Company S did not issue any new common stock during the period 2015-2018. On 1 January 2018, Company P reported $280,000 in bonds outstanding with a book value of $263,200. These bonds carry a coupon rate of 10%. Company Spurchased half of these bonds on the open market for $135,800 During 2018, Company P sold to Company Smerchandise inventory costing $112,000 at a price of $140,000. All but $14,000 of these goods were resold to outside parties by the end of 2018. Companys still owed $50,400 for inventory shipped from Company P during December Company P has convertible bonds that were issued at face value in 2016. These are 6% bonds that can be converted into 15,000 common stock(shares). Company S has convertible bonds that were issued at face value in 2017. These are 7% bonds that can be converted into 14,000 common stock(shares). Company P has 500,000 common stock(shares) outstanding by the end of 2018. Ignore tax rate. The following is selected financial statements for Company P and Company Sat 31 December 2018. Account Company P Companys Revenues 894,600 652,400 Cost of Goods Sold 483,000 277,200 Expenses (including interest expense of 187,600 225,400 convertible bonds) Interest Expense - Bonds 33,600 NA Interest Income - Bond Investment NA 15,400 Equity in Company S Income 22 NA Net Income ?? ?? R/E @ 1 January 2018 307,200 505,400 Net Income ?? ?? Dividends Paid 217,000 85,400 RE @ 31 December 2018 ?? ?? Cash & Receivables 186,200 109.200 Inventory 239,400 121,800 Investment in Company S 625,840 NA Investment in Company P Bonds NA ?? Land, Buildings, & Equipment(net) 348,600 757,400 Total Assets ?? ?? Accounts Payable 115,000 132,400 Bands Payable (Convertible) 200,000 100,000 Bonds Payable 280,000 140,000 Discount on Bonds Payable ?? NA Common Stock 420,000 168,000 RE @ 31 December 2018 22 22 Total Liabilities & Stockholders' Equity ?? ?? Required: 1. Using a worksheet format, prepare the Consolidated Financial Statements for year 2018, (Show all your calculations) Assignment Part B.114. Marks Company Pacquired 70% of the 100,000 outstanding common stock of Company Son 1 January 2015 The acquisition price included a $30,000 control premium. On the date of acquisition, an equipment was undervalued by $42,000 in the books of Company S. The equipment has a remaining useful life of 10 years. The remaining excess fair value was attributed to Goodwill. Company Paccounted for the investment using the partial equity method. Between 1 January 2015 and 1 January 2018, the Investment in Company account has increased by $89,180. Companys did not issue any new common stock during the period 2015-2018 On 1 January 2018, Company Preported $280,000 in bonds outstanding with a book value of $263.200. These bonds carry a coupon rate of 10%. Company S purchased half of these bonds on the open market for $135,800 During 2018, Company P sold to Company Smerchandise inventory costing $112.000 at a price of $140,000. All but $14,000 of these goods were resold to outside parties by the end of 2018. Company still owed $50,400 for inventory shipped from Company P during December Company Phas convertible bonds that were issued at face value in 2016. These are 6% bonds that can be converted into 15,000 common stock shares) Company has convertible bonds that were issued at face value in 2017. These are 7% bonds that can be converted into 14,000 common stock shares) Company Phas 500,000 common stock/shares) outstanding by the end of 2018. Ignore tax rate. The following in selected financial statements for Company and Company Sat 31 December 2018 ACE Com CS Rev Cast of Goods Sold Expenses including interests of Interest ExpresBonds 33 NA Interest Income-Beed investment NA Equity in Company Income NA Net Income RE1 January 2018 307.300 SO5.400 Net Income Divided Paid RE 31 December 2013 Cash & Receivables laventory 239.400 Investment in Company NA Investment in Company P Bonds NA Land Building & Iquipment 3.600 757.000 Total Assets Accounts Payable 115.00 Bands Payable Convertible) 200.000 100.000 Honds Payable Discount on Brade Payable NA Common Stock RE31 December 2018 Total Liabilities & Stockholders' Equity Required 1. Using a worksheet format, prepare the Consolidated Financial Statements for year 2018, Show all your calculations! Assignment Part B (14 Marks) Company Pacquired 70% of the 100,000 outstanding common stock of Company S on 1 January 2015. The acquisition price included a $30,000 control premium. On the date of acquisition, an equipment was undervalued by $42,000 in the books of Company S. The equipment has a remaining useful life of 10 years. The remaining excess fair value was attributed to Goodwill. Company P accounted for the investment using the partial equity method. Between 1 January 2015 and 1 January 2018, the Investment in Company S account has increased by $89,180. Company S did not issue any new common stock during the period 2015-2018. On 1 January 2018, Company P reported $280,000 in bonds outstanding with a book value of $263,200. These bonds carry a coupon rate of 10%. Company Spurchased half of these bonds on the open market for $135,800 During 2018, Company P sold to Company Smerchandise inventory costing $112,000 at a price of $140,000. All but $14,000 of these goods were resold to outside parties by the end of 2018. Companys still owed $50,400 for inventory shipped from Company P during December Company P has convertible bonds that were issued at face value in 2016. These are 6% bonds that can be converted into 15,000 common stock(shares). Company S has convertible bonds that were issued at face value in 2017. These are 7% bonds that can be converted into 14,000 common stock(shares). Company P has 500,000 common stock(shares) outstanding by the end of 2018. Ignore tax rate. The following is selected financial statements for Company P and Company Sat 31 December 2018. Account Company P Companys Revenues 894,600 652,400 Cost of Goods Sold 483,000 277,200 Expenses (including interest expense of 187,600 225,400 convertible bonds) Interest Expense - Bonds 33,600 NA Interest Income - Bond Investment NA 15,400 Equity in Company S Income 22 NA Net Income ?? ?? R/E @ 1 January 2018 307,200 505,400 Net Income ?? ?? Dividends Paid 217,000 85,400 RE @ 31 December 2018 ?? ?? Cash & Receivables 186,200 109.200 Inventory 239,400 121,800 Investment in Company S 625,840 NA Investment in Company P Bonds NA ?? Land, Buildings, & Equipment(net) 348,600 757,400 Total Assets ?? ?? Accounts Payable 115,000 132,400 Bands Payable (Convertible) 200,000 100,000 Bonds Payable 280,000 140,000 Discount on Bonds Payable ?? NA Common Stock 420,000 168,000 RE @ 31 December 2018 22 22 Total Liabilities & Stockholders' Equity ?? ?? Required: 1. Using a worksheet format, prepare the Consolidated Financial Statements for year 2018, (Show all your calculations)