Hey there i only need help on part c.

Part B is done, only missing Part C

10 points Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1 for $711,300 in cash. O'Brien reported net assets with a carrying amount of $396,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows: Book Feir Values Trademarks (Indefinite life) Values $ 107,000 $299,000 Customer relationships (5-year remaining life) Equipment (10-year remaining life) 0 104,400 340,800 393,000 Any goodwill is considered to have an indefinite life with no impairment charges during the year. The following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses O'Brien Patrick $(1,300,000) 360,000 $(704,000) 320,000 104,700 09,400 36,000 Revenues Cost of goods sold Depreciation expense Amortization expense Income from O'Brien Net Income Retained earnings 1/1 Net Income (778,940) 5(1,149,440) 5 (294,000) $(794,000) $(295,000) (1.149,440) (294,600) Dividends declared 166,000 104,000 $(1,777,440) $ (400,600) Cash $ 242,000 1 121,000 Receivables 330,000 Inventory 246,000 Investment In O'Brien) 57,900 100,000 0 1,700 . Trademarks 866,240 526,000 e 928,000 Customer relationships Equipment (net) 281,000 Goodel11 . Total assets $ 729,600 $(143,000) Liabilities Common stock. 13,366,240 $ (088,000) (400,000) (1.727,440) $(3.166,240) Betained earnings 12/31 (100,000) (400,600) Total liabilities and equity $ (729,000) a. Which investment method did Patrick use to compute the $278,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31. c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31, Retained earnings 12/31 10 points PATRICK CORPORATION AND CONSOLIDATED SUBSIDIARY O'BRIEN Consolidation Worksheet For Year Ending December 31 Consolidation Entries Debit Patrick Credit $ (1,380,000) $ O'Brien (704,000) 368,000 320,000 104,700 89,400 36,800 0 20,880 (278,940) 0. 278,940 $ (1.149,440) (294,600) (794,000) (296,000) 296,000 (1.149,440) (294,600) 166,000 104,000 104,000 $ (1,777,440) S (486,600) S 242,000 $ 121,000 338,000 57,900 246,000 186,000 886,240 526,000 83,700 192.000 0 0 104,400 928,000 281,000 0 729,600 5,220 0 0 $ 3,166,240 5 (968,800) (143,000) (400,000) (100,000) 100,000 (1,777,440) (486,600) $ (3,166,240) 5 (729,600) 1,101,440 Accounts Revenues Cost of goods sold Depreciation expense Amortization expense Income from O'Brien Not income Retained earnings, 1/1 Net income (above) Dividends declared 12/31 Cash Receivables Inventory Investment in O'Brien Trademarks Customer relationships Equipment (net) Goodwill Total assets Liabilities Common stock Retained earnings (above) Total liabilities and equity Sendende Retained earnings, S S 5,220 886,240 20,880 52.200 S 964,540 Consolidated Totals $ 2,084,000 $ 1,149,440 794,000 1,149,440 166,000 1.777.440 363,000 395,900 432,000 0 801,700 83.520 1,162.020 71,100 $ 3,309,240 1,131,000 400,000 1,777,440 $ 3,309,240 $ 688,000 188,880 57,680 $ Show less A 1 10 points Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the totals to be reported for this business combination for the year ending December 31. (Input all amounts as positive values.) Consolidated totals Revenues $ 2.084,000 Cost of goods sold $ 688.000 Amortization expense S 57,680 S 188,880. Depreciation expense Income from O'Brien S 1.149,440 Net income. Retained earnings, 1/1 $ 794,000 Dividends declared $ 166,000 $ 1,777,440 $ 363.000 S 395,900 $ 432.000 801,700 83,520 1.162,020 71,100 3,309,240 S 1,131,000 S 400,000 |$ 1,777,440 $ 3,309,240 Retained earnings, 12/31 Cash Receivables Inventory Investment in O'Brien Trademarks Customer relationships Equipment (net) Goodwill Total assets Liabilities Common stock Retained earings, 12/31 Total Fabilities and equites $ $ $ 15 15 amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Input all amounts as positive values.) Show less A PATRICK CORPORATION AND CONSOLIDATED SUBSIDIARY O'BRIEN Consolidation Worksheet For Year Ending December 31 Consolidation Entries Consolidated Totals Accounts Patrick O'Brien Debit Credit Revenues $(1.380,000) $ (704,000) $ 2,084,000 Cost of goods sold 368,000 320,000 688,000 Depreciation expense 104,700 89,400 188,880 Amortization expense 36,800 07 20,880 57,680 Income from O'Brien (278,940) 0 278,940 Not income $ (1.149 440) S (294,600) $ 1.149.440 Retained earnings, 1/1 (794,000) (296,000) 296,000 794,000 Net income (above) (1.149,440) (294,600) 1,149,440 Dividends declared 166,000 104,000 104,000 166,000 $(1,777,440) (406,600) 1,777,440 12/31 Cash $ 121,000 363,000 Receivables 57,900 395,900 Inventory 186.000 432,000 Investment in O'Brien Trademarks 83,700 192,000 801.700 D 104,400 Customer relationships 83,520 5.220 1.162,020 Equipment (net) Goodwill 281,000 0 729,600 71,100 15 3,309,240 Total assets Liabilities (143,000) 1,131.800 400.000 Common stock (100,000) 100,000 (486,600) 1,777,440 Retained earnings (above) Total liabases and $ (729,600) $ 1,101.440 5 3,309,240 equity Retained earnings. $ 242,000 s 338,000 246,000 886 240 526,000 0 928,000 0 $ 3.166,240 $ (988,800) (400,000) (1.777.440) $ (3,166,240) ** WWW 5,220 886,240 20,880 52,200 $ 964,540 $ $ 00 Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1 for $711,300 in cash. O'Brien reported net assets with a carrying amount of $396,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows: Book Values Fair Values $ 299,000 Trademarks (indefinite life) $ 107,000 0 Customer relationships (5-year remaining life) Equipment (10-year remaining life) 393,000 104,400 340,000 Any goodwill is considered to have an indefinite life with no impairment charges during the year. The following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses O'Brien Revenues 5 (704,000) Patrick $(1,380,000) 368,000 104,700 320,000 89,400 Cost of goods sold Depreciation expense Amortization expense Income from O'Brien 0 36,800 (278,940) $(1,149,440) Net income $ (294,600) $ (296,000) Retained earnings 1/11 Net Income $ (794,000) (1.149,440) 166,000 (294,600) 104,000 Dividends declared $(1,777,440) Cash $ 242,000 Receivables 338,000 $ (486,600) $ 121,000 57,900 186,000 0 Inventory 246,000 Investment in O'Brien 886,240 Trademarks 526,000 Customer relationships Equipment (net) O 928,000 0 83,700 0 201,000 0 Goodwill Total assets $3,166,240 $ 729,600 Liabilities $(988,800) $(143,000) Connon stock (400,000) (100,000) Retained earnings 12/31 (1,777,449) (486,600) Total liabilities and equity $(5,166,240) $(729,600) a. Which investment method did Patrick use to compute the $278,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31 c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending Darembar 2 Prev 1 of 1 Next Retained earnings 12/31 10 points Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1 for $711,300 in cash. O'Brien reported net assets with a carrying amount of $396,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows: Book Feir Values Trademarks (Indefinite life) Values $ 107,000 $299,000 Customer relationships (5-year remaining life) Equipment (10-year remaining life) 0 104,400 340,800 393,000 Any goodwill is considered to have an indefinite life with no impairment charges during the year. The following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses O'Brien Patrick $(1,300,000) 360,000 $(704,000) 320,000 104,700 09,400 36,000 Revenues Cost of goods sold Depreciation expense Amortization expense Income from O'Brien Net Income Retained earnings 1/1 Net Income (778,940) 5(1,149,440) 5 (294,000) $(794,000) $(295,000) (1.149,440) (294,600) Dividends declared 166,000 104,000 $(1,777,440) $ (400,600) Cash $ 242,000 1 121,000 Receivables 330,000 Inventory 246,000 Investment In O'Brien) 57,900 100,000 0 1,700 . Trademarks 866,240 526,000 e 928,000 Customer relationships Equipment (net) 281,000 Goodel11 . Total assets $ 729,600 $(143,000) Liabilities Common stock. 13,366,240 $ (088,000) (400,000) (1.727,440) $(3.166,240) Betained earnings 12/31 (100,000) (400,600) Total liabilities and equity $ (729,000) a. Which investment method did Patrick use to compute the $278,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31. c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31, Retained earnings 12/31 10 points PATRICK CORPORATION AND CONSOLIDATED SUBSIDIARY O'BRIEN Consolidation Worksheet For Year Ending December 31 Consolidation Entries Debit Patrick Credit $ (1,380,000) $ O'Brien (704,000) 368,000 320,000 104,700 89,400 36,800 0 20,880 (278,940) 0. 278,940 $ (1.149,440) (294,600) (794,000) (296,000) 296,000 (1.149,440) (294,600) 166,000 104,000 104,000 $ (1,777,440) S (486,600) S 242,000 $ 121,000 338,000 57,900 246,000 186,000 886,240 526,000 83,700 192.000 0 0 104,400 928,000 281,000 0 729,600 5,220 0 0 $ 3,166,240 5 (968,800) (143,000) (400,000) (100,000) 100,000 (1,777,440) (486,600) $ (3,166,240) 5 (729,600) 1,101,440 Accounts Revenues Cost of goods sold Depreciation expense Amortization expense Income from O'Brien Not income Retained earnings, 1/1 Net income (above) Dividends declared 12/31 Cash Receivables Inventory Investment in O'Brien Trademarks Customer relationships Equipment (net) Goodwill Total assets Liabilities Common stock Retained earnings (above) Total liabilities and equity Sendende Retained earnings, S S 5,220 886,240 20,880 52.200 S 964,540 Consolidated Totals $ 2,084,000 $ 1,149,440 794,000 1,149,440 166,000 1.777.440 363,000 395,900 432,000 0 801,700 83.520 1,162.020 71,100 $ 3,309,240 1,131,000 400,000 1,777,440 $ 3,309,240 $ 688,000 188,880 57,680 $ Show less A 1 10 points Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the totals to be reported for this business combination for the year ending December 31. (Input all amounts as positive values.) Consolidated totals Revenues $ 2.084,000 Cost of goods sold $ 688.000 Amortization expense S 57,680 S 188,880. Depreciation expense Income from O'Brien S 1.149,440 Net income. Retained earnings, 1/1 $ 794,000 Dividends declared $ 166,000 $ 1,777,440 $ 363.000 S 395,900 $ 432.000 801,700 83,520 1.162,020 71,100 3,309,240 S 1,131,000 S 400,000 |$ 1,777,440 $ 3,309,240 Retained earnings, 12/31 Cash Receivables Inventory Investment in O'Brien Trademarks Customer relationships Equipment (net) Goodwill Total assets Liabilities Common stock Retained earings, 12/31 Total Fabilities and equites $ $ $ 15 15 amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Input all amounts as positive values.) Show less A PATRICK CORPORATION AND CONSOLIDATED SUBSIDIARY O'BRIEN Consolidation Worksheet For Year Ending December 31 Consolidation Entries Consolidated Totals Accounts Patrick O'Brien Debit Credit Revenues $(1.380,000) $ (704,000) $ 2,084,000 Cost of goods sold 368,000 320,000 688,000 Depreciation expense 104,700 89,400 188,880 Amortization expense 36,800 07 20,880 57,680 Income from O'Brien (278,940) 0 278,940 Not income $ (1.149 440) S (294,600) $ 1.149.440 Retained earnings, 1/1 (794,000) (296,000) 296,000 794,000 Net income (above) (1.149,440) (294,600) 1,149,440 Dividends declared 166,000 104,000 104,000 166,000 $(1,777,440) (406,600) 1,777,440 12/31 Cash $ 121,000 363,000 Receivables 57,900 395,900 Inventory 186.000 432,000 Investment in O'Brien Trademarks 83,700 192,000 801.700 D 104,400 Customer relationships 83,520 5.220 1.162,020 Equipment (net) Goodwill 281,000 0 729,600 71,100 15 3,309,240 Total assets Liabilities (143,000) 1,131.800 400.000 Common stock (100,000) 100,000 (486,600) 1,777,440 Retained earnings (above) Total liabases and $ (729,600) $ 1,101.440 5 3,309,240 equity Retained earnings. $ 242,000 s 338,000 246,000 886 240 526,000 0 928,000 0 $ 3.166,240 $ (988,800) (400,000) (1.777.440) $ (3,166,240) ** WWW 5,220 886,240 20,880 52,200 $ 964,540 $ $ 00 Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1 for $711,300 in cash. O'Brien reported net assets with a carrying amount of $396,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows: Book Values Fair Values $ 299,000 Trademarks (indefinite life) $ 107,000 0 Customer relationships (5-year remaining life) Equipment (10-year remaining life) 393,000 104,400 340,000 Any goodwill is considered to have an indefinite life with no impairment charges during the year. The following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses O'Brien Revenues 5 (704,000) Patrick $(1,380,000) 368,000 104,700 320,000 89,400 Cost of goods sold Depreciation expense Amortization expense Income from O'Brien 0 36,800 (278,940) $(1,149,440) Net income $ (294,600) $ (296,000) Retained earnings 1/11 Net Income $ (794,000) (1.149,440) 166,000 (294,600) 104,000 Dividends declared $(1,777,440) Cash $ 242,000 Receivables 338,000 $ (486,600) $ 121,000 57,900 186,000 0 Inventory 246,000 Investment in O'Brien 886,240 Trademarks 526,000 Customer relationships Equipment (net) O 928,000 0 83,700 0 201,000 0 Goodwill Total assets $3,166,240 $ 729,600 Liabilities $(988,800) $(143,000) Connon stock (400,000) (100,000) Retained earnings 12/31 (1,777,449) (486,600) Total liabilities and equity $(5,166,240) $(729,600) a. Which investment method did Patrick use to compute the $278,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31 c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending Darembar 2 Prev 1 of 1 Next Retained earnings 12/31