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hi guys, i need an expert to do this case accounting as soon as possible Consolidation Accounting Facts: Assume that on January 1, Parent Company

hi guys, i need an expert to do this case accounting as soon as possible
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Consolidation Accounting Facts: Assume that on January 1, Parent Company ("Parent Co") acquires 100% of the common stock of Subsidiary Company ("Sub Co") for $800,000. On the acquisition date, Sub Co reports a book value of Stockholders' Equity of $320,000. Parent Co is willing to pay the purchase price because the subsidiary owns property, plant and equipment that are worth $150,000 more than the amount at which they are reported on Sub Co's books. In addition, Sub Co owns a customer list that has a fair value equal to $50,000. Both of these identifiable assets are depreciated or amortized over a 10 year period with no salvage value. Any remaining excess purchase price is attributed to corporate synergies that Parent Co expects to realize following the combination of the two companies. Parent Co and Sub Co's financial statements at the end of the first year following the acquisition are detailed in the Excel file "Case 1 - Advanced accounting topics." Required: Using the Excel file "Case 1 - Advanced accounting topics," prepare the consolidated financial statements at the end of the first year following the acquisition. Consolidation Accounting Parent Co Sub Co Income Statement Sales Cost of goods sold Gross profit Operating expenses Income from operations Equity income Income before income tax Income tax Net income 5,700,000 3,990,000 1,710,000 903,800 806,200 47,200 853,400 179,200 674,200 480,000 288,000 192,000 106,950 85,050 0 85,050 17,850 67,200 Statement of Retained Earnings Beginning retained earnings Net income Dividends Ending retained earnings 2,863,680 674,200 (134,840) 3,403,040 248,000 67,200 (10,080) 305,120 Balance Sheet Assets Cash Accounts receivable 354,870 729,600 129,440 111,360 w Ending retained earnings 3,403,040 305,120 Balance Sheet Assets Cash Accounts receivable Inventory Total current assets Property, plant and equipment, net Investment in subsidiary Total assets Liabilities & Stockholders' Equity Other liabilities Total current liabilities Notes payable Common stock Retained earnings Additional paid in capital Total stockholders' equity Total liab & stockholders' eq 354,870 729,600 1,105,800 2,190,270 5,319,240 837,120 8,346,630 129,440 111,360 143,040 383,840 264,640 0 648,480 819,090 819,090 2,500,000 931,950 3,403,040 692,550 5,027,540 8,346,630 111,360 111,360 160,000 32,000 305,120 40,000 377,120 648,480

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