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On December 31, 2015, the Penn Corporation purchased all of Southern Companys outstanding shares for $990,000 in cash. Penn will operate Southern as a wholly-owned subsidiary that has a separate legal and accounting identity. Many of Southerns book values approximate fair values, but the fair values of some accounts differ from the book values. Additionally, Southern is carrying unrecorded, internally developed assets on its books. In determining the purchase price, Penn evaluated the differences between Southerns fair values and its book values, as shown in the table below.
Table 1: Southerns Fair Values and Book Values
Account	Book Values	Fair Values	This cell intentionally left blank.
Computer software	$40,000	$140,000	This cell intentionally left blank.
Equipment	$80,000	$60,000	This cell intentionally left blank.
Client contracts	$-	$200,000	This cell intentionally left blank.
In-process research and development	$-	$80,000	This cell intentionally left blank.
Notes payable	$(120,000)	$(130,000)	This cell intentionally left blank.
The financial information available for consolidation, as of December 31, 2015, is shown in the table below.
Table 2: Financial Information Available for Consolidation
Account	Penn	Southern	This cell intentionally left blank.
Cash	$72,000	$36,000	This cell intentionally left blank.
Receivables	$232,000	$104,000	This cell intentionally left blank.
Inventory	$280,000	$180,000	This cell intentionally left blank.
Investment in Southern	$990,000	$-	This cell intentionally left blank.
Computer software	$420,000	$40,000	This cell intentionally left blank.
Buildings (net)	$1,190,000	$260,000	This cell intentionally left blank.
Equipment (net)	$616,000	$80,000	This cell intentionally left blank.
Client contracts	$-	$-	This cell intentionally left blank.
Research and development asset	$-	$-	This cell intentionally left blank.
Goodwill	$-	$-	This cell intentionally left blank.
Total assets	$3,800,000	$700,000	This cell intentionally left blank.
Accounts payable	$(176,000)	$(50,000)	This cell intentionally left blank.
Notes payable	$(1,020,000)	$(120,000)	This cell intentionally left blank.
Common stock	$(760,000)	$(200,000)	This cell intentionally left blank.
Additional paid-in capital	$(340,000)	$(50,000)	This cell intentionally left blank.
Retained earnings	$(1,504,000)	$(280,000)	This cell intentionally left blank.
Total liabilities and equities	$(3,800,000)	$(700,000)	This cell intentionally left blank.
Prepare a consolidated balance sheet for Penn and Southern, as of December 31, 2015, using Tables 3, 4, and 5 below.
Table 3: Consolidated Balance Sheet Calculations 1
Account	Column 1	Column 2	This cell intentionally left blank.
Consideration transferred at fair value			This cell intentionally left blank.
Book value			This cell intentionally left blank.
Excess fair over book value			This cell intentionally left blank.
Allocation of excess fair value to specific assets and liabilities:			This cell intentionally left blank.
computer software			This cell intentionally left blank.
equipment			This cell intentionally left blank.
client contracts			This cell intentionally left blank.
in-process research and development			This cell intentionally left blank.
to notes payable			This cell intentionally left blank.
Goodwill			This cell intentionally left blank.
Table 4: Consolidated Balance Sheet Calculations 2
Account	Penn	Southern	Debit	Credit	Consolidated
Cash
Receivables
Inventory
Investment in Southern
Computer software
Buildings (net)
Equipment (net)
Client contracts
Research and development asset
Goodwill
Total assets
Accounts payable
Notes payable
Common stock
Additional paid-in capital
Retained earnings
Total liabilities and equities
Table 5: Consolidated Balance Sheet
Penn Company and Subsidiary Consolidated Balance Sheet December 31, 2015					This cell intentionally left blank.
Assets		Liabilities and Owners Equity			This cell intentionally left blank.
Cash		Accounts payable			This cell intentionally left blank.
Receivables		Notes payable			This cell intentionally left blank.
Inventory		This cell intentionally left blank.		This cell intentionally left blank.	This cell intentionally left blank.
Computer software		This cell intentionally left blank.		This cell intentionally left blank.	This cell intentionally left blank.
Buildings (net)		This cell intentionally left blank.		This cell intentionally left blank.	This cell intentionally left blank.
Equipment (net)		This cell intentionally left blank.		This cell intentionally left blank.	This cell intentionally left blank.
Client contracts		This cell intentionally left blank.		This cell intentionally left blank.	This cell intentionally left blank.
This cell intentionally left blank.	This cell intentionally left blank.	Common stock			This cell intentionally left blank.
Research and development asset		Additional paid-in capital			This cell intentionally left blank.
Goodwill		Retained earnings			This cell intentionally left blank.
Total assets		Total liabilities and equities			This cell intentionally left blank.