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ALCI 3400. PARLIAL-SEGUNUA UNIDAD (2) - Excel File Home Insert Page Layout Formulas Data Review View H elp Search A17 I X f other current liabilities BC DE G 5 Castille Co. paid $ 5,040,000 for a 30% interest in Dinasty Co's outstanding voting stock 6 on January 1, 2018. The book value and fair values of Dinasty's assets and liabilities on January 1, 7 along with amortization data, are as follows 9 Assets 10 Cash 11 Accounts Receivable - net 12 Inventories 13 Other current assets 14 Land 15 Building - net 16 Equipment - net 17 Total Assets 18 Liabilities and Stockholders' Equity 19 Accounts Payable 20 Other current liabilities 21 Bonds Payable 22 Capital stock. $10 par 23 Retained Earnings 24 Total Liabilities and Stockholders' Equity Book Value $ 2,200,000 $ 2,100,000 $ 3,000,000 $ 600,000 $ 2,700,000 $ 4,500,000 $ 3,600,000 $ 18,700,000 Fair Value $ 2,200,000 $ 2,100,000 $ 3,600,000 $ 600,000 $ 5,100,000 $ 6,000,000 $ 1,500,000 $21,100,000 $ 3,400,000 $ 600,000 $ 3,300,000 $ 3,400,000 $ 600,000 $ 3,000,000 $ 9,000,000 $ 2,700,000 $ 18,700,000 26 Dinasty Co's reported net income of $4,400,000 for 2017, and paid dividends for $1,500,000. 27 Bonds Payable - Paid in 5 years, Building Useful life - 4 years, Equipment Useful life 5 years Sheet1 Ready A17 - x for Other current liabilities 22 Capital stock, $10 par $ 9,000,000 23 Retained Earnings $ 2,700,000 24 Total Liabilities and Stockholders' Equity $ 18,700,000 25 26 Dinasty Co's reported net income of $4,400,000 for 2017, and paid dividends for $1,500,000. 27 Bonds Payable - Paid in 5 years, Building Useful life - 4 years, Equipment Useful life 5 years 28 Required 30 1. Prepare the journal entry to record purchases Investment in Dinasty Co. for Castille Co. 32 2. Prepare a schedule to allocate the investment fair value/book value differentials relating to 33 Castille's Co. Investment in Dinasty Co. 35 3. What is the amount of goodwill? 36 37 4. Calculate Castille's income from Dinasty Co. for 2018 38 39 5. Determine the balance of Castille's Co. Investment in Dinasty Co. account at Dec.31.2018 Sheet1 Ready a t e @ w x]