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Consolidation subsequent to date of acquisition-Equity method with noncontrolling interest and AAP Assume, on January 1, 2015, a parent company acquired a 90% interest in its subsidiary. The total fair value of the controlling and noncontrolling interest was $480,000 over the book value of the subsidiary's Stockholders' Equity on the acquisition date. The parent assigned the excess to the following [A] assets: Original Original [A] Asset Amount Useful Life Property, plant, and equipment $160,000 10 years Customer list 96,000 5 years Goodwill 224,000 Indefinite $ 480,000 90% of the Goodwill is allocated to the parent. The parent and the subsidiary report the following pre-consolidation financial statements at December 31, 2019: Parent Subsidiary Parent Subsidiary Income statement: Sales Cost of goods sold $ 400,000 Balance sheet: $5,760,000 1,520,000 Assets (4,000,000) (960,000) Cash 1,760,000 112,320 (1,120,000) 752,320 $ 80,000 200,000 Gross profit 560,000 Accounts receivable 752,000 Equity income 960,000 440,000 Inventory (400,000) Equity investment Operating expenses 921,600 Net income 160,000 Property, plant and equipment, net 2,240,000 720,000 Statement of retained earnings: $5,273,600 $ 1,440,000 Beginning retained earnings: 400,000 Liabilities and stockholders' equity 1,401,280 752,320 Net income 160,000 Accrued liabilities 320,000 800,000 1,600,000 Dividends (160,000) (40,000) Long-term liabilities. 400,000 Ending retained earnings $1,993,600 $ 520,000 Common stock 160,000 80,000 APIC 720,000 120,000 Retained earnings 1,993,600 520,000 $5,273,600 $1,440,000 a. Disaggregate and document the activity for the 100% Acquisition Accounting Premium (AAP), the controlling interest AAP and the noncontrolling interest AAP. 100% AAP PPE, net Customer list Unamort AAP 01/15/15 $ 160,000 $ 96,000 224,000 2015 Amort 16000 $ 19200 Unamort AAP 12/31/15 144000 $ 76800 224000 444800 $ 2016 Amort 16000 $ 19200 0 35200 $ Unamort AAP 12/31/16 128000 $ 57600 224000 409600 $ 2017 Amort 16000 $ 19200 0 35200 $ Unamort AAP 12/31/17 112000 $ 38400 224000 374400 $ 2018 Amort 16000 $ 19200 0 35200 $ Unamort AAP 12/31/18 96000 $ 19200 224000 339200 $ 2019 Amort 16000 $ 19200 0 35200 $ Unamort AAP 12/31/19 80000 0 224000 304000 Goodwill 0 35200 $ $480,000 $ Parent (p%): PPE, net 144000 $ $ 72000 14400 $ 17280 Customer list 86400 201600 129600 $ 69120 201600 400320 $ 14400 17280 0 31680 115200 $ 51840 201600 368640 $ 14400 $ 17280 0 31680 $ 100800 $ 34560 201600 336960 $ 14400 $ 17280 0 31680 $ 86400 $ 17280 201600 305280 $ 14400 $ 17280 0 31680 $ Goodwill 0 31680 $ 0 201600 273600 $ 432000 $ $ 8000 Subsidiary (nci%): PPE, net $ Customer list Goodwill 1600 $ 1920 1600 $ 1920 16000 $ 9600 22400 48000 $ 1600 $ 1920 0 3520 $ 14400 $ 7680 22400 44480 $ 1600 $ 1920 0 3520 $ 12800 $ 5760 22400 40960 $ 1600 $ 1920 0 3520 $ 11200 $ 3840 22400 37440 $ 9600 $ 1920 22400 33920 $ 0 3520 $ 0 3520 $ 0 22400 30400 $ b. Calculate and organize the profits and losses on intercompany transactions and balances. (No intercompany transactions) $ c. Compute the pre-consolidation Equity Investment account beginning and ending balances starting with the stockholders' equity of the subsidiary. Equity investment account at 1/1/19 p% book value of subsidiary's net assets $ X Unamortized p% AAP 305280 914400 * Equity investment account at 12/31/19 p% book value of subsidiary's net assets $ Unamortized p% AAP 304000 * 273600 30400 * d. Reconstruct the activity in the parent's pre-consolidation Equity Investment T-account for the year of consolidation. Equity Investment 914400 * 14400 * 18000 * 100800 x 982800 * 0 e. Independently compute the owners' equity attributable to the noncontrolling interest beginning and ending balances starting with the owners' equity of the subsidiary. Noncontrolling interests at 1/1/19 nci% book value of subsidiary's net assets $ 59600 * Unamortized nci% AAP 42000 * 101600 x Noncontrolling interests at 12/31/19 nci% book value of subsidiary's net assets $ 69200 * Unamortized nci% AAP 40000 * 109200 * f. Independently calculate consolidated net income, controlling interest net income and noncontrolling interest net income. Note:Use a negative sign with your answer to indicate a reduction to net income. Parent's stand-alone net income $ 320000 * Subsidiary's stand-alone net income 112000 x -20000 * 100% AAP amortization Consolidated net income $ 412000 x Parent's stand-alone net income $ 320000 * p% of subsidiary's stand-alone net income 100800 * -18000 * p% AAP amortization Consolidated net income attributable to the controlling interest $ 402800 x nci% of subsidiary's stand-alone net income $ 11200 x Activ nci% AAP amortization -2000 x Go to Consolidated net income attributable to the noncontrolling interest $ 9200 x g. Complete the complete the consolidation worksheet. Note: Use negative signs with your answers in the Consolidated column when appropriate (Cost of goods sold, Operating expenses and Dividends). Consolidation Entries Dr Parent Subsidiary Cr Consolidated Income Statement: Sales $5,760,000 $1,520,000 Cost of Goods sold (4,000,000) (960,000) $ 7280000 -4960000 2320000 Gross profit 1,760,000 560,000 112,320 Income (loss) from subsidiary 195120 * 82800 * 400000 x Operating expenses [C] (400,000) [D] $160,000 (1,120,000) -1120000 * Net Income $752,320 1395120 * Consolidated NI atrib to NCI [C] 9200 * 9200 x Consolidated NI attrib to CI $ 1404320 x Statement of Ret Earnings: BOY retained earnings $1,401,280 $400,000 [E] 468000 * $ 1754480 x Net income 752,320 160,000 912320 * -184000 x Dividends (160,000) (40,000) EOY retained earnings $1,993,600 $520,000 2482800 * 16000 x [C] $ Balance Sheet: Cash Accounts receivable Inventory Equity investment PPE, net Customer List Goodwill Current liabilities Long-term liabilities Common stock APIC Retained earnings Noncontrolling interest $400,000 $80,000 752,000 200,000 960,000 440,000 921,600 2,240,000 720,000 [A] [A] [A] $5,273,600 $1,440,000 $800,000 $320,000 1,600,000 400,000 160,000 720,000 1,993,600 520,000 $5,273,600 $1,440,000 80,000 [E] 120,000 [E] $ LA 136000 * 56000 * 200000 * 0 x 0 x 0 x $ 7600 x [C] 16000 * [E] 378000 * [A] 0 x [D] 0 x [D] 0 x [C] 0 x [E] 0X [A] 0 x $ $ LA $ 480000 952000 1356000 * 0 0 x 0 0 x 0 x 0 x 0 x 0 x 0 x 0 x 0 x 0 x Consolidation subsequent to date of acquisition-Equity method with noncontrolling interest and AAP Assume, on January 1, 2015, a parent company acquired a 90% interest in its subsidiary. The total fair value of the controlling and noncontrolling interest was $480,000 over the book value of the subsidiary's Stockholders' Equity on the acquisition date. The parent assigned the excess to the following [A] assets: Original Original [A] Asset Amount Useful Life Property, plant, and equipment $160,000 10 years Customer list 96,000 5 years Goodwill 224,000 Indefinite $ 480,000 90% of the Goodwill is allocated to the parent. The parent and the subsidiary report the following pre-consolidation financial statements at December 31, 2019: Parent Subsidiary Parent Subsidiary Income statement: Sales Cost of goods sold $ 400,000 Balance sheet: $5,760,000 1,520,000 Assets (4,000,000) (960,000) Cash 1,760,000 112,320 (1,120,000) 752,320 $ 80,000 200,000 Gross profit 560,000 Accounts receivable 752,000 Equity income 960,000 440,000 Inventory (400,000) Equity investment Operating expenses 921,600 Net income 160,000 Property, plant and equipment, net 2,240,000 720,000 Statement of retained earnings: $5,273,600 $ 1,440,000 Beginning retained earnings: 400,000 Liabilities and stockholders' equity 1,401,280 752,320 Net income 160,000 Accrued liabilities 320,000 800,000 1,600,000 Dividends (160,000) (40,000) Long-term liabilities. 400,000 Ending retained earnings $1,993,600 $ 520,000 Common stock 160,000 80,000 APIC 720,000 120,000 Retained earnings 1,993,600 520,000 $5,273,600 $1,440,000 a. Disaggregate and document the activity for the 100% Acquisition Accounting Premium (AAP), the controlling interest AAP and the noncontrolling interest AAP. 100% AAP PPE, net Customer list Unamort AAP 01/15/15 $ 160,000 $ 96,000 224,000 2015 Amort 16000 $ 19200 Unamort AAP 12/31/15 144000 $ 76800 224000 444800 $ 2016 Amort 16000 $ 19200 0 35200 $ Unamort AAP 12/31/16 128000 $ 57600 224000 409600 $ 2017 Amort 16000 $ 19200 0 35200 $ Unamort AAP 12/31/17 112000 $ 38400 224000 374400 $ 2018 Amort 16000 $ 19200 0 35200 $ Unamort AAP 12/31/18 96000 $ 19200 224000 339200 $ 2019 Amort 16000 $ 19200 0 35200 $ Unamort AAP 12/31/19 80000 0 224000 304000 Goodwill 0 35200 $ $480,000 $ Parent (p%): PPE, net 144000 $ $ 72000 14400 $ 17280 Customer list 86400 201600 129600 $ 69120 201600 400320 $ 14400 17280 0 31680 115200 $ 51840 201600 368640 $ 14400 $ 17280 0 31680 $ 100800 $ 34560 201600 336960 $ 14400 $ 17280 0 31680 $ 86400 $ 17280 201600 305280 $ 14400 $ 17280 0 31680 $ Goodwill 0 31680 $ 0 201600 273600 $ 432000 $ $ 8000 Subsidiary (nci%): PPE, net $ Customer list Goodwill 1600 $ 1920 1600 $ 1920 16000 $ 9600 22400 48000 $ 1600 $ 1920 0 3520 $ 14400 $ 7680 22400 44480 $ 1600 $ 1920 0 3520 $ 12800 $ 5760 22400 40960 $ 1600 $ 1920 0 3520 $ 11200 $ 3840 22400 37440 $ 9600 $ 1920 22400 33920 $ 0 3520 $ 0 3520 $ 0 22400 30400 $ b. Calculate and organize the profits and losses on intercompany transactions and balances. (No intercompany transactions) $ c. Compute the pre-consolidation Equity Investment account beginning and ending balances starting with the stockholders' equity of the subsidiary. Equity investment account at 1/1/19 p% book value of subsidiary's net assets $ X Unamortized p% AAP 305280 914400 * Equity investment account at 12/31/19 p% book value of subsidiary's net assets $ Unamortized p% AAP 304000 * 273600 30400 * d. Reconstruct the activity in the parent's pre-consolidation Equity Investment T-account for the year of consolidation. Equity Investment 914400 * 14400 * 18000 * 100800 x 982800 * 0 e. Independently compute the owners' equity attributable to the noncontrolling interest beginning and ending balances starting with the owners' equity of the subsidiary. Noncontrolling interests at 1/1/19 nci% book value of subsidiary's net assets $ 59600 * Unamortized nci% AAP 42000 * 101600 x Noncontrolling interests at 12/31/19 nci% book value of subsidiary's net assets $ 69200 * Unamortized nci% AAP 40000 * 109200 * f. Independently calculate consolidated net income, controlling interest net income and noncontrolling interest net income. Note:Use a negative sign with your answer to indicate a reduction to net income. Parent's stand-alone net income $ 320000 * Subsidiary's stand-alone net income 112000 x -20000 * 100% AAP amortization Consolidated net income $ 412000 x Parent's stand-alone net income $ 320000 * p% of subsidiary's stand-alone net income 100800 * -18000 * p% AAP amortization Consolidated net income attributable to the controlling interest $ 402800 x nci% of subsidiary's stand-alone net income $ 11200 x Activ nci% AAP amortization -2000 x Go to Consolidated net income attributable to the noncontrolling interest $ 9200 x g. Complete the complete the consolidation worksheet. Note: Use negative signs with your answers in the Consolidated column when appropriate (Cost of goods sold, Operating expenses and Dividends). Consolidation Entries Dr Parent Subsidiary Cr Consolidated Income Statement: Sales $5,760,000 $1,520,000 Cost of Goods sold (4,000,000) (960,000) $ 7280000 -4960000 2320000 Gross profit 1,760,000 560,000 112,320 Income (loss) from subsidiary 195120 * 82800 * 400000 x Operating expenses [C] (400,000) [D] $160,000 (1,120,000) -1120000 * Net Income $752,320 1395120 * Consolidated NI atrib to NCI [C] 9200 * 9200 x Consolidated NI attrib to CI $ 1404320 x Statement of Ret Earnings: BOY retained earnings $1,401,280 $400,000 [E] 468000 * $ 1754480 x Net income 752,320 160,000 912320 * -184000 x Dividends (160,000) (40,000) EOY retained earnings $1,993,600 $520,000 2482800 * 16000 x [C] $ Balance Sheet: Cash Accounts receivable Inventory Equity investment PPE, net Customer List Goodwill Current liabilities Long-term liabilities Common stock APIC Retained earnings Noncontrolling interest $400,000 $80,000 752,000 200,000 960,000 440,000 921,600 2,240,000 720,000 [A] [A] [A] $5,273,600 $1,440,000 $800,000 $320,000 1,600,000 400,000 160,000 720,000 1,993,600 520,000 $5,273,600 $1,440,000 80,000 [E] 120,000 [E] $ LA 136000 * 56000 * 200000 * 0 x 0 x 0 x $ 7600 x [C] 16000 * [E] 378000 * [A] 0 x [D] 0 x [D] 0 x [C] 0 x [E] 0X [A] 0 x $ $ LA $ 480000 952000 1356000 * 0 0 x 0 0 x 0 x 0 x 0 x 0 x 0 x 0 x 0 x 0 x