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Taller 3 (WK3) Exercise 1 (Partnership) On February 1, 2005, Rosa, Castillo, and Gonzlez began a partnership in which Rosa and Gonzlez contributed cash of $25,000; Castillo contribute property with a fair value of $50,000 and a tax basis $40,000. Castillo receives a 5% bonus of partnership income. Rosa and Gonzlez receive salaries of $10,000 each. The partnership agreement of Rosa, Castillo, and Gonzlez provides all partners to receive a 5% interest on capital and that profits and losses of the remaining income be distributed to Rosa, Castillo, and Gonzlez by a 1:3:1 ratio. Required: Prepare a schedule to distribute $25,000 of partnership net income to the partners. Exercise 2 Rosa Castillo Inc. acquired an 85% interest in Gonzlez Corporation on January 2, 2005 for $38,000 cash when Gonzlez had Capital Stock of $15,000 and Retained Earnings of $25,000. Gonzlez's assets and liabilities had book values equal to their fair values except for inventory that was undervalued by $2,000. Balance sheets for Rosa Castillo and Gonzlez on January 2, 2005, immediately after the business combination, are presented in the first two columns of the consolidated balance sheet working papers. Rosa Castillo Corporation and Subsidiary Consolidated Balance Sheet Working Papers at January 2, 2005 Eliminations Rosa Castillo Gonzlez ASSETS Cash Accounts Receivable-net Inventories Plant assets-net Investment in Clock Total Assets $68,000 75,000 39,000 170,000 38,000 $390,000 $58,000 EQUITIES Payables Capital stock Retained Earnings $120,000 100,000 170,000 $18,000 15,000 25,000 $ 4,000 9,000 10,000 35,000 Debit Credit Balance Sheet Minority Interest TOTAL EQUITIES $ 390,000 $58,000 Required: Complete the consolidation balance sheet working papers for Rosa Castillo and subsidiary at January 1, 2005. Exercise 3 The consolidated balance sheet of Rosa Corporation and Gonzlez Farm, its 90% owned subsidiary, as of December 31, 2005, contains the following accounts and balances: Rosa Corporation and Subsidiary Consolidated Balance Sheet at December 31, 2005 Cash Accounts receivablenet Inventories Other current assets Plant assets-net Goodwill from consolidatio n Balances $ 19,000 70,000 110,000 85,000 290,000 39,000 $ Accounts payable Other liabilities Capital stock Retained earnings Noncontrolli ng interest 613,000 $ 73,000 70,000 350,000 80,000 40,000 $ 613,000 Rosa Corporation acquired its 90% interest in Gonzlez Farm on January 1, 2005, when Gonzlez Farm had $150,000 of Capital Stock and $70,000 of Retained Earnings. Gonzlez Farm's net assets had fair values equal to their book values when Rosa acquired its interest. No changes have occurred in the amount of outstanding stock since the date of the business combination. Rosa uses the equity method of accounting for its investment. Required: Determine the following amounts: 1. The balance of Rosa's Capital Stock and Retained Earnings accounts at December 31, 2005. 2. Cost of Rosa's purchase of Gonzlez Farm on January 1, 2005. 3. Gonzlez Farms's stockholders' equity on December 31, 2005. 4. Rosa's Investment in Gonzlez Farm account balance at December 31, 2005. Exercise 4 (Combinations) Journal entries to record an acquisition Rosa Company issued 480,000 shares of $10 par common stock with a fair value of $10,200,000 for all the voting common stock of Gonzlez Company. In addition, Rosa incurred the following costs: Legal fees to arrange the business combination $100,000 Cost of SEC registration, including accounting and legal fees 48,000 Cost of printing and issuing net stock certificates 12,000 Indirect costs of combining, including allocated overhead and executive salaries 80,000 Immediately before the acquisition in which Gonzlez Company was dissolved, Gonzlez's assets and equities were as follows (in thousands): Current assets Plant assets Liabilities Common stock Retained earnings Book Value $4,000 6,000 1,200 8,000 800 Fair Value $4,400 8,800 1,200 REQUIRED: Prepare all journal entries on Rosa's books to record the acquisition