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Question 2 (20 points) Packo Company acquired all the voting stock of Sennett Corporation on January 1, 2014 for $90,000 when Sennett had Capital Stock of $50,000 and Retained Earnings of $8,000. The excess of fair value over book value was allocated as follows: (1) $5,000 to inventories (sold in 2014), (2) $16,000 to equipment with a 4-year remaining useful life (straight-line method of depreciation) and (3) the remainder to goodwill. Financial statements for Packo and Sennett at the end of the fiscal year ended December 31, 2015 (two years after acquisition) appear in the first two columns of the partially completed consolidation working papers. Packo has accounted for its investment in Sennett using the equity method of accounting. Complete the consolidation working papers for Packo Company and Subsidiary for the year ending December 31, 2015. Packo INCOME STATEMENT Sales Income from Sennett $ Cost of Sales Other Expenses Net Income Packo Retained Earnings 1/1 Sennett Retained Earnings 1/1 Add: Net Income Less: Dividends Retained Earnings 12/31 BALANCE SHEET Other Current Assets Inventories Land Equipment and Buildings-net Investment in Sennett Corp. Goodwill TOTAL ASSETS LIAB. & EQUITY Liabilities Capital Stock Retained earnings 206,000 8,000 (150,000) (38,000) 26,000 Sennett 60,000 (30,000 ) (18,000 ) 12,000 24,000 10,000 $ 26,000 12,000 (20,000) (4,000) 30,000 18,000 10,000 21,000 11,000 7,000 15,000 6,000 64,000 55,000 87,000 $ 193,000 83,000 $ 63,000 100,000 30,000 15,000 50,000 18,000 Eliminations Debit Credit Consolidated TOTAL LIAB. & EQUITY $ 193,000 83,000 Question 2 options: Save Question 3 (20 points) Pommu Corporation paid $78,000 for a 60% interest in Schtick Inc. on January 1, 2014, when Schtick's Capital Stock was $80,000 and its Retained Earnings $20,000. The fair values of Schtick's identifiable assets and liabilities were the same as the recorded book values on the acquisition date. Trial balances at the end of the year on December 31, 2014 are given below: Cash Accounts Receivable Inventory Investment in Schtick Cost of Goods Sold Operating Expenses Dividends Liabilities Capital stock, $10 par value Additional Paid-in Capital Retained Earnings Sales Revenue Dividend Income Pommu $4,500 24,000 100,000 78,000 71,500 22,000 15,000 $315,000 $47,000 100,000 11,000 31,000 120,000 6,000 $315,000 Schtick $20,000 30,000 70,000 50,000 37,000 10,000 $217,000 $27,000 80,000 20,000 90,000 $217,000 During 2014, Pommu made only two journal entries with respect to its investment in Schtick. On January 1, 2014, it debited the Investment in Schtick account for $78,000 and on November 1, 2014, it credited Dividend Income for $6,000. Part 1: Prepare a consolidated income statement and a statement of retained earnings for Pommu and Subsidiary for the year ended December 31, 2014. Part 2: Prepare a consolidated balance sheet for Pommu and Subsidiary as of December 31, 2014. Question 3 options: Save Question 4 (20 points) Salli Corporation regularly purchases merchandise from their 90% owner, Playtime Corporation. Playtime purchased the 90% interest at a cost equal to 90% of the book value of Salli's net assets. At the time of acquisition, the book values and fair values of Salli's assets and liabilities were equal. Playtime makes their sales to Salli at 120% of cost. In 2014, Salli reported net income of $460,000, and made purchases totaling $172,000 from Playtime. Although Salli had no inventory on hand at the beginning of 2014 that they had purchased from Playtime, at year end, they had $51,600 of this merchandise in inventory. Part 1: Determine the unrealized profit in Salli's inventory at December 31, 2014. Part 2: Compute Playtime's income from Salli for 2014. Question 4 options: Save Question 5 (20 points) Perry Instruments International purchased 75% of the outstanding common stock of Standard Systems in 1997 when the book values and fair values of Standard's assets and liabilities were equal. The cost of Perry's investment was equal to 75% of the book value of Standard's net assets. Separate company income statements for Perry and Standard for the year ended December 31, 2014 are summarized as follows: Sales Revenue Investment income from Standard Perry $2,400,000 142,000 Standard $800,000 Cost of Goods Sold Expenses Net Income (1,600,000) (450,000) $492,000 (400,000) (200,000) $200,000 During 2014, the companies began to manage their inventory differently and worked together to keep their inventories low at each location. In doing so, they agreed to sell inventory to each other as needed at a markup of 10% of cost. Perry sold merchandise that cost $100,000 to Standard for $110,000, and Standard sold inventory that cost $80,000 to Perry for $88,000. Half of this merchandise remained in each company's inventory at December 31, 2014. Prepare a consolidated income statement for Perry Corporation and Subsidiary for 2014. Question 5 options