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January 1, 2020, Mcllroy, Inc, acquired a 60 percent interest in the common stock of Stinson, inc, for $365,400. Stinson's book alue on that date

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January 1, 2020, Mcllroy, Inc, acquired a 60 percent interest in the common stock of Stinson, inc, for $365,400. Stinson's book alue on that date consisted of common stock of $100,000 and retained earnings of $216,100. Also, the acquisinion-date fair value of he 40 percent noncontrolling interest was $243,600. The subsidiary heid patents (with a 10 -year remaining Ife) that were undervalued athin the company's accounting records by $75,100 and an unrecorded customer ilst (15-year remaining lielel assessed at a $50700 air value. Any remaining excess acquisimon-date far value was assigned to goodwi. Since acquisition, Mcliroy has applied the equity method io its Investment in Stinson account and no goodwili impairment has occurred. Atyear-end, there are no intra-entity payables or recesables. ntra-entify imventory sales between the two companies have been made as follows: The indwidual financial statements for these two componies as of December 31. 202t, and the yeor then ended foliow (Note: Parentheses indicate a credit balance) a. Show how Mcilroy determined the $410,467 investment in Stinson account balance. Assume that Mcliroy defers 100 percert of downstream intra-entity profits against its share of Stinson's income. b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31,2021 Complete this question by entering your answers in the tabs below. Show how Mcllroy determined the $410,467 investment in St nson account balance. Assume that Mellroy defen 100 percent of downstream intra-entity prohits against its share of Stinson's income. (Amounts to be deducted ahould be indicabed with a minus slign.) multiple consolidation entries are required, combine all debit entrimen mon Similarly, combine all credit antrine Similarly, combine all credit January 1, 2020, Mcllroy, Inc, acquired a 60 percent interest in the common stock of Stinson, inc, for $365,400. Stinson's book alue on that date consisted of common stock of $100,000 and retained earnings of $216,100. Also, the acquisinion-date fair value of he 40 percent noncontrolling interest was $243,600. The subsidiary heid patents (with a 10 -year remaining Ife) that were undervalued athin the company's accounting records by $75,100 and an unrecorded customer ilst (15-year remaining lielel assessed at a $50700 air value. Any remaining excess acquisimon-date far value was assigned to goodwi. Since acquisition, Mcliroy has applied the equity method io its Investment in Stinson account and no goodwili impairment has occurred. Atyear-end, there are no intra-entity payables or recesables. ntra-entify imventory sales between the two companies have been made as follows: The indwidual financial statements for these two componies as of December 31. 202t, and the yeor then ended foliow (Note: Parentheses indicate a credit balance) a. Show how Mcilroy determined the $410,467 investment in Stinson account balance. Assume that Mcliroy defers 100 percert of downstream intra-entity profits against its share of Stinson's income. b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31,2021 Complete this question by entering your answers in the tabs below. Show how Mcllroy determined the $410,467 investment in St nson account balance. Assume that Mellroy defen 100 percent of downstream intra-entity prohits against its share of Stinson's income. (Amounts to be deducted ahould be indicabed with a minus slign.) multiple consolidation entries are required, combine all debit entrimen mon Similarly, combine all credit antrine Similarly, combine all credit

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