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The Problem Canan Corporation paid $416,200 for a 90% interest in Kodak Corporation on January 1, 2020, when Kodak's stockholders' equity consisted of $9,000 Capital Stock, APIC of $1,000 and $3,000 of Retained Earnings. The excess cost over book value was attributable to trademark, which has not been impaired since acquisition date. Additional Information: 1. Canan sells merchandise to Kodak at 120% of Canan's cost. During 2020, Canan's sales to Kodak were $4,800, of which half of the merchandise remained in Kodak's inventory at December 31, 2020. (The 2020 ending inventory was sold in 2021.) During 2021, Canan's sales to Kodak were $6,000 of which 60% remained in Kodak's inventory at December 31, 2021. At year-end 2021, Kodak owed Canan $5,000 for the inventory purchased during 2021. 2. Canan Corporation sold equipment with a book value of $2,000 and a remaining useful life of four years and no salvage value to Kodak Corporation on January 1, 2021 for $2,800. Straight-line depreciation is used. 3. During 2021, Kodak sold to Canan land for $50,000 that had a book value of $20,000. Canan still owns the land at 12/31/21. 4. Separate company financial statements for Canan Corporation and Kodak at December 31, 2021 are summarized in the first two columns of the consolidation working papers. (Look at the spreadsheet.) Required: Follow and Label Every Step 1. Prepare the acquisition analysis as of acquisition date. Compute the unamortized differential as of 1/1/2021. 2. Analyze each intercompany transaction. Label as either upstream downstream. 3. Separately Calculate Net income to the controlling interest for the year 2021 4. Verify the calculation of the balance in the acccount equity in sub earnings and record the parent company entries with respect to its investment during 2021 5. Prepare all elimination entries for 2021 6. Complete the consolidating spreadsheet for the year ended 2021. After Doing Above - Input Your Final Answers 1. What is the amount for Trademark shown in the consolidated balance sheet? 2. What amount of the intercompany Equipment net gain or loss adjustment be confirmed in 2021? (Enter as a positive value if gain or a negative value if loss adjustment to net income to controlling interest) 3. What is the amount of the Net parent company intercompany inventory profit that must be recognized in 2021? (Enter as a positive value if net income is increased and negative if decreased.) 4. What is the amount of the subsidiary intercompany land gain profit that is confirmed in 2021? 5. What is the NonControlling Interest Claim on the Subsidiary's Net Income? (Enter as a positive amount.) 6. What is the Net Income Attributed to the Controlling Interest? 7. What are consolidated total assets in the Consolidated Balance Sheet? 8. What is the NonControlling Interest Claim on the Subsidiary's Equity at 12/31/21 as presented in the consolidated Balance Sheet? 9. What is the adjustment to the land account in the elimination entries? (Enter as a positive amount.) 10. What are consolidated sales for 2021? INCOME STATEMENT P S ELIMINATIONS CONS.TOT. Dr Cr 14,000 Sales Equity in sub earnings gain on sale of equip Gain on sale of land Total revenues 60,000 4,600 800 74,000 4,600 800 30,000 44,000 30,000 109,400 65,400 Cost of goods sold Expenses 26,000 28,000 4,400 3,600 30,400 31,600 54,000 11,400 8,000 36,000 62,000 47,400 Total expenses Total Net income Less net income to NCI Net income to controlling interest 0 11,400 36,000 47,400 RETAINED EARNINGS STATEMENT Retained Earnings 1/1 9,500 5,000 14,500 Net income 11,400 36,000 47,400 Dividends declared 7,000 2,000 9,000 Retained Earnings 12/31 13,900 39,000 52,900 BALANCE SHEET cash 5,500 7,000 33,000 4,000 38,500 11,000 accts rec 0 10,000 4,500 14,500 0 50,000 3,500 53,500 Dividends rec Inventory Other current assets Land Buildings, net Equipment, net Investment in s trademark 0 9,000 24,000 20,400 33,000 20,400 SOOOL 0 Total assets 116,900 54,000 170,900 53,000 5,000 58,000 ola 0 50,000 Accounts payable Dividends payable Other liabilities Common stock Additional Paid-in capital Retained earnings noncontrolling interest Total liabilities and equity 9,000 1,000 59,000 1,000 52,900 13,900 39,000 0 0 116,900 TRUE 54,000 TRUE 170,900 TRUE 0 The Problem Canan Corporation paid $416,200 for a 90% interest in Kodak Corporation on January 1, 2020, when Kodak's stockholders' equity consisted of $9,000 Capital Stock, APIC of $1,000 and $3,000 of Retained Earnings. The excess cost over book value was attributable to trademark, which has not been impaired since acquisition date. Additional Information: 1. Canan sells merchandise to Kodak at 120% of Canan's cost. During 2020, Canan's sales to Kodak were $4,800, of which half of the merchandise remained in Kodak's inventory at December 31, 2020. (The 2020 ending inventory was sold in 2021.) During 2021, Canan's sales to Kodak were $6,000 of which 60% remained in Kodak's inventory at December 31, 2021. At year-end 2021, Kodak owed Canan $5,000 for the inventory purchased during 2021. 2. Canan Corporation sold equipment with a book value of $2,000 and a remaining useful life of four years and no salvage value to Kodak Corporation on January 1, 2021 for $2,800. Straight-line depreciation is used. 3. During 2021, Kodak sold to Canan land for $50,000 that had a book value of $20,000. Canan still owns the land at 12/31/21. 4. Separate company financial statements for Canan Corporation and Kodak at December 31, 2021 are summarized in the first two columns of the consolidation working papers. (Look at the spreadsheet.) Required: Follow and Label Every Step 1. Prepare the acquisition analysis as of acquisition date. Compute the unamortized differential as of 1/1/2021. 2. Analyze each intercompany transaction. Label as either upstream downstream. 3. Separately Calculate Net income to the controlling interest for the year 2021 4. Verify the calculation of the balance in the acccount equity in sub earnings and record the parent company entries with respect to its investment during 2021 5. Prepare all elimination entries for 2021 6. Complete the consolidating spreadsheet for the year ended 2021. After Doing Above - Input Your Final Answers 1. What is the amount for Trademark shown in the consolidated balance sheet? 2. What amount of the intercompany Equipment net gain or loss adjustment be confirmed in 2021? (Enter as a positive value if gain or a negative value if loss adjustment to net income to controlling interest) 3. What is the amount of the Net parent company intercompany inventory profit that must be recognized in 2021? (Enter as a positive value if net income is increased and negative if decreased.) 4. What is the amount of the subsidiary intercompany land gain profit that is confirmed in 2021? 5. What is the NonControlling Interest Claim on the Subsidiary's Net Income? (Enter as a positive amount.) 6. What is the Net Income Attributed to the Controlling Interest? 7. What are consolidated total assets in the Consolidated Balance Sheet? 8. What is the NonControlling Interest Claim on the Subsidiary's Equity at 12/31/21 as presented in the consolidated Balance Sheet? 9. What is the adjustment to the land account in the elimination entries? (Enter as a positive amount.) 10. What are consolidated sales for 2021? INCOME STATEMENT P S ELIMINATIONS CONS.TOT. Dr Cr 14,000 Sales Equity in sub earnings gain on sale of equip Gain on sale of land Total revenues 60,000 4,600 800 74,000 4,600 800 30,000 44,000 30,000 109,400 65,400 Cost of goods sold Expenses 26,000 28,000 4,400 3,600 30,400 31,600 54,000 11,400 8,000 36,000 62,000 47,400 Total expenses Total Net income Less net income to NCI Net income to controlling interest 0 11,400 36,000 47,400 RETAINED EARNINGS STATEMENT Retained Earnings 1/1 9,500 5,000 14,500 Net income 11,400 36,000 47,400 Dividends declared 7,000 2,000 9,000 Retained Earnings 12/31 13,900 39,000 52,900 BALANCE SHEET cash 5,500 7,000 33,000 4,000 38,500 11,000 accts rec 0 10,000 4,500 14,500 0 50,000 3,500 53,500 Dividends rec Inventory Other current assets Land Buildings, net Equipment, net Investment in s trademark 0 9,000 24,000 20,400 33,000 20,400 SOOOL 0 Total assets 116,900 54,000 170,900 53,000 5,000 58,000 ola 0 50,000 Accounts payable Dividends payable Other liabilities Common stock Additional Paid-in capital Retained earnings noncontrolling interest Total liabilities and equity 9,000 1,000 59,000 1,000 52,900 13,900 39,000 0 0 116,900 TRUE 54,000 TRUE 170,900 TRUE 0