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On January 1, 2012, Parkway, Inc., issued securities with a total fair value of $450,000 for 100 percent of Skyline Corporation's outstanding ownership shares. Skyline has long supplied inventory to Parkway, which hopes to achieve synergies with production scheduling and product development with this combination. Although Skyline's book value at the acquisition date was $300,000, the fair value of its trademarks was assessed to be $30,000 more than their carrying amounts. Additionally, Skyline's patented technology was undervalued in its accounting records by $120,000. The trademarks were considered to have indefinite lives, and the estimated remaining life of the patented technology was eight years. In 2012, Skyline sold Parkway inventory costing $30,000 for $50,000. As of December 31, 2012, Parkway had resold only 28 percent of this inventory. In 2013, Parkway bought from Skyline $80,000 of inventory that had an original cost of $40,000. At the end of 2013, Parkway held $28,000 of inventory acquired from Skyline, all from its 2013 purchases. During 2013, Parkway sold Skyline a parcel of land for $95,000 and recorded a gain of $18,000 on the sale. Skyline still owes Parkway $65,000 related to the land sale. At the end of 2013, Parkway and Skyline prepared the following statements in preparation for consolidation. Revenues Cost of goods sold Other operating expenses Gain on sale of land Equity in Skyline's earnings Net income Retained earnings 1/1/13 Net income Dividends distributed Parkway, Inc. $ (627,000) Skyline Corporation $ (358,000) 289,000 195,000 170,000 75,000 (18,000) 0 (55,400) 0 $ (241,400) $ (88,000) $ (314,600) $ (292,000) (241,400) (88,000) 70,000 20,000 Retained earnings 12/31/13 Cash and receivables Inventory Investment in Skyline Trademarks Land, buildings, and equip. (net) Patented technology $ (486,000) $ (360,000) $ 134,000 $ 150,000 281,000 112,000 598,000 0 0 50,000 637,000 283,000 0 130,000 Total assets $ 1,650,000 $ 725,000 Liabilities Common stock Additional paid-in capital Retained earnings 12/31/13 $ (463,000) $ (215,000) Total liabilities and equity $ (410,000) (120,000) (291,000) (30,000) (486,000) (360,000) (1,650,000) $ (725,000) (Note: Parentheses indicate a credit balance.) a. Show how Parkway computed its $55,400 equity in Skyline's earnings balance. (Credit balances and amount to be added should be indicated with a minus. Other values should be entered as positive amounts.) (Click to select) $ 2 (Click to select) 2 (Click to select) 2 (Click to select) 2 (Click to select) 2 Equity in Skyline's earnings $ -55,400 b. Prepare a 2013 consolidated worksheet for Parkway and Skyline. (Leave no cells blank - be certain to enter "0" wherever required. Enter consolidation entries for Cost of goods sold in the order of (TI) Elimination of intra-entity sales/purchases balances and (*G) Removal of unrealized gross profit from beginning figures. Enter consolidation entries for Retained earnings 1/1 in the order of (*G) Removal of unrealized gross profit from beginning figures and (S) Elimination of subsidiary's stockholders' equity. Enter consolidation entries for investment in Skyline Corporation's in the order of (S) Elimination of subsidiary's stockholders' equity, (A) Allocation of subsidiary's fair value in excess of book value and (I) Elimination of intra-entity income. Input all amounts as positive values except credit balances which should be indicated with a minus sign.) PARKWAY AND SKYLINE Consolidation Worksheet Year Ending December 31, 2013 Accounts Revenues Parkway (627,000) Skyline (358,000) Cost of goods sold 289,000 195,000 Other operation expenses 170,000 75,000 Gain on sale of land (18,000) Investment income (55,400) Consolidation Entries Debit Credit Consolidated Totals Net income (241,400) (88,000) Retained earnings 1/1 (314,600) (292,000) Net income (above) (241,400) (88,000) 70,000 20,000 (486,000) (360,000) Cash and receivables 134,000 150,000 Inventory 281,000 112,000 Investment in Skyline 598,000 Dividends distributed Retained earnings 12/31 Trademarks 50,000 Patented technology Land, buildings, and equipment (net) Total assets 130,000 637,000 283,000 1,650,000 725,000 Liabilities (463,000) (215,000) Common stock (410,000) (120,000) Additional paid-in capital (291,000 (30,000) Retained earnings (above) (486,000) (360,000) (1,650,000) (725,000) Total liabilities & stockholders' equity ask your instructor a questionreferencesebook & resources Worksheet Learning Objective: 05-02 Understand that when companies affiliated through common control engage in intra-entity inventory transfers, consolidation procedures are required to eliminate sales and purchases balances. Learning Objective: 05-04 Understand that the consolidation process for inventory transfers is designed to defer the unrealized portion of an intraentity gross profit from the year of transfer into the year of disposal or consumption. Difficulty: 3 Hard Learning Objective: 05-03 Understand why consolidated entities defer intra-entity gross profit in ending inventory and the consolidation procedures required to recognize profits when actually earned. Learning Objective: 05-06 Prepare the consolidation entry to remove any unrealized gain created by the intra-entity transfer of land from the accounting records of the year of transfer and subsequent years