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Not sure how to calculate the remaining entry C & if the figures inputed are correct. That is all the information given. On 1 January
Not sure how to calculate the remaining entry C & if the figures inputed are correct.
That is all the information given.
On 1 January 2014, Palatino Company acquired a 70% interest in Santuario Company. The total fair value of the controlling and non controlling interests was $400,000 over the book value of the subsidiary's Stockholders' Equity on the acquisition date. Palatino Company assigned the excess fair value to the following areas: Estimated Initial Fair Useful Life As of 1 January 2014 Value in years Patent 250,000 10 Customer List 50,000 5 Goodwill 100,000 indefinite Totals 400,000 Using the figures provided, complete the consolidation worksheet for 31 December 2016. Consolidation Entries Dr Palatino Santuario C r Consolidated (1,200,000) 720,000 480,000) (4,750,000) 2.850,000 (1,900,000) 31 December 2016 Income Statement: Sales Cost of Goods sold Gross profit Income (loss) from subsidiary Operating expenses Net Income Consolidated Nl attrib to NCI Consolidated Ni attrib to CI (3,550,000) 2,130,000 (1,420,000) (210,700) 710,000 920,700) 210,700 35,000 D 144,000 (336,000) 889,000 (1.256.700) 5 25,000 Statement of Ret Earnings: BOY retained earnings Net income Dividends EOY retained earnings (835,000) 1920,700) 125,000 (1,630,700) (525,000) E (336,000) 75,000 (786,000) (835,000) (1,256,700) 125,000 (1,966,700) C 75,000 Balance Sheet: Cash Accounts receivable Inventory Equity investment 260,400 289,000 1,225,000 1,022,000 78,000 224,000 725,000 231,000 632,800 567,300 560,000 PPE, net Patent Customer List Goodwill 200,000 30,000 100,000 D D 25,000 10,000 3,363,700 1,587,000 4,223,700 Current liabilities Long-term liabilities Common stock APIC Retained earnings Noncontrolling interest (425,000) (525,000) 1725,000) 158,000) (1,630,700) (197,000) (225,000) (352,000) (27,000) (786,000) E E 352,000 27,000 (622,000) (750,000) (725,000) (58,000) (1,966,700) 271,200 99,000 (271,200) 199,000) (4,491,900) 3,363,700) (1,587,000) On 1 January 2014, Palatino Company acquired a 70% interest in Santuario Company. The total fair value of the controlling and non controlling interests was $400,000 over the book value of the subsidiary's Stockholders' Equity on the acquisition date. Palatino Company assigned the excess fair value to the following areas: Estimated Initial Fair Useful Life As of 1 January 2014 Value in years Patent 250,000 10 Customer List 50,000 5 Goodwill 100,000 indefinite Totals 400,000 Using the figures provided, complete the consolidation worksheet for 31 December 2016. Consolidation Entries Dr Palatino Santuario C r Consolidated (1,200,000) 720,000 480,000) (4,750,000) 2.850,000 (1,900,000) 31 December 2016 Income Statement: Sales Cost of Goods sold Gross profit Income (loss) from subsidiary Operating expenses Net Income Consolidated Nl attrib to NCI Consolidated Ni attrib to CI (3,550,000) 2,130,000 (1,420,000) (210,700) 710,000 920,700) 210,700 35,000 D 144,000 (336,000) 889,000 (1.256.700) 5 25,000 Statement of Ret Earnings: BOY retained earnings Net income Dividends EOY retained earnings (835,000) 1920,700) 125,000 (1,630,700) (525,000) E (336,000) 75,000 (786,000) (835,000) (1,256,700) 125,000 (1,966,700) C 75,000 Balance Sheet: Cash Accounts receivable Inventory Equity investment 260,400 289,000 1,225,000 1,022,000 78,000 224,000 725,000 231,000 632,800 567,300 560,000 PPE, net Patent Customer List Goodwill 200,000 30,000 100,000 D D 25,000 10,000 3,363,700 1,587,000 4,223,700 Current liabilities Long-term liabilities Common stock APIC Retained earnings Noncontrolling interest (425,000) (525,000) 1725,000) 158,000) (1,630,700) (197,000) (225,000) (352,000) (27,000) (786,000) E E 352,000 27,000 (622,000) (750,000) (725,000) (58,000) (1,966,700) 271,200 99,000 (271,200) 199,000) (4,491,900) 3,363,700) (1,587,000)Step by Step Solution
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