O n July 1 , 2 0 2 4 , Truman Company acquired a 7 0 percent interest i n Atlanta Company i n exchange for consideration o f $ 8 2 2 , 5 5 0 i n How did Truman allocate Atlanta's acquisition date fair value to the various assets acquired and liabilities assumed in the combination How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests Required A Required B Required C Required D How did Truman derive the Investment in Atlanta account balance at the end of 2 0 2 4 Initial value at acquisition date Equity in earnings of Atlanta Dividends 2 0 2 4 Investment account balance 1 2 3 1 2 4 Prepare a worksheet to consolidate the financial statements of these two companies as of December 3 1 , 2 0 2 4 At year end, there were no intra entity receivables or payables Note For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet Input all amounts as positive values TRUMAN COMPANY AND ATLANTA COMPANY Consolidation Worksheet For Year Ending December 3 1 , 2 0 2 4 cash and equity s e c u r i t i e s The remaining 3 0 percent o f Atlanta's shares traded closely near a n average price that totaled $ 3 3 3 , 9 5 0 both before and after Truman's acquisition I n reviewing its acquisition, Truman assigned a $ 1 2 6 , 0 0 0 fair value t o a patent recently developed b y Atlanta, even though i t was not recorded within the financial records o f the subsidiary This patent i s anticipated t o have a remaining life o f five years The following financial information i s available for these two companies for 2 0 2 4 I n addition, the subsidiary's income was earned uniformly throughout the year The subsidiary declared dividends quarterly Required a How did Truman allocate Atlanta's acquisition date fair value t o the various assets acquired and liabilities assumed i n the combination b How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests c How did Truman derive the Investment i n Atlanta account balance a t the end o f 2 0 2 4 d Prepare a worksheet t o consolidate the financial statements o f these two companies a s o f December 3 1 , 2 0 2 4 A t year end, there were n o intra entity receivables o r payables Show all images Show all images Show all images done loading

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O n July 1 , 2 0 2 4 , Truman Company acquired a 7 0 percent interest i n Atlanta Company i n exchange for consideration o f $ 8 2 2 , 5 5 0 i n How did Truman allocate Atlanta's acquisition   date fair value to the various assets acquired and liabilities assumed in the combination  How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests  Required A Required B Required C Required D How did Truman derive the Investment in Atlanta account balance at the end of 2 0 2 4   Initial value at acquisition date Equity in earnings of Atlanta Dividends 2 0 2 4 Investment account balance 1 2   3 1   2 4 Prepare a worksheet to consolidate the financial statements of these two companies as of December 3 1 , 2 0 2 4   At year   end, there were no intra   entity receivables or payables  Note  For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet  Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet  Input all amounts as positive values  TRUMAN COMPANY AND ATLANTA COMPANY Consolidation Worksheet For Year Ending December 3 1 , 2 0 2 4 cash and equity s e c u r i t i e s   The remaining 3 0 percent o f Atlanta's shares traded closely near a n average price that totaled $ 3 3 3 , 9 5 0 both before and after Truman's acquisition  I n reviewing its acquisition, Truman assigned a $ 1 2 6 , 0 0 0 fair value t o a patent recently developed b y Atlanta, even though i t was not recorded within the financial records o f the subsidiary  This patent i s anticipated t o have a remaining life o f five years  The following financial information i s available for these two companies for 2 0 2 4   I n addition, the subsidiary's income was earned uniformly throughout the year  The subsidiary declared dividends quarterly  Required  a   How did Truman allocate Atlanta's acquisition   date fair value t o the various assets acquired and liabilities assumed i n the combination  b   How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests  c   How did Truman derive the Investment i n Atlanta account balance a t the end o f 2 0 2 4   d   Prepare a worksheet t o consolidate the financial statements o f these two companies a s o f December 3 1 , 2 0 2 4   A t year   end, there were n o intra   entity receivables o r payables  Show all images Show all images Show all images done loading

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O n July 1 , 2 0 2 4 , Truman Company acquired a 7 0 percent interest i n Atlanta Company i n exchange

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