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On Decembe 31, 2019, Pancake Company acquired controlling interest Syrup Company. A consolidated balance sheet was prepared immediately. Partial balance sheet data for the two
On Decembe 31, 2019, Pancake Company acquired controlling interest Syrup Company. A consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date follow: Pancake Company Syrup Company Consol. Entity Cash Accounts Receivable Inventory Buildings/Equipment Less: Accum. Depreciation Investment in Syrup Goodwill Total Assets $80,000 50,000 60,000 200,000 -50,000 ? $30,000 ? 50,000 140,000 -28,000 $110,000 78,000 115,000 365,000 -78,000 $464,000 15,000 $605,000 $230,000 Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Noncontrolling Interest Total Liabilities/Equities $60,000 ? 100,000 100,000 154,000 $32,000 ? 60,000 50,000 60,000 $82,000 78,000 160,000 ? ? 31,000 $605,000 ? $230,000 During 2019, Pancake Company provided consulting services to Syrup Company and has not yet been paid for them. There were no other receivables or payables between the two companies at December 31, 2019. 1. Based on the information given, what is the amount of unpaid consulting services at December 31, 2019 on the work done by Pancake for Syrup Company? 2. Based on the information given, what balance in accounts receivable did Syrup Company report at December 31, 2019? 3. Based on the information given, Pancake and Syrup reported wages payable of how much each? 4. Based on the information given, what was the fair value of Syrup Company as a whole at the date of acquisition? 5. Based on the information given, what percentage of Syrup's shares were acquired by Pancake Company? 6. Based on the information give, what amount will be reported as total controlling interest in the consolidated balance sheet
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