On December 31, Year 3, Mueller Corp. acquired 80% of the outstanding shares of Wilson Inc for a total cost of $243.000. The carrying amount of Wilson's assets, liabilities, and equity was equal to fair value except for the following: As at December 31, Year 3, the equipment and patent had an estimated useful life of six and eight years, respectively. The long-term debt is due on January 1. Year 9 . There was a goodwill impairment loss of $3,000 in Year 5. There were no other impairment losses. Mueller uses the cost method to account for its investment in Wison. The book values of selected accounts for the year ended December 31, Year 7 were as follows: Required: (a) Prepare a schedule of changes to the acquisition differential for the fouryear period ending December 31, Year 7. (Leave no cells blank - be certain to enter "O" wherever required. Omit $ sign in your response. Negative/Deductible amounts should be indicated by a minus sign.) Required: (a) Prepore a schedule of changes to the acquisition differential for the four yeor period ending December 31, Year 7. (Leave no cells blank - be certain to enter " 0 " wherever required. Omit 5 sign in your response. Negative/Deductible amounto should be indicated by a minus sign.) (b) Calculate consolidated net income attributable to the parent, epding retained earnings and non-controling interest at December 31 , Year 7 (Omit $ sign in your response.) On December 31, Year 3, Mueller Corp. acquired 80% of the outstanding shares of Wilson Inc for a total cost of $2.43.000. The carrying amount of Wilson's assets, liabilities, and equity was equal to fair value except for the following As at December 31, Year 3, the equipment and patent had an estimated useful life of six and eight years, respectively. The long term debt is due on January 1, Year 9 . There was a goodwill impairment loss of $3.000 in Year 5 . There were no other impairment losses. Mueller uses the cost method to account for its investment in Wison. The book values of selected accounts for the year ended December 31 , Year 7 were as follows: Required: (a) Prepare a schedule of changes to the ncquisition differential for the four year period ending December 31, Year 7 . (Leave no cells blank - be certein to enter "O" wherever required. Omit $ sign in your response. Negetive Deductible amounts should be indicated by a minus sign.) Required: (a) Prepare a schedule of changes to the acquisition differential for the four year period ending December 31, Year 7 . (Leave no cells blank - be certain to enter " 0 - wherever required. Omit $ sign in your response. Negative/Deductible amounts should be indicated by a minus sign.) (b) Calculate consolidated net income aturbutable to the parent, ending retained earnings and non-controlling interest ot December 31, Yeor 7 (Omit $ slgn in your response.)
