On January 1, 2012, Prim Valley Resorts acquired 70 percent interest in Silverstem Casinos for $592 million in cash and stock. Book Value of Silverstem Casinos Fair Value of noncontrolling interest in Silverstem Casinos Fair Value of previously unrecorded identifiable intangibles $580 million $233 million $100 million Impairment of the identifiable intangibles $40 million $10 million end of 2019 in 2020 prior to 2020 Goodwill balance $0 Silverstem 200.0 2,419.0 800.0 Current Assets Land, building, riverboats, and equipment Intangible assets Investment in Silverstem Casinos Current Liabilities Long-term Liabilities Capital Stock Retained Earnings, January 1 Dividends Casino Revenues Food and beverage revenues Rooms revenues Equity in net loss of Silverstem Casinos Direct Casino, food and beverage, room expenses General and Administrative expenses Prim Valley 1,400.0 17,844.7 2,500.0 398.3 (1,500.0) (14,000.0) (5,520.0) (900.0) 100.0 (6,600.0) (1,400.0) (1,000.0) 77.0 7,200.0 1,400.0 (300.0) (2,600.0) (324.0) (300.0) 5.0 (2,200.0) (300.0) (200.0) 1,800.0 1,000.0 1. Complete a Book Value, Fair Value, Change schedule to determine the values of Intangibles and Goodwill at acquisition as well as their ending values. 2. Prepare a Schedule of Equity in Net Income and Dividends. 3. Prepare a consolidating worksheet as of the end of 2020 using proper report headings. On January 1, 2012, Prim Valley Resorts acquired 70 percent interest in Silverstem Casinos for $592 million in cash and stock. Book Value of Silverstem Casinos Fair Value of noncontrolling interest in Silverstem Casinos Fair Value of previously unrecorded identifiable intangibles $580 million $233 million $100 million Impairment of the identifiable intangibles $40 million $10 million end of 2019 in 2020 prior to 2020 Goodwill balance $0 Silverstem 200.0 2,419.0 800.0 Current Assets Land, building, riverboats, and equipment Intangible assets Investment in Silverstem Casinos Current Liabilities Long-term Liabilities Capital Stock Retained Earnings, January 1 Dividends Casino Revenues Food and beverage revenues Rooms revenues Equity in net loss of Silverstem Casinos Direct Casino, food and beverage, room expenses General and Administrative expenses Prim Valley 1,400.0 17,844.7 2,500.0 398.3 (1,500.0) (14,000.0) (5,520.0) (900.0) 100.0 (6,600.0) (1,400.0) (1,000.0) 77.0 7,200.0 1,400.0 (300.0) (2,600.0) (324.0) (300.0) 5.0 (2,200.0) (300.0) (200.0) 1,800.0 1,000.0 1. Complete a Book Value, Fair Value, Change schedule to determine the values of Intangibles and Goodwill at acquisition as well as their ending values. 2. Prepare a Schedule of Equity in Net Income and Dividends. 3. Prepare a consolidating worksheet as of the end of 2020 using proper report headings
