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On January 1 , 2 0 2 3 , Panther, Incorporated, issued securities with a total fair value of $ 5 6 4 , 0
On January Panther, Incorporated, issued securities with a total fair value of $ for percent of Stark Corporation's outstanding ownership shares. Stark has long supRequired Required B Prepare a consolidated worksheet for Panther and Stark. 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. Show less PANTHER AND STARK Consolidation Worksheet For the Year Ending December tableAccountsPanther,Stark,Consolidation Entries,tableConsolidatedTotalsDebitCreditRevenues$$rrCost of goods sold,,fOther operating expenses,,rGain on sale of land,,rplied inventory to Panther. The companies expect to achieve synergies with production scheduling and product development with this combination.Although Stark's book value at the acquisition date was $ the fair value of its trademarks was assessed to be $ more than their carrying amounts. Additionally, Stark's patented technology was undervalued in its accounting records by $ The trademarks were considered to have indefinite lives, and the estimated remaining life of the patented technology was eight years.In Stark sold Panther inventory costing $ for $ As of December Panther had resold percent of this inventory. In Panther bought from Stark $ of inventory that had an original cost of $ At the end of Panther held $transfer price of inventory acquired from Stark, all from its purchases.During Panther sold Stark a parcel of land for $ and recorded a gain of $ on the sale. Stark still owes Panther $current liability related to the land sale.At the end of Panther and Stark prepared the following statements for consolidation.Items Panther, Incorporated Stark CorporationRevenues $ $ Cost of goods sold Other operating expenses Gain on sale of land Equity in Stark's earnings Net income $ $ Retained earnings, $ $ Net income Dividends declared Retained earnings, $ $ Cash and receivables $ $ Inventory Investment in Stark Trademarks Land, buildings, and equipment netPatented technology Total assets $ $ Liabilities $ $ Common stock Additional paidin capital Retained earnings, Total liabilities and equity $ $ Required:Show how Panther computed its $ equity in Stark's earnings balance.Prepare a consolidated worksheet for Panther and Stark. Complete the consolidation worksheet shown in the image.
On January Panther, Incorporated, issued securities with a total fair value of $ for percent of Stark Corporation's outstanding ownership shares. Stark has long supRequired
Required B
Prepare a consolidated worksheet for Panther and Stark.
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.
Show less
PANTHER AND STARK
Consolidation Worksheet
For the Year Ending December
tableAccountsPanther,Stark,Consolidation Entries,tableConsolidatedTotalsDebitCreditRevenues$$rrCost of goods sold,,fOther operating expenses,,rGain on sale of land,,rplied inventory to Panther. The companies expect to achieve synergies with production scheduling and product development with this combination.Although Stark's book value at the acquisition date was $ the fair value of its trademarks was assessed to be $ more than their carrying amounts. Additionally, Stark's patented technology was undervalued in its accounting records by $ The trademarks were considered to have indefinite lives, and the estimated remaining life of the patented technology was eight years.In Stark sold Panther inventory costing $ for $ As of December Panther had resold percent of this inventory. In Panther bought from Stark $ of inventory that had an original cost of $ At the end of Panther held $transfer price of inventory acquired from Stark, all from its purchases.During Panther sold Stark a parcel of land for $ and recorded a gain of $ on the sale. Stark still owes Panther $current liability related to the land sale.At the end of Panther and Stark prepared the following statements for consolidation.Items Panther, Incorporated Stark CorporationRevenues $ $ Cost of goods sold Other operating expenses Gain on sale of land Equity in Stark's earnings Net income $ $ Retained earnings, $ $ Net income Dividends declared Retained earnings, $ $ Cash and receivables $ $ Inventory Investment in Stark Trademarks Land, buildings, and equipment netPatented technology Total assets $ $ Liabilities $ $ Common stock Additional paidin capital Retained earnings, Total liabilities and equity $ $ Required:Show how Panther computed its $ equity in Stark's earnings balance.Prepare a consolidated worksheet for Panther and Stark.
Complete the consolidation worksheet shown in the image.
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