1. On January 1, 2014, Petunia Company purchased an 85% interest in the capital stock of Sunflower Company for $3,400 (Cash + Shares of Petunia Company). Petunia Company uses the equity method to record its investment in Sunflower Company.

The plant is undervalued by 700 (7-year remaining life) and the equipment is overvalued by 200 (10-year remaining life) on January 1, 2014.

The balance sheet for the Petunia and Sunflower at acquisition are included on the December 31, 2014 Consolidation worksheets on the last pages.

Required: Answer all questions in the spaces provided below.

(1 point). What is the total fair value of Sunflower at acquisition?

Ans: The sunflower company's fair value is $4800

(1 point). What is the goodwill of Sunflower at acquisition?

Ans: The Goodwill of sunflower company's at acquisition is $-425 valued.

(1 point). What is the amount of non-controlling Interest reported at the acquisition

on the January 1, 2014 balance sheet?

Ans: The noncontrollable interest reported at acquisition on Jan 01 2014 is $2890.

(2 point).

2. Prepare the working paper entry to eliminate any income earned from Sunflower Corporation during 2014 (look to worksheet for amounts).

Account Title	DR	CR

( 2 points).

3. Prepare the working paper entry to eliminate Petunias investment in Sunflower

at December 31, 2014.

(0.5 point). What is the common stock of the consolidated company at December 31, 2014?

(0.5 point). What is the retained earnings of the consolidated company at December 31, 2014?

(0.5 point). What is the dividend declared of the consolidated company for the year ended

December 31, 2014?

(0.5 point). What is the net income attributable to the controlling interest for the year ended

December 31, 2014?

(0.5 point). What is the net income attributable to the non-controlling interest for the year ended December 31, 2014?

(0.5 point). What is the amount of non-controlling interest for the year ended December 31, 2014?

Consolidated statements workpaper for Petunia Corporation and Subsidiary for December 31, 2014.

PETUNIA COMPANY AND SUBSIDIARY
Consolidated Statements Workpaper
For the Year Ended December 31, 2014
	Petunia	Sunflower	Eliminations		Noncontrolling	Consolidated
	Company	Company	Dr.	Cr.	Interest	Balances
Income Statement
Sales	(4,400)	(1,786)
Equity in Subsidiary Earnings	(498)
Total Revenue	(4,898)	(1,786)
Cost of Goods Sold	3,600	800
Depreciation Expense	160	120
Other Expenses	240	200
Total Cost & Expenses	4,000	1,120
Separate/Consolidated Income	(898)	(666)
Noncontrolling Interest in Income
Net Income to Controlling interest	898	666
Retained Earnings Statement
1/1 Retained Earnings	(2,000)	(920)
Net Income from above	(898)	(666)
Dividends Declared	360	226
12/31 Retained Earnings to Balance Sheet	(2,538)	(1,360)

	Petunia	Sunflower	Eliminations		Noncontrolling	Consolidated
	Company	Company	Dr.	Cr.	Interest	Balances
Balance Sheet
Cash	290	260
Accounts Receivable	1,040	760
Inventory	960	700
Investment in Sunflower Company	3,706
Land		1,280
Plant and Equipment	1,430	1,120
Goodwill
Total Assets	7,426	4,120
Accounts Payable	(528)	(440)
Notes Payable	(360)	(120)
Common Stock	(4,000)	(2,200)
Retained Earnings from above	(2,538)	(1,360)
1/1 Noncontrolling Interest
12/31 Noncontrolling Interest
Total Liabilities & Equity	(7,426)	(4,120)

can you help me with B, and C part, last 2 worksheet. Thank you