Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On June 30, 2021 , Plaster, Inc, paid 5820.000 for 80 percent of Stucco Company's outstanding stock. Fiaster assessed the acquisition-date fair value of the

image text in transcribed
On June 30, 2021 , Plaster, Inc, paid 5820.000 for 80 percent of Stucco Company's outstanding stock. Fiaster assessed the acquisition-date fair value of the 20 percent noncontroling interest at 5205,000 . At acquisition date, 5 tucco reported the following book values for its assets and liobilities. [Parentheses indicete credit baiances] On June 30, Plaster allocated the excess acquisition-dote fair value over book value to Stucco's assets as follows: At the end of 2021 , the folowing comparative 2020 and 2021 balance sheets and consolidated income statement were arailnble: Additional Information for 2021 - On December 1, 5 tucco paid a $44,800 dividend. During the year, Plaster pald $92.000 in dividends. - During the year, Plaster issued $719,460 in long-term debt at poc - Plaster teported no asset purchases or dispositions other than the acquisition of Stucco. Prepare a 2021 consolidated statement of cash flows for Plaster and Stucco. Use the ind rect method of reporting cash fiows from operating octivities. (Negatlve amounts and amounts to be deducted should be indicated by a minus sign.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Human Resources Audit Analysis Of And Collective Staff Performance

Authors: Hassani Moindjie MLIMI

1st Edition

6203356999, 978-6203356991

More Books

Students also viewed these Accounting questions

Question

What is topology? Explain with examples

Answered: 1 week ago

Question

What is linear transformation? Define with example

Answered: 1 week ago