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P Corporation acquired 80% of S Company's common stock for $34,300 on 1/1/203. The reported equity of S on 1/1/20X3 was $3,000 in common stock

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P Corporation acquired 80% of S Company's common stock for $34,300 on 1/1/203. The reported equity of S on 1/1/20X3 was $3,000 in common stock and $7,000 in retained earnings. The fair value of the noncontrolling interest was $6,700. S's assets and liabilities were reported at fair value at the date of acquisition, except for these items: P calculated Goodwill using the following indirect approach: P then allocated the 1/1/20X3 Goodwill balance as follows: Goodwill attributed to paren: $33,300(80%$16,000)$21,500(86%) Goodwill attuibuted to non-controlling interest: $25,000$21,500$3,500(14%) Goodwill was impaired by $2,000 in 203; thus, the total Goodwill balance was $23,000 at 12/31/203. There was no additional impairment in 20X4. Unamortized fair-book differential balances as of 12/31/203 and 12/31/204 follow: In summary, the remaining total revaluation balances (including Goodwill) were allocated $24,580 to P and $4,420 to the Non-controlling Interest at 1/1/20X4. Information on recorded intercompany transactions are as follows: 1. S sells merchandise to P on a continuing basis. P's 20X4 ending inventory contains $12 in intercompany profits while P's 20X4 beginning inventory contains $15 in intercompany profits. Total intercompany sales for 20X4 were $5,500 of which $40 is still owed by P to S at 12/31/20X4. 2. On 1/2/203, P sold S equipment for a price of $1,200. The equipment had a book value of $700 at the time of sale, and a remaining life of 5 years, straight-line. The net unconfirmed gain at 1/1/204 was $400 since $100 of the initial $500 unconfirmed gain (at 1/2/20X3) was confirmed (via "extra depreciation" or "piecemeal recognition of gain") during 203. 3. P provided S with $70 of logistical expertise during 20X4. These amounts are included in Revenues and Operating Expenses (as applicable) payment was made in full during 204. S's 20X4 total dividends (of $400 ) were allocated $320 to P and $80 to the Non-controlling interest. The difference between P's Income from S and P's share of S's allocated dividends was \$2,182.4 while the difference between the Non-controlling interest in the net income of S and their share of S's allocated dividends was $520.6. It is now 12/31/20X4. Complete the consolidation worksheet found below (and on the next page). YOU MAY USE WORD OR EXCEL !!! Assume that P used the complete equity method properly. Consolidated balances must articulate with the other related amounts in order to earn full credit. Calculations (almost solely) relate to the totals and/or subtotals within the worksheet. (There may be extra worksheet rows.)

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