Padre inc and sierra corporation consolidated worksheet I need help figuring out what is missing it keeps saying incomplete
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $754,080 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $942,600 although Slerra's book value was only $659,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values os follows: Land Buildings and equipment (18-year remaining Life) Copyright (20-year remaining life) Notes payable (due in 8 years) Book Value $ 63,000 355,000 137,000 (155,000) Fair Value $ 297,000 311,000 217,000 (141,400) For internal reporting purposes, Padre, Inc., employs the equity method to account for this Investment. The following account balances are for the year ending December 31, 2021, for both companies. Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities Padre Sierra $(1,427,540) $ (657,900) 752,000 413,000 292,800 11,500 9 6,850 43,500 6,550 (174,960) 0 $ (515,000) $ 220,000) $(1,362,500 $ (499,000) (515,000) (220,000) 260,000 65,000 $(1,617,500) $ (654,000) 941,460 $ 650, 350 877,840 308,000 63,000 924,000 343,500 8 130,150 $ 3,050,500 $ 1,187,000 $ (218,000) $ (218,008) (465,000 (155,000) (380,000) (180,000) (450,000) (60,000) (1,617,500) (654,000) $(3,050,500) $(1,187,000) Accounts Padre Sierra Debit Credit Revenues 4.400 $(1,427,540) $ (657,900) 752,000 413,000 292,000 11,500 0 6,850 43,500 6,550 (174,960) 0 $ (515,000) $ (220,000) Noncontrolling Consolidated Interest Totals 0 $ 2,085440 0 1,165,000 0 299,100 0 10,850 0 51.750 0 0 4,000 1,700 174,960 ok 0 . 43,740 $ or $ 499,000 ces 52,000 13,000 $ Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Separate company net income Consolidated net income NI to noncontrolling interest Ni to Padre Company Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable NCI in Sierra 1/1 NCI in Sierra 12/31 Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities 0 $ 43,740 515,000 1,362,500 515,000 260,000 1,617,500 1,591,810 0 805,000 1.227.900 206,150 3,630,850 436,000 608,100 929,040 $(1,362,500) S (499.000) (515,000) (220,000) 260,000 65,000 $(1.617.500) $ (654.000) $ 941,460 $ 650,350 877.040 0 308,000 63.000 924,000 343,500 0 130,150 $ 3,050,500 $ 1,187,000 $ (218,000) $ (218,000) (465,000) (155,000) 0 0 52,000 234,000 4,400 80,000 0 44,000 4,000 0 $ 0 $ 13,600 0 1,700 188,520 188,520 219,260 $ (300,000) (100,000) 100.000 (450,000) (60,000) 60,000 (1,617,500) (654,000) $ (3,050,500) $(1.187,000) $1,223,660 $1,223,660 219.260 300,000 450,000 1,617,500 3,630,860 $
