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Part 2: You must use a computer. Solve each of the following problems using Excel (show the supporting calculations) and attach your response to Blackboard.
Part 2: You must use a computer. Solve each of the following problems using Excel (show the supporting calculations) and attach your response to Blackboard. Save the Excel workbook. Ensure all answers include an appropriate accounting heading (name of company, what the item is and the period or date represented). Problem 1: On September 1, 2021, Neighbor Corporation acquired a 90\% interest in CuzIN Corporation for $900,000. CuzIN's stockholders' equity at January 1, 2021 consisted of $200,000 of Common Stock and $600,000 of Retained Earnings. The book values of its assets and liabilities were equal to their respective fair values on this date. All excess purchase cost was attributed to goodwill. During 2021, CuzIN uniformly earned $98,000 and paid dividends of $19,000 on each of four dates: February 1, June 1, August 1, and December 1. Required: Compute the following: 1.) Implied goodwill associated with CuzIN Corporation based on Neighbor's purchase price on September 1, 2021. 2.) Neighbor's income from CuzIN for 2021. 3.) Noncontrolling interest share for 2021. 4.) What is the balance in Neighbor's Investment in CuzIN account at December 31, 2021? Part 2: You must use a computer. Solve each of the following problems using Excel (show the supporting calculations) and attach your response to Blackboard. Save the Excel workbook. Ensure all answers include an appropriate accounting heading (name of company, what the item is and the period or date represented). Problem 1: On September 1, 2021, Neighbor Corporation acquired a 90\% interest in CuzIN Corporation for $900,000. CuzIN's stockholders' equity at January 1, 2021 consisted of $200,000 of Common Stock and $600,000 of Retained Earnings. The book values of its assets and liabilities were equal to their respective fair values on this date. All excess purchase cost was attributed to goodwill. During 2021, CuzIN uniformly earned $98,000 and paid dividends of $19,000 on each of four dates: February 1, June 1, August 1, and December 1. Required: Compute the following: 1.) Implied goodwill associated with CuzIN Corporation based on Neighbor's purchase price on September 1, 2021. 2.) Neighbor's income from CuzIN for 2021. 3.) Noncontrolling interest share for 2021. 4.) What is the balance in Neighbor's Investment in CuzIN account at December 31, 2021
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