Patrick Corporation acquired 100 percent of OBrien Companys outstanding common stock on January 1 for $711,300 in cash. OBrien reported net assets with a carrying amount of $396,000 at that time. Some of OBriens assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows:
NEED REQUIREMENTS A,B,C
Will upvote if correct
a. Which investment method did Patrick use to compute the $278,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31. c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31. Complete this question by entering your answers in the tabs below. Determine the totals to be reported for this business combination for the year ending December 31 . (Input all amounts as positive values.) internally developed) or had fair values that differed from book values as follows: Any goodwill is considered to have an indefinite life with no impairment charges during the year. The following are financial statements at the end of the first year for these two companies prepared from their separately maintainec accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses. a. Which investment method did Patrick use to compute the $278,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31. c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Input all amounts as positive values.) internally developed) or had fair values that differed from book values as follows: Any goodwill is considered to have an indefinite life with no impairment charges during the year. The following are financial statements at the end of the first year for these two companies prepared from their separately maintainec accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses. a. Which investment method did Patrick use to compute the $278,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31. c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Input all amounts as positive values.) a. Which investment method did Patrick use to compute the $278,940 income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31. c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31. Complete this question by entering your answers in the tabs below. Determine the totals to be reported for this business combination for the year ending December 31 . (Input all amounts as positive values.)
