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Question 2 (47 points) The trial balances of Red Inc. and its subeldiary Bul Corp. on December 31, 2020 are shown below: Red Bull Inventory $160,000 $100,000 Plant and Equipment (net) $2,700,000 $700,000 Dividends Declared $200,000 $100,000 Investment in Bull $700,000 Cost of Goods Sold $650,000 $90,000 Other Expenses $50,000 $10,000 Total Debits $4,450,000 $1,000,000 Liabilities Common Stock Retained Earning - Opening Sales and Other Revenue $1,000,000 51,660,000 5600,000 51,200,000 $150,000 $600,000 $100,000 $150,000 Total Credits $4,450,000 $1,000,000 Other Information Red acquired Bull in three stages: January 1, 2017: Red purchased 10,000 shares for $100,000. Bull's Retained Earnings were $40,000 on that date. January 1, 2019 Red purchased 30,000 shares for $450,000. Bull's Retained Earnings were 580,000 on that dat 2 3 1 I was incorporated on January 1, 2015. On that date, Build 100,000 voting has where between the cost and book for each otion is trueble entirely to ademarks, which are to be amorted over year. The company has neither ved nor wired shares since the Date of incorporation Red sold depreciables to Bulat a low of $20,000 on January 1, 2019. These sada mine Intercompany sales of inventory amounted to $250.000 Unrello inventory profits for each company shown below for 2000. The amount indicate the amount of profit in each comprisinventory Red January 1, 2020 $10,000 December 31, 2020 $20,000 Bull January 1, 2010 $20.000 December 31, 2020 540,000 Al inventaries on hand at the start of 2020 were sold to outsiders during the year. The net incomes of both companies are evenly warned throughout the year. Both companies are subject to an effective corporate tax rate of 20% Required: (0) Prepare an acquisition differential amortization table from Jan 1, 2017 Compute unamortized acquisition differential for each acquisition date. When should Red prepare consolidated financial statements? (1) Compute consolidated trademarks for Red as at December 31, 2020, (Compute consolidated inventory for Red as at December 31, 2020 (iv) Compute consolidated Cost of Goods Sold for 2020 M Compute consolidated Plant and Equipment (net) as at December 31, 2020 (vi) Compute the non-controling Interest on Consolidated Statement of Financial Position as at December 2010 Question 2 (47 points) The trial balances of Red Inc. and its subeldiary Bul Corp. on December 31, 2020 are shown below: Red Bull Inventory $160,000 $100,000 Plant and Equipment (net) $2,700,000 $700,000 Dividends Declared $200,000 $100,000 Investment in Bull $700,000 Cost of Goods Sold $650,000 $90,000 Other Expenses $50,000 $10,000 Total Debits $4,450,000 $1,000,000 Liabilities Common Stock Retained Earning - Opening Sales and Other Revenue $1,000,000 51,660,000 5600,000 51,200,000 $150,000 $600,000 $100,000 $150,000 Total Credits $4,450,000 $1,000,000 Other Information Red acquired Bull in three stages: January 1, 2017: Red purchased 10,000 shares for $100,000. Bull's Retained Earnings were $40,000 on that date. January 1, 2019 Red purchased 30,000 shares for $450,000. Bull's Retained Earnings were 580,000 on that dat 2 3 1 I was incorporated on January 1, 2015. On that date, Build 100,000 voting has where between the cost and book for each otion is trueble entirely to ademarks, which are to be amorted over year. The company has neither ved nor wired shares since the Date of incorporation Red sold depreciables to Bulat a low of $20,000 on January 1, 2019. These sada mine Intercompany sales of inventory amounted to $250.000 Unrello inventory profits for each company shown below for 2000. The amount indicate the amount of profit in each comprisinventory Red January 1, 2020 $10,000 December 31, 2020 $20,000 Bull January 1, 2010 $20.000 December 31, 2020 540,000 Al inventaries on hand at the start of 2020 were sold to outsiders during the year. The net incomes of both companies are evenly warned throughout the year. Both companies are subject to an effective corporate tax rate of 20% Required: (0) Prepare an acquisition differential amortization table from Jan 1, 2017 Compute unamortized acquisition differential for each acquisition date. When should Red prepare consolidated financial statements? (1) Compute consolidated trademarks for Red as at December 31, 2020, (Compute consolidated inventory for Red as at December 31, 2020 (iv) Compute consolidated Cost of Goods Sold for 2020 M Compute consolidated Plant and Equipment (net) as at December 31, 2020 (vi) Compute the non-controling Interest on Consolidated Statement of Financial Position as at December 2010