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Paper Corp. purchased 70% of the outstanding shares of Sand Ltd. on January 1. Year 2. at a cost of $102. 270. Paper has always used the equity method to account for its Investments. On January 1, Year 2 Sand had common shares of $50,000 and retained earnings of $34700, and fair values were equal to carrying amounts for all its net assets, except invertory fair value was $6,400 less than carrying amount) and equipment fair value was $19.200 greater than carrying amount. The equipment, which is used for research, had an estimated remaining life of six years on January 1. Year 2 The following are the financial statements of Paper Corp. and as subsidiary Sand Ltd as at December 31 Year 5 Cash BALANCE SHEETS At December 31, Year 5 Paper 3 Accounts receivable 5e. Not Receivable Twentory 95,400 Equipment (net) 346,00 Lund 209.ee Trweschent in Sand 146,468 $140.00 kindebtedne 522529 Accounts payable 6.000 Nate payat 30,100 Star 1, nearning 143 $946, Sond $ 28,00 36,900 35,100 $3.000 85,000 4. $286.000 $ 71.000 0,00 160.000 $286.00 INCOME STATEMENTS the years HE 2 on sa DHE Und IRIS $946, $216, San $ 473,700 INCOME STATEMENTS For the year ended December 31, Years Paper Sale $ 870,000 Management fee revenue 12,400 Equity method income from Sand 1,558 Interest Income Gain on sale of land 983,958 Cost of sales 522.ee Research and development expenses 49.000 Interest expense 24,400 Miscellaneous expenses 124.000 Income takes 73,980 793, 380 Net Income $ 110,578 3.510 8.160 48900 115,800 19 200 40.00 84,124 419.12 5 66,186 Additional Information During Year 5. Sand made a cash payment of $2,700 per month to Paper for management foes, which is included in Sand's Miscellaneous expenses During Year 5. Paper made Intercompany sales of $140,000 to Sand. The December 31. Year 5. Inventory of Sand contained goods purchased from Paper amounung to $42.000. These sales had a gross profit of 35% On Apr Year 5. Paper acquired land from Sand for $35.100. This land had been recorded on Sand's books at a carrying amount of $27.000. Paper paid for the land by signing a $35.100 note payable to Sand, bearing yearly interest at 10% Interest for Your 5 W peld by Paper in cash on December 31 Year 5. This land was still being held by Paper on December 31, Yoar 5 The value of consolidated goodwill remained unchanged from snuary Year 2 10 July Year 5. On July Year 5. a valuation was performed indicating that the recoverable amount of consoliebted 9000will was $5.500 During the year ended December 31, Years Paper paid dividends of $80,000 and Sand cold didends of $20,000 Sand and Paper pay taxes at a: 40% rate. Assume that none of the gate or losses were capital in or losses Regulede a Prepare good for calduration of goodwi anda unde acquisition diferentes of December Year Negative unuld be indicated by a minus sign Leave noces blank bekerta to enter wherever required. Om Sign in your CON Required: (a) Prepare, in good form, a calculation of goodwill and any undepleted acquisition differential as of December 31. Year 5. Nesjauve amounts should be indicated by a minus sign Leave no cells blank be certain to enter to wherever required. Om sogn in mur response) Balance January 1 Year 2 $ Changes to Year: 2-4 $ Inventory Equipient Goodwill Years $ Balance Dec 31 Year 5 $ $ $ (b) Prepare Paper's consolidated Income statement for the year ended December 31 Year 5. with expenses classified by function {Round your answer to nearest whole dollar) PAPER CORP. Consolidated Income Statement For the Year Ended December 31, Year 5 Total revenue 0 expe Ant Seoses Non- Mert HOZ Id Calculate the following balances that would appear on Paper's consolidated balance sheet as at December 31. Year 5 leve no cells blank be certain to enter "0" wherever required. Omit sign in your response.) (6) Inventory Inventory (1) Land Land $ (1) Notes payable Notes payable (IV) Non-controlling interest Non controlling interest M Common shares Common shares id) Assume that an Independent business valuator valued the non-controlling Interest at $41.900 at the date of acquisition Calculate goodwill impairment loss and profit attributable to non-controlling Interest for the year ended December Year 5. Omits signin your response.) GO lot ile to non-controllin inte 5 Paper Corp. purchased 70% of the outstanding shares of Sand Ltd. on January 1. Year 2. at a cost of $102. 270. Paper has always used the equity method to account for its Investments. On January 1, Year 2 Sand had common shares of $50,000 and retained earnings of $34700, and fair values were equal to carrying amounts for all its net assets, except invertory fair value was $6,400 less than carrying amount) and equipment fair value was $19.200 greater than carrying amount. The equipment, which is used for research, had an estimated remaining life of six years on January 1. Year 2 The following are the financial statements of Paper Corp. and as subsidiary Sand Ltd as at December 31 Year 5 Cash BALANCE SHEETS At December 31, Year 5 Paper 3 Accounts receivable 5e. Not Receivable Twentory 95,400 Equipment (net) 346,00 Lund 209.ee Trweschent in Sand 146,468 $140.00 kindebtedne 522529 Accounts payable 6.000 Nate payat 30,100 Star 1, nearning 143 $946, Sond $ 28,00 36,900 35,100 $3.000 85,000 4. $286.000 $ 71.000 0,00 160.000 $286.00 INCOME STATEMENTS the years HE 2 on sa DHE Und IRIS $946, $216, San $ 473,700 INCOME STATEMENTS For the year ended December 31, Years Paper Sale $ 870,000 Management fee revenue 12,400 Equity method income from Sand 1,558 Interest Income Gain on sale of land 983,958 Cost of sales 522.ee Research and development expenses 49.000 Interest expense 24,400 Miscellaneous expenses 124.000 Income takes 73,980 793, 380 Net Income $ 110,578 3.510 8.160 48900 115,800 19 200 40.00 84,124 419.12 5 66,186 Additional Information During Year 5. Sand made a cash payment of $2,700 per month to Paper for management foes, which is included in Sand's Miscellaneous expenses During Year 5. Paper made Intercompany sales of $140,000 to Sand. The December 31. Year 5. Inventory of Sand contained goods purchased from Paper amounung to $42.000. These sales had a gross profit of 35% On Apr Year 5. Paper acquired land from Sand for $35.100. This land had been recorded on Sand's books at a carrying amount of $27.000. Paper paid for the land by signing a $35.100 note payable to Sand, bearing yearly interest at 10% Interest for Your 5 W peld by Paper in cash on December 31 Year 5. This land was still being held by Paper on December 31, Yoar 5 The value of consolidated goodwill remained unchanged from snuary Year 2 10 July Year 5. On July Year 5. a valuation was performed indicating that the recoverable amount of consoliebted 9000will was $5.500 During the year ended December 31, Years Paper paid dividends of $80,000 and Sand cold didends of $20,000 Sand and Paper pay taxes at a: 40% rate. Assume that none of the gate or losses were capital in or losses Regulede a Prepare good for calduration of goodwi anda unde acquisition diferentes of December Year Negative unuld be indicated by a minus sign Leave noces blank bekerta to enter wherever required. Om Sign in your CON Required: (a) Prepare, in good form, a calculation of goodwill and any undepleted acquisition differential as of December 31. Year 5. Nesjauve amounts should be indicated by a minus sign Leave no cells blank be certain to enter to wherever required. Om sogn in mur response) Balance January 1 Year 2 $ Changes to Year: 2-4 $ Inventory Equipient Goodwill Years $ Balance Dec 31 Year 5 $ $ $ (b) Prepare Paper's consolidated Income statement for the year ended December 31 Year 5. with expenses classified by function {Round your answer to nearest whole dollar) PAPER CORP. Consolidated Income Statement For the Year Ended December 31, Year 5 Total revenue 0 expe Ant Seoses Non- Mert HOZ Id Calculate the following balances that would appear on Paper's consolidated balance sheet as at December 31. Year 5 leve no cells blank be certain to enter "0" wherever required. Omit sign in your response.) (6) Inventory Inventory (1) Land Land $ (1) Notes payable Notes payable (IV) Non-controlling interest Non controlling interest M Common shares Common shares id) Assume that an Independent business valuator valued the non-controlling Interest at $41.900 at the date of acquisition Calculate goodwill impairment loss and profit attributable to non-controlling Interest for the year ended December Year 5. Omits signin your response.) GO lot ile to non-controllin inte 5