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Exercise 2 (LOI) Cash flow, issue stock, year of purchase. Duckworth Corporation purchases an 80% interest in Panda Corporation on January 1, 2017. in exchange for 5.000 Duck worth shares (market value of $18) plus $155.000 cash. The fair value of the NC is proportionate to the price paid by Duckworth for its interest. The appraisal shows that some of Panda's equip ment, with a 4-year estimated remaining life is undervalued by $20,000. The excess is attributed to goodwill. Panda Corporation's balance sheet on December 31, 2016 is shown on page 358 Per! CON C ATE ENTS AND CONSIS Cash... Inventory Property, plant, and equipment. Accumulated depreciation. Totolasses $ 30,000 30,000 300,000 190.000 $270,000 Liabilities and Equity Current liabilities........... long term liabilities ......... Common stock ($10 por)........ Retained earnings Total liabilities and equity.... $ 30,000 40,000 150,000 50.000 $270,000 Comparative balance sheet data are as follows: December 31, 2016 Parent Only $ 100,000 60,000 950,000 360,000 Cash Inventory Property, plant, and equipment Accumulated depreciation ... Goodwill.... Current liabilities long-term liabilities Noncontrolling interest..... Controlling interest Common stock $ 10 por)... Additional paid in capital in excess of por Retained earnings Totals... December 31, 2017 Consolidated $ 95,000 84,200 1,346,000 1575,000 86,250 1115,000 (130,000 163,250) 180.0001 1100,000 (350,000 150,000 1170,000) $ 0 (400,000) 190,000) 1238,200 The following information relates to the activities of the two companies for 2017: a. Panda pays off $10,000 of its long-term debt. b. Duckworth purchases production equipment for $76,000 c. Consolidated net income is $103.200, the NCI's share is $5.000. Depreciation expense taken by Duckworth and Panda on their separate books is $92,000 and $28.000, respectively d. Duckworth pays $30,000 in dividends: Panda pays $15.000. Prepare the consolidated statement of cash flows for the year ended December 31, 2017. for Duckworth Corporation and its subsidiary, Panda Corporation 45 Determination and Distribution of Excess Schedule Company Value Parent Price NCI 47 Fair Value of Subsidiary 48 Less Book Value of Interest Acquired 49 Common Stock 50 Paid in Excess 51 Retained Earnings 52 Total Equity Interest Acquired Book Value Excess of Cost over Book Value 53 55 56 Accounts Adjusted Worksheet Distribution 62 Total 63 Exercise 6-1 (12 ed) Exercise 6-2 (12 ed) Exercise 6-5 (12 edy Exercise 2 (LOI) Cash flow, issue stock, year of purchase. Duckworth Corporation purchases an 80% interest in Panda Corporation on January 1, 2017. in exchange for 5.000 Duck worth shares (market value of $18) plus $155.000 cash. The fair value of the NC is proportionate to the price paid by Duckworth for its interest. The appraisal shows that some of Panda's equip ment, with a 4-year estimated remaining life is undervalued by $20,000. The excess is attributed to goodwill. Panda Corporation's balance sheet on December 31, 2016 is shown on page 358 Per! CON C ATE ENTS AND CONSIS Cash... Inventory Property, plant, and equipment. Accumulated depreciation. Totolasses $ 30,000 30,000 300,000 190.000 $270,000 Liabilities and Equity Current liabilities........... long term liabilities ......... Common stock ($10 por)........ Retained earnings Total liabilities and equity.... $ 30,000 40,000 150,000 50.000 $270,000 Comparative balance sheet data are as follows: December 31, 2016 Parent Only $ 100,000 60,000 950,000 360,000 Cash Inventory Property, plant, and equipment Accumulated depreciation ... Goodwill.... Current liabilities long-term liabilities Noncontrolling interest..... Controlling interest Common stock $ 10 por)... Additional paid in capital in excess of por Retained earnings Totals... December 31, 2017 Consolidated $ 95,000 84,200 1,346,000 1575,000 86,250 1115,000 (130,000 163,250) 180.0001 1100,000 (350,000 150,000 1170,000) $ 0 (400,000) 190,000) 1238,200 The following information relates to the activities of the two companies for 2017: a. Panda pays off $10,000 of its long-term debt. b. Duckworth purchases production equipment for $76,000 c. Consolidated net income is $103.200, the NCI's share is $5.000. Depreciation expense taken by Duckworth and Panda on their separate books is $92,000 and $28.000, respectively d. Duckworth pays $30,000 in dividends: Panda pays $15.000. Prepare the consolidated statement of cash flows for the year ended December 31, 2017. for Duckworth Corporation and its subsidiary, Panda Corporation 45 Determination and Distribution of Excess Schedule Company Value Parent Price NCI 47 Fair Value of Subsidiary 48 Less Book Value of Interest Acquired 49 Common Stock 50 Paid in Excess 51 Retained Earnings 52 Total Equity Interest Acquired Book Value Excess of Cost over Book Value 53 55 56 Accounts Adjusted Worksheet Distribution 62 Total 63 Exercise 6-1 (12 ed) Exercise 6-2 (12 ed) Exercise 6-5 (12 edy
