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Please give me the consolidated balance sheet. All I need is the consolidated balance sheet. use the initial value method On January 1st 2019 The

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Please give me the consolidated balance sheet. All I need is the consolidated balance sheet. use the initial value method

On January 1st 2019 The Voldomort and Potter Companies had the following balance sheets Voldomort Cash 2000000 inventory 1000000 building 1000000 accumulated dep. Build -400000 equipment 1000000 accumulated dep. Equip -20000 total assets 4580000 Potter 100000 100000 50000 -20000 80000 -40000 270000 accounts payable 1000000 70000 common stock $1 par 580000 additional paid in capita 2000000 retained earnings 1000000 100000 50000 50000 On January 2nd Voldomort purchased 90% of the outstanding shares of Potter Company for $400,000 On January 2nd Potters equipment was worth 25000 and its building was worth $70000 All other assets and liabilites of Potter have book values equal to fair market values Below is the income statement and balance sheet for Voldomort and Potter On December 31st 2019 Below is the income statement and balance sheet for Voldomort and Potter On December 31st 2019 sales cost of goods sold gross profit depreciation exp bldg depreciation exp equipment investment income income 400,000 180,000 220,000 10,000 10,000 200,000 Voldomort Potter $ 2,000,000 $ $ 800,000 $ S 1,200,000 $ 100,000 $ $ 20,000 $ $ $ $ 1,080,000 $ Voldomort Potter S 3,000,000 $ $ 1,000,000 $ $ 1,000,000 $ $ (400,000 $ $ 1,000,000 $ $ (20,000 $ $ 400,000 $ 5,580,000 $ Cash inventory building accumulated dep. Building equipment accumulated dep. Equipment Investment in Potter total assets 260,000 100,000 50,000 (30,000) 80,000 (50,000) 410,000 accounts payable $ 1,000,000 $ 70,000 common stock $1 par additional paid in capital retained earnings noncontrolling interest total equity and liabilities uuuu $ $ $ S 580,000 $ 2,000,000 $ 1,000,000 $ 108,000 5,660,000 $ 100,000 50,000 190,000 410,000 Using the initial Values Method. Create a consolidated balance sheet Date Accounts Debit Credit January 2, 2019 Investment in Potter Company 400,000 Cash 400,000 b) No entry by Potter Adjustments Voldomort Potter Debit Credit Consolidated Cash 400,000 2,000,000 100,000 1,700,000 inventory 1,000,000 100,000 1.100.000 building 1,000,000 50,000 70000-50,000 20,000) = 40,000 1,090,000 accumulated dep. Building (400,000) (20,000) (420,000) equipment 1,000,000 80,000 (80,000- 40,000)-25,000 = 15,000 1,065,000 accumulated dep. Equipment (20,000) (40,000) (60,000) Goodwill 197,500 197,500 Total assets 4.580,000 270,000 4,672.500 accounts payable 1,000,000 70,000 1,070,000 100,000 common stock Si par 580,000 100,000 580,000 additional paid in capital 50,000 2,000,000 50,000 2,000,000 50,000 retained earnings 1,000,000 50,000 1,000,000 Non controlling interest 22.500 22.500 Total liabilities and equity 4,672.500 Goodwill Purchase price $400,000 (90,000) Less 90% stake in Potter common stock (100000 909) Less 90% stake in Potter additional paid in capital (50,000"9096) (45,000) (45,000) Less 90% stake in Potter retained earnings (50,000"9096) Add 90% in Potter equipment fair value less than book value (15000-90%) 13,500 (36,000) Less 90% in Potter building fair value in excess of book value (400009096) Goodwill $197.500 Non controlling interest 10% stake in Potter common stock (100000-10%) $10,000 5,000 10% stake in Potter additional paid in capital (50,000-70%) 10% stake in Potter retained earnings (50,000-70%) 5,000 Less 109.in Potter equipment fair value less than book value (15000%20) (1.500) 4,000 Add 10in Potter building fair value in excess of book value (4000070) Non controlling interest $22.500 d) Consolidated balance sheet Particular Amount Cash 1,700,000 Inventory 1,100,000 1,090,000 Building Less Accumulated dep. Building Equipment (420,000) 1,065,000 Accumulated dep. Equipment 160,000) Goodwill 197.500 Total assets 4,672,500 Liabilities and equity Accounts payable 1,070,000 Total liabilities 1,070,000 Equity Common stock $1 par 580,000 Additional paid in capital 2,000,000 Retained earnings 1,000,000 Equity attributable to shareholders of Voldmort 3,580,000 22.500 Non controlling interest Total equity 3,602,500 Total liabilities and equity 4,672,500

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