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Chapter 6 11. Assume that a Parent company acquires a 80% interest in Is Subsidiary on 2012. on the date of acquisition, the fair value of the 80% controlling interest was 5416.000 und se faire of the 20% noncontrolling interest was $104,000. On January 1, 2012, the book or of nettet equaled $520,000 and the fair value of the identifiable net assets equaled the book ale Identifiable net assets there was no AAP or Goodwill) On December 31, 2013, the Subsidiary company issued $400,000 (ca) 6 percent, five year bonds to an unaffiliated company for $426,340 (la. the bonds had an effective yield of 45 percent). The bonds pay interest annually on December 31, and the bond premium is amortized using the straight-line method. This results in annual bond payable premium amortization equal to $5.266 per year On December 31, 2015, the Parent paid $389,503 to purchase all of the outstanding Subsidiary company bonds (1.0. the bonds had an effective yield of 7 percent). The bondscount is amortized using the straight-line method, which results in annual bond investment discount amortization equal to $3.499 per year The Parent and the Subsidiary report the following financial statements for the year ended 16 Points December 31, 2016: Income Statement Parent 58,000,000 15.000.000 2,000,000 109,232 Susidary $850,000 1530.000 320.000 Sales Cost of goods sold Gross Profit Equity Investment income Bond Interest income Bond Interest expense Operating expenses Not Income 27.499 (18.732) 1.200.000 3.890.500 200.000 51117499 Statement of Retained Earnings Parent BOY Retained Earnings $5,741,500 Net income 890,500 Dividends _1284.000) EOY Retained Earnings $6.348.000 Subsidiary $225,000 147 499 20.000 $352400 Subsidiary Balance Sheet Parent $ 350.000 450,000 550.000 $ 800,000 1,500,000 2,000,000 555,533 383.002 950.000 $2.690.2 Assets: Cash Accounts receivable Inventory Equity Investment Investment in bonds PPE, net 8.240.000 $13.095.538 $ 478.000 500,000 $ 700,000 850,000 410,536 836,997 450,000 3,500,000 6.348.000 $12,095.533 1,042,503 150,000 170,000 352.499 $2.693.002 Liabilities and Stockholders' Equity Accounts payable Current Liabilities Bonds payable Long-term Liabilities Common Stock APIC Retained Earnings Required: Prepare the Consolidation Entries. Consolidation entries: De 10 TE 4. How do Cell Phones get Around? Answer: 5. What did the egg say to the frying pan