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Consolidation subsequent to date of acquisition-Equity method with noncontrolling interest and AAP Assume, on January 1, 2015, a parent company acquired a 90% interest in its subsidiary. The total fair value of the controlling and noncontrolling interest was $445,000 over the book value of the subsidiary's Stockholders' Equity on the acquisition date. The parent assigned the excess to the following [A] assets: Original Original [Al Asset Amount Useful Life Property, plant, and equipment $ 140,000 10 years Customer list 95,000 5 years Goodwill 210,000 Indefinite $ 445,000 90% of the Goodwill is allocated to the parent. The parent and the subsidiary report the following pre-consolidation financial statements at December 31, 2019: Parent Subsidiary Parent Subsidiary Income statement: Balance sheet: Sales $5,760,000 1,500,000 Assets Cost of goods sold (4,000,000) (960,000) Cash $ 400,000 $ 60,000 Gross profit 1,760,000 540,000 Accounts receivable 752,000 200,000 Equity income 96,300 Inventory 960,000 440,000 Operating expenses (1,120,000) (400,000) Equity investment 882,000 Net income 736,300 140,000 Property, plant and equipment, net 2,240,000 720.000 Statement of retained earnings: $5,234,000 $1,420,000 Beginning retained eamings: 1,377,700 400,000 Liabilities and stockholders' equity Net income 736,300 140,000 Accrued liabilities 800,000 320,000 Dividends (160,000) (40,000) Long-term liabilities 1,600,000 400,000 Ending retained earnings $1,954,000 $500,000 Common stock 160,000 80,000 APIC 720,000 120,000 Retained earnings 1,954.000 500.000 $5,234,000 $1,420,000 d. Reconstruct the activity in the parent's pre-consolidation Equity Investment T-account for the year of consolidation. Equity Investment 0 e. Independently compute the owners' equity attributable to the noncontrolling interest beginning and ending balances starting with the owners' equity of the subsidiary. Noncontrolling Interests at 1/1/19 ncis book value of subsidiary's net assets $ Unamortized nci AAP Noncontrolling interests at 12/31/19 nci% book value of subsidiarys net assets $ Unamortized nci% AAP f. Independently calculate consolidated net income, controlling interest net income and noncontrolling interest net income. Note:Use a negative sign with your answer to indicate a reduction to net income. Parent's stand-alone net income Subsidiary's stand-alone net income 100% AAP amortization Consolidated net income Parent's stand-alone net income p" of subsidiary's stand-alone net income p%AAP amortization Consolidated net income attributable to the controlling interest nci%of subsidiary's stand-alone net income nci% AAP amortization Consolidated net income attributable to the noncontrolling interest 5 Consolidation subsequent to date of acquisition-Equity method with noncontrolling interest and AAP Assume, on January 1, 2015, a parent company acquired a 90% interest in its subsidiary. The total fair value of the controlling and noncontrolling interest was $445,000 over the book value of the subsidiary's Stockholders' Equity on the acquisition date. The parent assigned the excess to the following [A] assets: Original Original [Al Asset Amount Useful Life Property, plant, and equipment $ 140,000 10 years Customer list 95,000 5 years Goodwill 210,000 Indefinite $ 445,000 90% of the Goodwill is allocated to the parent. The parent and the subsidiary report the following pre-consolidation financial statements at December 31, 2019: Parent Subsidiary Parent Subsidiary Income statement: Balance sheet: Sales $5,760,000 1,500,000 Assets Cost of goods sold (4,000,000) (960,000) Cash $ 400,000 $ 60,000 Gross profit 1,760,000 540,000 Accounts receivable 752,000 200,000 Equity income 96,300 Inventory 960,000 440,000 Operating expenses (1,120,000) (400,000) Equity investment 882,000 Net income 736,300 140,000 Property, plant and equipment, net 2,240,000 720.000 Statement of retained earnings: $5,234,000 $1,420,000 Beginning retained eamings: 1,377,700 400,000 Liabilities and stockholders' equity Net income 736,300 140,000 Accrued liabilities 800,000 320,000 Dividends (160,000) (40,000) Long-term liabilities 1,600,000 400,000 Ending retained earnings $1,954,000 $500,000 Common stock 160,000 80,000 APIC 720,000 120,000 Retained earnings 1,954.000 500.000 $5,234,000 $1,420,000 d. Reconstruct the activity in the parent's pre-consolidation Equity Investment T-account for the year of consolidation. Equity Investment 0 e. Independently compute the owners' equity attributable to the noncontrolling interest beginning and ending balances starting with the owners' equity of the subsidiary. Noncontrolling Interests at 1/1/19 ncis book value of subsidiary's net assets $ Unamortized nci AAP Noncontrolling interests at 12/31/19 nci% book value of subsidiarys net assets $ Unamortized nci% AAP f. Independently calculate consolidated net income, controlling interest net income and noncontrolling interest net income. Note:Use a negative sign with your answer to indicate a reduction to net income. Parent's stand-alone net income Subsidiary's stand-alone net income 100% AAP amortization Consolidated net income Parent's stand-alone net income p" of subsidiary's stand-alone net income p%AAP amortization Consolidated net income attributable to the controlling interest nci%of subsidiary's stand-alone net income nci% AAP amortization Consolidated net income attributable to the noncontrolling interest 5