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Consolidation Immediately After Acquisition [Page 1 of 2] problem 3.4 (Practice A) Problem 3.4 (Practice A) On January 1, 2020, Parent Corporation acquired all of the outstanding common stock of Sub Company for $4,590 cash, stock of bit Company for $1.060 cash. Consolidated Balance Sheet Working Paper, Goodwil at Bargain Purchase The balance sheets of Parent and Sub, immundigtly prior to the c at January 1, 2016 consolidate the balance sheets of Parent and Sub hown below The balance sheets of Parent and Sub, immediately prior to the combination, are Bstance Sheets Parent Sub emember to use negative sign for credit amounts in the Or (C) columns. cash and recentin Balance Sheets acquisition on the parent's book Accounts Taken from Books Parent Sub Before Acquis. Acquisition After Acqui B Cash and receivables Buildings and equipment 2040 Inventory 360 Cash and receivables verstory 1716 5,148 $ 1,020 Long-term investments 3.060 1,296 1,620 Liabilities and Stockholders Equity 5 4566 $ 1617 0 Long-term Investments Buildings and equipment, net Total assets 1,170 investment in Sub 4,320 315 aditional paid-in capital $ 13,698 $ 1,080 Retained earnings tad Broughties and rouity 5 4568 569 Buildings and equipre 1.440 iabilities and Stockholders Equity Goodwil (if applicable) Current liabilities Long-term debt mon stock, par value 2.700 $ long-term debt 3,600 1,800 720 Common stock, par value (1.200) Additional paid-in capital 900 Additional paid-in capital (720) ned earnings bilities and equity 2,160 180 4,338 630 13,698 1.521 Long-term Get etained earnings 700 4,851 Several of Sub's assets and liabilities had fair values that were different 3,269 from their book values. Estimates of the fair values of these items follow Consideration given subER ( E ) (R) eration given Loan Befiseach, Acq Afterall 1 854 Long-term investments Land 1,440 cash +rec 5, 148 (4 590 558 1,2961 450 rony of the Identifiable net assets of the 3, 060 1/620 80 4, 860 Buildings and equipment, net Long-term debt 756 3 060 1,620 5407 700 In addition, Sub had previously un long-term deta LTinv "MY of identihable net asset inv in sub 3260 3,260 (2, 331) (929) O valued at $198. ntifiable intangible assets Gain on acquisition 1.200 Lard 1, 170 1,170 315 Required: Bidgs +equipinet 4,320 4, 320 1 1080 540 (a) Calculate goodwill or gain o Goodwill (if cpplicate ) 1330 17330 4, 500 (b) Prepare a working paper to consolidate the balance sheets of Parent and Sub (2, 700 ) 1 1 800 at January 1, 2020 (complete the consolidation worksheet on pg2). C . L. (2, 700) Don't forget to record the acquisition in the accounts of Parent on the consolidation LTD (3/600 ) (3,600) (720 ) C. S . pervelle (900 ) (900) (180) 180 ( 900) Add PIC (2, 160) (2,160) 2 630 (2/160) R.E 413 3 8 ) (3008) 1521) 1521 Consolidation Im Total O O [Page 2 of 2] ediately After Acquisition O (b) Prepare a working paper to con at January 1, 2020. ance sheets of Parent and Sub Remember to use negative signs for credit amounts in the Dr (Cr) columns. Accounts Taken from Books Consolidation Working Paper Eliminating Entries Consolidated Parent (E) (R) Balances Before Acquis. Acquisition After Acquis. Dr. (Cr.) Dr. (Cr.) Dr. (Cr.) Dr. (Cr.) Cash and receivables 5,148 4590) 558 1,296 1854 Inventory 3,060 1,620 Long-term investments 540 Investment in Sub Land 1,170 315 Buildings and equipment , net 4,320 1,080 Identifiable intangible assets Goodwill (if applicable) Current liabilities (2,700) (1,800) Long-term debt (3,600) (720) Common stock, par value (900) Additional paid-in capital (2,160) (180) Retained earnings (4,338) (630 ) (1.521) Total