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Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2. for $108,500. At that date, the noncontrolling Interest had a fair value of $46,500 and Soda reported $70,000 or common stock outstanding and retained earnings of $30,000. The differential is assigned to buildings and equipment, which had a fair value $20.000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $35,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: 25 points Soda Company Pop Corporation Debit $ 15,400 165, eee se, eee 340, Bee 109,6ee 186, Bee 2.ee 16, eee Debit $ 21,6ae 35, eee 4e eee 260, 80e 15, eee Cash & Accounts Receivable Inventory Land Buildings & Equipment Investment in Soda Company Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premium Common Stock Retained Earnings Sales Other Income Income from Soda Company $14e, eea se.de 12e, eee 127,98 260.ee 13, bee 100. eee 1,60e 78.ee beeee 125.ee $952, eee $352, ee $962.vee $471/62 3471, bed On December 31, 20X2. Soda purchased Inventory for $32.000 and sold it to Pop for $48.000. Pop resold $27.000 of the inventory fle. $27,000 of the $48.000 acquired from Soda) during 20X3 and had the remaining balance in inventory at December 31, 20X3. During 20X3. Soda sold inventory purchased for $60.000 to Poo for $90.000, and Pop resoldat Out S24.000 of its purchase. On March 10. 20X3. Pop sold inventory purchased for $15.000 to Soda for $30000Sooa solo all but $7600 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted ulty method that both companies use straight line depreciation, and that no property, plant, and equipment has been purchased since the cousin Required: 3. Prepare al consolidation entres needed to prepares tut set of consolated citatements at December 31, 20X3. for Pop and soda. (If no entry is required for a transaction event, select No journal entry required in the first account field.) come from Soda Company NO Nood Company OOOOO vestment in Soda Company NCI NA of Soda Company Amorturation expense Depreciation expense Income from Soda Company NCII NI of Soda Company 3 Budings and equipment Patents Accumulated depreciation Investment in Soda Company NCII NA of Soda Company Accumulated depreciation Buildings and equipment COO 000 000 0000 0 Investment in Soda Company NCI NA of Soda Compa Cost of goods sold Investment in Soda Company NCI IN NA of Soda Company Inventory Sales Cost of goods sold 13,000 13,600 (180,000) (20,000) (10.000) (70.800) (15,000) (5,200) (265.800) (35.000) (21,200) 8.100 50.700 8.100 84.700 25,000 $ 50.700 25.000 TO S OT 84.700 187.000 Other Income Less: COGS Less: Depreciation Expense Less: Interest Expense Less Amortization Expense Income from Soda Company Consolidated Net Income NCI in Net Income Controlling Interest in Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet Cash and Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Soda Company 84.700 127.900 59,700 (30,000) 157,800 60.000 25.000 (15,000) 70,000 (45,000) $ $ $ 227.000 15.400 165.000 80.000 340.000 (140.000 109.600 21.000 35 000 40.000 200.000 80.000) 37.000 200.000 120.000 800.000 220 000) 109.600 270, 340.000 S Total Assets Accounts Payable Bonds Payable Bonds Premium Common Stock 570.000 92.400 200.000 s 120.000 Retained Earings NCHI NA of Soda Company Total Liabilities & Equity $ 570.000 Pop Corporation acquired 70 percent of Soda Company's voung common shares on January 1, 20X2. for $108,500. At that date, the noncontrolling Interest had a fair value of $46,500 and Soda reported $70,000 of common stock outstanding and retained earnings of $30,000. The differential is assigned to buildings and equipment, which had a fair value $20,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $35,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: Ite Cash & Accounts Receivable Inventory Soda Company Debit Credit $ 21,6ee 35, eee 40,000 260.ee Land Buildings & Equipment Investment in Soda Company Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premius Common Stock Retained Earnings Pop Corporation Debit Credit $ 15,480 165, eae se, eae 340,000 109,6ee 186, eee 20, eee 16, cee 38. eee $140, eee 92,48 20.aa S se.ee be.ee 127.900 200.000 125, Other Income Income from Soda Company $ 962. ace 3962ee471. 6 3471.sed On December 31, 20x2. Soda purchased Inventory for $32,000 and sold it 10 Pop for $48.000 Pop resold $27.000 of the inventory le. $27,000 of the $48.000 acquired from Soda) during 20x3 and had the remaining balance in Inventory at December 31, 20X3. During 20X3, Soda sold Inventory purchased for $60,000 to Pop for $90.000, and Pop resold all but $24.000 of its purchase. On March 10, 20X3, Pop sold Inventory purchased for $15,000 to Soda for SB0.000 $coa sold all but $7600 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition Required: . Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 20XB for Pop and Sca, if no entry is required for a transaction/event, select No journal entry resulted in the first accountfield view transaction list transaction list No Enly Debit Credit A 1 70.000 80,000 Common stock Retained earings Income from Soda Company NCI in NI of Soda Company Dividends declared Investment in Soda Company NCI IN NA of Soda Company Amortization expense Depreciation expense Income from Soda Company NCI in Nl of Soda Company Buildings and equipment Patents Accumulated depreciation Investment in Soda Company NCI NA of Soca Company Accumulated depreciation Buildings and eQuiment Investment in soda compar Cest of goods Investment n o company bi Prepare a three-art consolidation worksheet 2ONE Values in the two columns the Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2. for $108,500. At that date, the noncontrolling Interest had a fair value of $46,500 and Soda reported $70,000 or common stock outstanding and retained earnings of $30,000. The differential is assigned to buildings and equipment, which had a fair value $20.000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $35,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: 25 points Soda Company Pop Corporation Debit $ 15,400 165, eee se, eee 340, Bee 109,6ee 186, Bee 2.ee 16, eee Debit $ 21,6ae 35, eee 4e eee 260, 80e 15, eee Cash & Accounts Receivable Inventory Land Buildings & Equipment Investment in Soda Company Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premium Common Stock Retained Earnings Sales Other Income Income from Soda Company $14e, eea se.de 12e, eee 127,98 260.ee 13, bee 100. eee 1,60e 78.ee beeee 125.ee $952, eee $352, ee $962.vee $471/62 3471, bed On December 31, 20X2. Soda purchased Inventory for $32.000 and sold it to Pop for $48.000. Pop resold $27.000 of the inventory fle. $27,000 of the $48.000 acquired from Soda) during 20X3 and had the remaining balance in inventory at December 31, 20X3. During 20X3. Soda sold inventory purchased for $60.000 to Poo for $90.000, and Pop resoldat Out S24.000 of its purchase. On March 10. 20X3. Pop sold inventory purchased for $15.000 to Soda for $30000Sooa solo all but $7600 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted ulty method that both companies use straight line depreciation, and that no property, plant, and equipment has been purchased since the cousin Required: 3. Prepare al consolidation entres needed to prepares tut set of consolated citatements at December 31, 20X3. for Pop and soda. (If no entry is required for a transaction event, select No journal entry required in the first account field.) come from Soda Company NO Nood Company OOOOO vestment in Soda Company NCI NA of Soda Company Amorturation expense Depreciation expense Income from Soda Company NCII NI of Soda Company 3 Budings and equipment Patents Accumulated depreciation Investment in Soda Company NCII NA of Soda Company Accumulated depreciation Buildings and equipment COO 000 000 0000 0 Investment in Soda Company NCI NA of Soda Compa Cost of goods sold Investment in Soda Company NCI IN NA of Soda Company Inventory Sales Cost of goods sold 13,000 13,600 (180,000) (20,000) (10.000) (70.800) (15,000) (5,200) (265.800) (35.000) (21,200) 8.100 50.700 8.100 84.700 25,000 $ 50.700 25.000 TO S OT 84.700 187.000 Other Income Less: COGS Less: Depreciation Expense Less: Interest Expense Less Amortization Expense Income from Soda Company Consolidated Net Income NCI in Net Income Controlling Interest in Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet Cash and Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Soda Company 84.700 127.900 59,700 (30,000) 157,800 60.000 25.000 (15,000) 70,000 (45,000) $ $ $ 227.000 15.400 165.000 80.000 340.000 (140.000 109.600 21.000 35 000 40.000 200.000 80.000) 37.000 200.000 120.000 800.000 220 000) 109.600 270, 340.000 S Total Assets Accounts Payable Bonds Payable Bonds Premium Common Stock 570.000 92.400 200.000 s 120.000 Retained Earings NCHI NA of Soda Company Total Liabilities & Equity $ 570.000 Pop Corporation acquired 70 percent of Soda Company's voung common shares on January 1, 20X2. for $108,500. At that date, the noncontrolling Interest had a fair value of $46,500 and Soda reported $70,000 of common stock outstanding and retained earnings of $30,000. The differential is assigned to buildings and equipment, which had a fair value $20,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $35,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: Ite Cash & Accounts Receivable Inventory Soda Company Debit Credit $ 21,6ee 35, eee 40,000 260.ee Land Buildings & Equipment Investment in Soda Company Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premius Common Stock Retained Earnings Pop Corporation Debit Credit $ 15,480 165, eae se, eae 340,000 109,6ee 186, eee 20, eee 16, cee 38. eee $140, eee 92,48 20.aa S se.ee be.ee 127.900 200.000 125, Other Income Income from Soda Company $ 962. ace 3962ee471. 6 3471.sed On December 31, 20x2. Soda purchased Inventory for $32,000 and sold it 10 Pop for $48.000 Pop resold $27.000 of the inventory le. $27,000 of the $48.000 acquired from Soda) during 20x3 and had the remaining balance in Inventory at December 31, 20X3. During 20X3, Soda sold Inventory purchased for $60,000 to Pop for $90.000, and Pop resold all but $24.000 of its purchase. On March 10, 20X3, Pop sold Inventory purchased for $15,000 to Soda for SB0.000 $coa sold all but $7600 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition Required: . Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 20XB for Pop and Sca, if no entry is required for a transaction/event, select No journal entry resulted in the first accountfield view transaction list transaction list No Enly Debit Credit A 1 70.000 80,000 Common stock Retained earings Income from Soda Company NCI in NI of Soda Company Dividends declared Investment in Soda Company NCI IN NA of Soda Company Amortization expense Depreciation expense Income from Soda Company NCI in Nl of Soda Company Buildings and equipment Patents Accumulated depreciation Investment in Soda Company NCI NA of Soca Company Accumulated depreciation Buildings and eQuiment Investment in soda compar Cest of goods Investment n o company bi Prepare a three-art consolidation worksheet 2ONE Values in the two columns the