please help me fix the errors asap...Thanks in advance!

please help me fix the errors asap..

please help fix errors asap

21.00 Pushdown Accounting Assume a parent company acquires its subsidiary by paying $1,200,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and abilities have individual fair values that equal the book values, except for property equipment with a fair value greater than book value by $150.000 and license with a far value greater than book value by $250.000. The parent and dry have the flowing listance sheets immediately after the acquisition, but before any pushdown adjustments by the subsidiary Suary Ant 500 000 $100.000 200.000 Property 2.300.000 77.000 Souvent 4200000 Licens 1410000211109 end 100 000 100 Other 100 000 Note Common T0 000 100 000 AC 450.000 300.000 Mind 1.100.000 100000 14100.000 5.100.000 Compute the amount of goodwill implicit in the action of the subudiary 5 200.000 donc $ 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply puthdown accounting Description Cred 150.000 Licence 250 000 Go . 200.000 Pushcown . 600.000 Common . W tement c. Prepare the consolidation entry or entries on the date of acquisition, assuming the subsidiary applied pushdown accounting. Description Debit Credit [E] Common stock 100,000 0 APIC 200.000 0 Retained earnings X 300,000 x 0 Equity investment 0 600,000 x d. Prepare the consolidated balance sheet on the date of acquisition. Consolidated Balance Sheet Assets: Cash & receivables $ 900,000 Inventory Property & equipment, net Licenses 800,000 3,225,000 275,000 V Goodwill 200,000 $ 5,400,000 V Liabilities and stockholders' equity: Current liabilities $ 5,500,000 x Other liabilities 300,000 V Note payable 350,000 Common stock 1,670,000 V APIC 14,300,000 X Retained earnings 1.100.000 5.400,000 $ Pushdown Accounting Assume a parent company acquires its subsidiary by paying 51,200,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and liabilities have individual fair values that equal their book values, except for property equipment with a fair value greater than book value by $150,000 and license with a fair value greater than book value by $250,000. The parent and subsidiary have the following balance sheets immediately after the acquisition, but before any pushdown adjustments by the subsidiary: Subsidiary Parent Cash receivables $300.000 $ 100.000 Inventory 600.000 200.000 Property & equipment.net 2.300.000 775.000 Equity investment 1.200,000 License 25.000 $4.900.000 51.100.000 Liabilities and stockholders' equity Currentes $ 400.000 $ 150.000 Other abilities 300.000 Notepayable 350.000 Common stock 1670.000 100 000 ADIC 1.430.000 200.000 Retained earning 1.100.000 300.000 54 900 000 $ 1.100.000 a. Compute the amount of goodwill implicit in the acquisition of the subsidiary, $ 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply pushdown accounting. Credit Debit 150.000 250.000 Description Property & equipment net Licenses Goodwill Pushdown equity Common stock Equity investment 200.000 0 600,000 OX X OX c. Prepare the consolidation entry or entries on the date of acquisition, assuming the subsidiary applied pushdown accounting Description Debit Credit [E) Common stock 100.000 APIC 200.000 Retained earning 300.000 x Equity investment 500.000 Support Pushdown Accounting Assume a parent company acquires its subsidiary by paying $1,200,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and liabilities have individual fair values that equal their book values, except for property equipment with a fair value greater than book value by $150,000 and license with a fair value greater than book value by $250,000. The parent and subsidiary have the following balance sheets immediately after the acquisition, but before any pushdown adjustments by the subsidiary. Parent Subsidiary Assets: Cash & receivables $ 800,000 $100,000 Inventory 600,000 200.000 Property & equipment, net 2,300,000 775,000 Equity investment 1,200,000 Licenses 25.000 4.900,000 1,100,000 Liabilities and stockholders' equity Current liabilities $ 400,000 $150,000 Other liabilities 300,000 Note payable 350,000 Common stock 1,670,000 100,000 APIC 1.430,000 200,000 Retained earnings 1,100,000 300,000 $ 4,900,000 1,100,000 a. Compute the amount of goodwill implicit in the acquisition of the subsidiary. $ 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply pushdown accounting, 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply pushdown accounting. Description Debit Property & equipment, net 150,000 Licenses 250,000 Goodwill 200,000 Pushdown equity Additional paid in capital * Retained earnings Support 0 OX 0 C. Prepare the consolidation entry or entries on the date of acquisition, assuming the subsidiary applied pushdown accounting. Description Debit [E] Common stock 100,00 APIC 200,00 Retained earnings . x 300,00 Equity investment ! d. Prepare the consolidated balance sheet on the date of acquisition. Consolidated Balance Sheet Assets: Cash & receivables $ 900,000 Inventory 800,000 Property & equipment, net 3,225,000 Licenses 275,000 Goodwill 200,000 $5,400,000 Liabilities and stockholders' equity: Current liabilities Other liabilities 300,000 Note payable 350,000 Common stock 1,670,000 APIC 1,430,000 Retained earnings 1,100,000 21.00 Pushdown Accounting Assume a parent company acquires its subsidiary by paying $1,200,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and abilities have individual fair values that equal the book values, except for property equipment with a fair value greater than book value by $150.000 and license with a far value greater than book value by $250.000. The parent and dry have the flowing listance sheets immediately after the acquisition, but before any pushdown adjustments by the subsidiary Suary Ant 500 000 $100.000 200.000 Property 2.300.000 77.000 Souvent 4200000 Licens 1410000211109 end 100 000 100 Other 100 000 Note Common T0 000 100 000 AC 450.000 300.000 Mind 1.100.000 100000 14100.000 5.100.000 Compute the amount of goodwill implicit in the action of the subudiary 5 200.000 donc $ 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply puthdown accounting Description Cred 150.000 Licence 250 000 Go . 200.000 Pushcown . 600.000 Common . W tement c. Prepare the consolidation entry or entries on the date of acquisition, assuming the subsidiary applied pushdown accounting. Description Debit Credit [E] Common stock 100,000 0 APIC 200.000 0 Retained earnings X 300,000 x 0 Equity investment 0 600,000 x d. Prepare the consolidated balance sheet on the date of acquisition. Consolidated Balance Sheet Assets: Cash & receivables $ 900,000 Inventory Property & equipment, net Licenses 800,000 3,225,000 275,000 V Goodwill 200,000 $ 5,400,000 V Liabilities and stockholders' equity: Current liabilities $ 5,500,000 x Other liabilities 300,000 V Note payable 350,000 Common stock 1,670,000 V APIC 14,300,000 X Retained earnings 1.100.000 5.400,000 $ Pushdown Accounting Assume a parent company acquires its subsidiary by paying 51,200,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and liabilities have individual fair values that equal their book values, except for property equipment with a fair value greater than book value by $150,000 and license with a fair value greater than book value by $250,000. The parent and subsidiary have the following balance sheets immediately after the acquisition, but before any pushdown adjustments by the subsidiary: Subsidiary Parent Cash receivables $300.000 $ 100.000 Inventory 600.000 200.000 Property & equipment.net 2.300.000 775.000 Equity investment 1.200,000 License 25.000 $4.900.000 51.100.000 Liabilities and stockholders' equity Currentes $ 400.000 $ 150.000 Other abilities 300.000 Notepayable 350.000 Common stock 1670.000 100 000 ADIC 1.430.000 200.000 Retained earning 1.100.000 300.000 54 900 000 $ 1.100.000 a. Compute the amount of goodwill implicit in the acquisition of the subsidiary, $ 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply pushdown accounting. Credit Debit 150.000 250.000 Description Property & equipment net Licenses Goodwill Pushdown equity Common stock Equity investment 200.000 0 600,000 OX X OX c. Prepare the consolidation entry or entries on the date of acquisition, assuming the subsidiary applied pushdown accounting Description Debit Credit [E) Common stock 100.000 APIC 200.000 Retained earning 300.000 x Equity investment 500.000 Support Pushdown Accounting Assume a parent company acquires its subsidiary by paying $1,200,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and liabilities have individual fair values that equal their book values, except for property equipment with a fair value greater than book value by $150,000 and license with a fair value greater than book value by $250,000. The parent and subsidiary have the following balance sheets immediately after the acquisition, but before any pushdown adjustments by the subsidiary. Parent Subsidiary Assets: Cash & receivables $ 800,000 $100,000 Inventory 600,000 200.000 Property & equipment, net 2,300,000 775,000 Equity investment 1,200,000 Licenses 25.000 4.900,000 1,100,000 Liabilities and stockholders' equity Current liabilities $ 400,000 $150,000 Other liabilities 300,000 Note payable 350,000 Common stock 1,670,000 100,000 APIC 1.430,000 200,000 Retained earnings 1,100,000 300,000 $ 4,900,000 1,100,000 a. Compute the amount of goodwill implicit in the acquisition of the subsidiary. $ 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply pushdown accounting, 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply pushdown accounting. Description Debit Property & equipment, net 150,000 Licenses 250,000 Goodwill 200,000 Pushdown equity Additional paid in capital * Retained earnings Support 0 OX 0 C. Prepare the consolidation entry or entries on the date of acquisition, assuming the subsidiary applied pushdown accounting. Description Debit [E] Common stock 100,00 APIC 200,00 Retained earnings . x 300,00 Equity investment ! d. Prepare the consolidated balance sheet on the date of acquisition. Consolidated Balance Sheet Assets: Cash & receivables $ 900,000 Inventory 800,000 Property & equipment, net 3,225,000 Licenses 275,000 Goodwill 200,000 $5,400,000 Liabilities and stockholders' equity: Current liabilities Other liabilities 300,000 Note payable 350,000 Common stock 1,670,000 APIC 1,430,000 Retained earnings 1,100,000