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On January 1, 2017, Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,173,000 in cash and securities. On the acquisition date, Stylene had the following balance sheet $ Accounts payable $ 1,537,180 Cash Accounts receivable Inventory Equipment (net) Trademarks 39,600 126,500 175,000 1,880,000 874,000 3,095,100 Common stock Retained earnings 800,000 758,000 3,095,100 $ $ At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the following assets: Asset Equipment Customer lists Trademarks Book Value $ 1,850,000 Fair Value $2,047,000 206,000 960,000 Remaining Useful Life 3 years 4 years indefinite 874,000 During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent 2017 2018 Net Income $ 188,eee 252, eee Dividends $ 25,000 45,000 Dividends are declared and paid in the same period. The December 31, 2018, separate financial statements for each company appear below. Parentheses indicate credit balances, Prestige Stylene $(2,298,000) 1,620,000 426,000 Income Statement Revenues Cost of goods sold Depreciation expense Amortization expense Equity earnings in Stylene Net income Statement of Retained Earnings Retained earnines 1/1 $ (6,880,000) 3,240, eee 579, eee 149, eee (179,625) $ (2,291,625) 5 (252,000) $ (3.11.ee) 5 (921,000) $ (3,110,000) (2,291,625) 150,000 $ (5,251, 625) $ (921, 000) (252,000) 45,000 $(1,128,000) 50,500 92,500 532,000 Statement of Retainea Retained earnings 1/1 Net income (above) Dividends declared Retained earnin Balance Sheet Cash Accounts receivable Inventory Investment in Stylene Equipment Customer lists Trademarks Goodwill Total assets Accounts payable Common stock Retained earnings, 12/ Total liabilities and equity 1,672,500 522,000 888,000 913,000 2,398, 250 6,120,000 122,000 3,360,000 1 204,000 $ 14,527,250 $ || (775,625) (8,500,000) (5,251, 625) $(14,527,250) 954,000 $ 3,301,5ee $(1,373,500) (800,000) (1,128,000) $(3,301,500) a. Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. b. Determine Prestige's December 31, 2018, Investment in Stylene balance. c. Prepare a worksheet to determine the balances for Peregrine's December 31, 2018, consolidated financial statements. SH Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a worksheet to determine the balances for Prestige's December 31, 2018, consolidated financial statements. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and credit columns should be entered as positive. Negative amounts for the Consolidated Totals column should be entered with a minus sign.) Required A Required B Required C Determine Prestige's December 31, 2018, Investment in Stylene balance. Fair value at 1/1/17 Stylene dividends since acquisition Post-acquisition earnings less excess amortization Excess amortization 2.173,000 115,625 $ 295,250 (70,000) Investment in Stylene 2,398.250
