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On January 3, 2016, Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff, Inc. in exchange for $6.163,000 in cash. Persoff elected to exercise control over Sea Cliff as a wholly owned subsidiary with an independent accounting system. Both companies have December 31 fiscal year-ends. At the acquisition date, Sea Cliff's stockholders' equity was $2,505.500 including retained earnings of $1,705,500. Persoff pursued the acquisition, in part, to utilize Sea Cliff's technology and computer software. These items had fair values that differed from their values on Sea Cliff's books as follows Remaining Useful Life Book Value $ 142,see 61,se Fair Value S 2,277,50e Asset Patented technology Computer software 7 years 12 years 1,381, 500 Sea Cliff's remaining identifiable assets and liabilities had acquisition-date book values that closely approximated fair values. Since acquisition, no assets have been impaired. During the next three years, Sea Cliff reported the following income and dividends: Dividends Net Income $ 150,eee 2016 9e0,10e PA AnA Dividends Net Income $ 150,e0e 150,e00 150,000 $ 900,100 940,100 975,100 2016 2017 2018 December 31, 2018, financial statements for each company appear below. Parentheses declared were paid in the same period. Persoff Sea Cliff Income Statement $ (2,730, 000) 1,354,900 277,5ee 373,eee (560,100) $ (1,284,70e) $(2,255,000) 871,900 Revenues Cost of goods sold Depreciation expense Amortization expense Equity earnings in Sea Cliff 382,000 26,e0e e $ (975,100) Net income Statement of Retained Earnings Retained earnings 1/1 Net income (above) Dividends declared (7,475, eee) (1,284,700) 600, $(3,245,700) (975,100) 15e, eee (975,100) (1,284, /00) 600, $ (8,159,700) Net income (apove) Dividends declared 150,000 $(4,070, 800) Retained earnings 12/31 Balance Sheet $ 377,500 494,500 Current assets 7,283, 30 Investment in Sea Cliff 46,500 82,e00 Computer software Patented technology Goodwill 395, 806,e0e 102, 1,838,500 4,510,e00 Equipment $ 5,016, 000 $ 10,829,300 Total assets $ (145,200) (8, eee) (4,070, 80) $(5,016,eee) (669,600) (2,0, ) (8,159,700) $(10,829,300) Liabilities Common stock Retained earnings 12/31 Total liabilities and equity Note: Parentheses indicate a credit balance. a Determine the fair value in excess of hnnk value for Persoff's acauisition date investment in a. Determine the fair value in excess of book value for Persoff's acquisition date investment in Sea Cliff. b. Determine Persoff's Equity earnings in Sea Cliff's balance for the year ended December 31, 2018. c. Determine Persoff's December 31, 2018, Investment in Sea Cliff's balance. d. Prepare a worksheet to determine the consolidated values to be reported on Persoff's financial statements. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a worksheet to determine the consolidated values to be reported on Persoff's 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.)
