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Problem 2-1 (LO 3, 4, 5, 6) 100% purchase, goodwill, consolidated balance sheet. On July 1, 2016, Roland Company exchanged 18,000 of its $45 fair value ($1 par value) shares for all the outstanding shares of Downes Company. Roland paid acquisition costs of $40,000. The two companies had the following balance sheets on July 1, 2016: Assets Roland Downes Other current assets.... $ 50,000 $ 70,000 Inventory ..... 120,000 60,000 Land...................... 100,000 40,000 Building (net) ... 300,000 120,000 Equipment (net) ... 430,000 110,000 Total assets.......... $1,000,000 $400,000 Liabilities and Equity Current liabilities Common stock ($1 par)............ Paid-in capital in excess of par ..... Retained earnings Total liabilities and equity ......... $ 180,000 40,000 360,000 420,000 $1,000,000 $ 60,000 20,000 180,000 140,000 $400,000 The following fair values applied to Downes's assets: Other current assets. Inventory ........ Land. Building .................... Equipment ................ $ 70,000 80,000 90,000 150,000 100,000 1. Record the investment in Downes Company and any other entry necessitated by the purchase. 2. Prepare the value analysis and the determination and distribution of excess schedule. 3. Prepare a consolidated balance sheet for July 1, 2016, immediately subsequent to the purchase. Common Information Ownership Interest Cash 40,000 Number of Shares 18,000 Market Price per Share 45 Total 850,000 Price Paid Acquired Company's Balance Sheet Before Purchase Market Value Book Value 70,000 60,000 Market Value 70,000 80,000 Assets Other current asset Inventory Land Building Equipment Book Value Liabilities Current Lial 60,000 Common S 20,000 Paid in capi 180,000 Retained et 140,000 60,000 20,000 18,000 140,000 40,000 120,000 110,000 90,000 150,000 100,000 Equity Goodwill Total Liabilities and Equity Total Assets 330,000 420,000 400,000 238,000 Company Implied Fair Value 238,000 Parent Price NCI Value 400,000 162,000 Value Analysis Price Paid Fair Value of Net Assets Excluding Goodwill Goodwill Gain on Acquisition 220,000 38,000 170,000 230,000 80,000 82,000 Determination and Distribution of Excess Schedule Company Value Parent Price NCI 250,000 400,000 162,000 Fair Value of Subsidiary Less Book Value of Interest Acquired Common Stock Paid in Excess Retained Earnings Total Equity Interest Acquired Book Value Excess of Cost over Book Value 20,000 180,000 140,000 340,000 $38,000 40,000 2,000 Accounts Adjusted Impared Value Less Book Value of Interest Acquired Worksheet Distribution 238,000 220,000 Goodwill Gain on Acquisition Total NCI Eliminations Key Consol. Bal. Sht. Dr Problem 2-1 Consolidated Worksheet Balance sheet Roland Downes Key Other Current Assets 10,000 70,000 Inventory 120,000 60,000 Land 100,000 40,000 Building (net) 300,000 120,000 Equipment (net) 430,000 110,000 Investment in Downes 720,000 Current Liabilities (180,000) (60,000) Common Stock-Downes Paid in Capital-Downes Retained Earnings-Downes (20,000) (180,000) (140,000) Common stock - Roland (58,000) (1,062,000) (380,000) Paid in Capital in excess of par Retained earnings- Roland 1 Totals NCI Totals 0 Eliminations and Adjustments Entries Debit Credit