Please Help with part D

On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $835,275 in cash and equity securities. The remaining 30 percent of Atlanta's shares traded closely near an average price that totaled $357,975 both before and after Truman's acquisition. In reviewing its acquisition, Truman assigned a $140,000 fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have a remaining life of five years The following financial information is available for these two companies for 2018. In addition, the subsidiary's income was earned uniformly throughout the year. The subsidiary declared dividends quarterly. Truman Atlanta Revenues (762 , 300) $ (522, 000) Operating expenses $ 494, 000 332, 090 Income of subsidiary (56,700 Net income (325, 000) (190, 090) Retained earnings, 1/1/18 853, 000) (325, 000) (587, 000) Net income (above (190, 000) Dividends declared 160, 090 70, 000 Retained earnings, 12/31/18 $ (1, 018, 000) $ (707,000) Current assets Investment in Atlanta 305, 525 867,475 453, 000 Land 456, 000 276, 000 Buildings 796, 000 702, 090 Total assets $ 2, 425, 000 $ 1, 431, 000 Liabilities (907, 090) Common stock (95, 000) (404, 000) 300, 000) Additional paid-in capital 405, 900 (20, 000) Retained earnings, 12/31/18 (1, 018, 000) (707, 000) Total liabilities and stockholders' equity $(2, 425, 000) $(1, 431, 000) a. How did Truman allocate Atlanta's acquisition-date fair value to the various assets acquired and liabilities assumed in the combination b. How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests? c. How did Truman derive the Investment in Atlanta account balance at the end of 2018? d. Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2018. At year-end, there were no intra-entity receivables or payables. * Answer Is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How did Truman allocate Atlanta's acquisition-date fair value to the various assets acquired and liabilities assumed in the combination? Consideration transferred by Truman $ 835,275 Noncontrolling interest fair value 357,975 Atlanta's acquisition-date total fair value $ 1,193,250 Book value of Atlanta 967,000 Fair value in excess of book value $ 226,250 Excess fair value assigned: Patent 140,000 Goodwill $ 86,250On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $835,275 in cash and equity securities. The remaining 30 percent of Atlanta's shares traded closely near an average price that totaled $357,975 both before and after Truman's acquisition. In reviewing its acquisition, Truman assigned a $140,000 fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have a remaining life of five years The following financial information is available for these two companies for 2018. In addition, the subsidiary's income was earned uniformly throughout the year. The subsidiary declared dividends quarterly. Truman Revenues (762 , 300) Atlanta $ (522, 000) Operating expenses $ 494, 000 332, 090 Income of subsidiary (56,700 Net income (325, 000) (190, 090) Retained earnings, 1/1/18 853, 000) (325, 000) (587, 000) Net income (above (190, 000) Dividends declared 160, 090 70, 000 Retained earnings, 12/31/18 $ (1, 018, 000) $ (707,000) Current assets Investment in Atlanta 305, 525 867,475 453, 000 Land 456, 000 276, 000 Buildings 796, 000 702, 090 Total assets $ 2, 425, 000 $ 1, 431, 000 Liabilities (907, 090) (404, 000) Common stock (95, 000) 300, 000) Additional paid-in capital 405, 900 (20, 000) Retained earnings, 12/31/18 (1, 018, 000) (707, 000) Total liabilities and stockholders' equity $(2, 425, 000) $(1, 431, 000) a. How did Truman allocate Atlanta's acquisition-date fair value to the various assets acquired and liabilities assumed in the combination b. How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests? c. How did Truman derive the Investment in Atlanta account balance at the end of 2018? d. Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2018. At year-end, there were no intra-entity receivables or payables. * Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests? Controlling Noncontrolling Interest Interest Goodwill $ 60,375 $ 25,875 Required A Required C >On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $835,275 in cash and equity securities. The remaining 30 percent of Atlanta's shares traded closely near an average price that totaled $357,975 both before and after Truman's acquisition. In reviewing its acquisition, Truman assigned a $140,000 fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have a remaining life of five years The following financial information is available for these two companies for 2018. In addition, the subsidiary's income was earned uniformly throughout the year. The subsidiary declared dividends quarterly. Truman $ (762 , 300) Atlanta Revenues $ (522, 000) Operating expenses 494, 000 332, 090 Income of subsidiary (56,700 Net income (325, 000) (190, 090) Retained earnings, 1/1/18 853, 000) (325, 000) (587, 000) Net income (above (190, 000) Dividends declared 160, 090 70, 000 Retained earnings, 12/31/18 $ (1, 018, 000) $ (707,000) Current assets Investment in Atlanta 305, 525 867,475 453, 000 Land 456, 000 276, 000 Buildings 796, 000 702, 090 Total assets $ 2, 425, 000 $ 1, 431, 000 Liabilities (907, 090) Common stock (95, 000) (404, 000) 300, 000) Additional paid-in capital 405, 900 (20, 000) Retained earnings, 12/31/18 (1, 018, 000) (707, 000) Total liabilities and stockholders' equity $(2, 425, 000) $(1, 431, 000) a. How did Truman allocate Atlanta's acquisition-date fair value to the various assets acquired and liabilities assumed in the combination b. How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests? c. How did Truman derive the Investment in Atlanta account balance at the end of 2018? d. Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2018. At year-end, there were no intra-entity receivables or payables. * Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How did Truman derive the Investment in Atlanta account balance at the end of 2018? Initial value at acquisition date 835,275 Truman's share of Atlanta's net income for half yea 56,700 Dividends 2018 24,500) Investment account balance 12/31/18 867 ,475 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2018. At year-end, there were no intra-entity receivables or payables. (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 Noncontrolling Interest and Consolidated Totals columns should be entered with a minus sign.) Show less A TRUMAN COMPANY AND SUBSIDIARY ATLANTA COMPANY Consolidation Worksheet For Year Ending December 31, 2018 Truman Atlanta Consolidation Entries Noncontrolling Consolidated Company Company Debit Credit Interest Totals Revenues $ (762,300) $ (522,000) $ 261,000 $ (1,023,300) Operating expenses 494,000 332,000 14,000 166,000 674,000 Net income of subsidiary (56,700) 56,700 Separate company net income $ (325,000) $ (190,000) 349,300) Consolidated net income $ (698,600) Net income attributable to NCI Net income attributable to Truman $ (698,600) Retained earnings, 1/1 $ (853,000) $ (587,000) Net income (325,000 190,000 Dividends declared 160,000 70,000 Retained earnings 12/31 (1,018,000) $ (707,000) 0 Current assets $ 305,525 $ 453,000 Investment in Atlanta 167,475 Land 456,000 276,000 Buildings 796,000 702,000 Patent Goodwill Total assets $ 2,425,000 $ 1,431,000 0 Liabilities $ (907,000) $ (404,000) Common stock (95,000) (300,000) Additional paid in capital (405,000) (20,000) Retained earnings 12/31 (1,018,000) (707,000) Noncontrolling interest 7/1 Noncontrolling interest 12/31 0 Total liabilities and equity (2,425,000) $ 1,431,000) $ 331,700 $ 166,000 0