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please put each question answers in each table related. Thhe last table is the the continuity of the previous table. Please answers clearly in differents
please put each question answers in each table related. Thhe last table is the the continuity of the previous table. Please answers clearly in differents table because a little confuse sometimes.
The pictures are 1 to 4 with questions . the 2 last tables is too big that why i send it to 2 pictures
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $826,240 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $1,032,800 although Sierra's book value was only $645,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (10-year remaining life) Copyright (2@ year remaining life) Notes payable (due in 8 years) Book Value Fair Value $ 66,400 $ 327,400 360,000340,000 146,000 280,000 (196,000) (183,200) For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies. Sierra $ (675, 900) 424,000 18,600 7,300 9,000 Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Padre $(1,534,940) 756,000 354,000 0 53,500 (168,560) $ (540,000) $(1,377,500) (540,000) 260,000 $(1,657,500) $ 1,066,700 942,800 316,000 919,000 $ (217,000) $ (485,000) (217,000) 65,000 $ (637,000) $ 648,500 @ 66,400 341,400 138,700 $ 1,195,000 $ 3,244,500 Prev 1 of 1 Next ch q At year-end, there were no intra-entity receivables or payables. Prepare a worksheet to consolidate the financial statements of these two companies. (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. Input all amounts as positive values.) PADRE INC., AND SIERRA CORPORATION Consolidated Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Padre Sierra Debit Credit Noncontrolling Interest Consolidated Totals Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equily in income of Sierra Separate company net income Consolidated net income NI to noncontrolling interest Ni to Padre Company Betained earnings11/21 Net income Dividends declared S (1,534,940) $ (675,900) 756.000 424,000 354 000 18 600 0 7 300 53.500 9.000 (168,560) 0 $ (540.000) $ (217.000) $ (1 377.500) S (485.000) (540 000) (217 000) 260 000 65,000 Prey 1 of 1 Next o search Consolidated net income Ni to noncontrolling interest Ni to Padre Company Retained earnings, 1/1/21 Net income Dividends declared Retained earings, 12/31/21 Current assets Investment in Sierra $(1,377,500) $ (485,000) (540,000) (217,000) 260,000 65,000 $(1,657,500) $ (637,000) $ 1,066 700 $ 648,500 942,800 0 316,000 66,400 919,000 341,400 0 138,700 $ 3,244,500 $ 1,195,000 $ (282,000) $ (202,000) (555,000) (196,000) Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable NCI in Sierra 1/1 NCI in Sierra 12/31 Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities (300,000) (100 000) (450.000) (60,000) (1,657,500) (637,000) S (3.244 500) S(1.195.000) Pre 1 of 1Step by Step Solution
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