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TAKE HOME EXAM DUE APRIL 4 AT 4:00 PM NOT A MINUTE LATER YOU MUST HAND IN THE EXAM M ANSWERS MUST BE CLEAN WITH ANY MARKS PRINT LAST NAME FRIST UPPER LEFT HAND CORNER ONALI PAGES WHENTURNNGIN THE EXAMARRANGEVOUR ANSWERS N FOLLOwiNG ORDER STAPLEDi WORKSHEET BALANCE SHEET INCOME STATEMENT RETAINED EARNINGS STATEMENT DISREGARDOFTHE INSTRUCTONS VILL BESOGRADED INF On January 1, 2016, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $140,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill Following are the individual financial records for these two companies for the year ended December 31, 2019 Rand Spaulding Corp, $ 372,000 Inc. $108,000 Revenues Expenses Equity in subsidiary earnings Net income (264,000) (72,000) $ 133,000 36,000 $102,000 Retained earnings, January 1, 2019 765,000 36,000 Net income (above) Dividends paid Retained earnings, December 31, 2019 133,000 (84.000) .814,000 (24.000) 14,000 Current assets Investment in Spaulding Inc. Buildings (net) Equipment (net) Total assets S 150,000 22,000 85,000 -389,250 129,000 $1,306,250 $236,000 242,000 525,000 82,250 360,000 50,000 72,000 Liabilities Common stock Additional paid-in capital 50,000 114.000 $1,306,250 $236,000 Retained earnings, December 31, 2019 (above) 814.000 Total liabilities and stockholders' equity Required a. Prepare a consolidation worksheet for this business combination in good form. b. Prepare a consolidated Balance Sheet in good form c. Prepare a consolidated Income Statement in good form d. Prepare a consolidate Retained Earnings in good form TAKE HOME EXAM DUE APRIL 4 AT 4:00 PM NOT A MINUTE LATER YOU MUST HAND IN THE EXAM M ANSWERS MUST BE CLEAN WITH ANY MARKS PRINT LAST NAME FRIST UPPER LEFT HAND CORNER ONALI PAGES WHENTURNNGIN THE EXAMARRANGEVOUR ANSWERS N FOLLOwiNG ORDER STAPLEDi WORKSHEET BALANCE SHEET INCOME STATEMENT RETAINED EARNINGS STATEMENT DISREGARDOFTHE INSTRUCTONS VILL BESOGRADED INF On January 1, 2016, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $140,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill Following are the individual financial records for these two companies for the year ended December 31, 2019 Rand Spaulding Corp, $ 372,000 Inc. $108,000 Revenues Expenses Equity in subsidiary earnings Net income (264,000) (72,000) $ 133,000 36,000 $102,000 Retained earnings, January 1, 2019 765,000 36,000 Net income (above) Dividends paid Retained earnings, December 31, 2019 133,000 (84.000) .814,000 (24.000) 14,000 Current assets Investment in Spaulding Inc. Buildings (net) Equipment (net) Total assets S 150,000 22,000 85,000 -389,250 129,000 $1,306,250 $236,000 242,000 525,000 82,250 360,000 50,000 72,000 Liabilities Common stock Additional paid-in capital 50,000 114.000 $1,306,250 $236,000 Retained earnings, December 31, 2019 (above) 814.000 Total liabilities and stockholders' equity Required a. Prepare a consolidation worksheet for this business combination in good form. b. Prepare a consolidated Balance Sheet in good form c. Prepare a consolidated Income Statement in good form d. Prepare a consolidate Retained Earnings in good form