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P 5-36 Comprehensive Problem: Differential Apportionment in Subsequent Period This problem is a continuation of P 5-35. Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20x7, for $173,000. At that date, the fair value of the non- controlling interest was $43,250. The trial balances for the two companies on December 31, 20x8, included the following amounts: Mortar Corporation Granite Company Item Debit Credit Debit Credit Cash $59,000 $31,000 Accounts Receivable 83,000 71,000 Inventory 275,000 118,000 Land 80,000 30,000 Buildings & Equipment 500,000 150,000 Investment in Granite Company Stock 206,200 Cost of Goods Sold 490,000 310,000 Depreciation Expense 25,000 15,000 Other Expenses 62,000 100,000 Dividends Declared 45,000 25,000 Accumulated Depreciation $180,000 $90,000 Accounts Payable 86,000 30,000 Mortgages Payable 200,000 70,000 Common Stock 300,000 50,000 Retained Earnings 385,000 140,000 Sales 650,000 470,000 Income from Subsidiary 24,200 $1,825,200 $1,825,200 $850,000 $850,000 Additional Information 1. On January 1, 20x7, Granite reported net assets with a book value of $150,000 and a fair value of $191,250. The difference between fair value and book value of Granite's net assets is related entirely to Buildings and Equipment. Granite's depreciable assets had an estimated economic life of 11 years on the date of combination. 2. At December 31, 20x8, Mortar's management reviewed the amount attributed to goodwill and concluded goodwill was impaired and should be reduced to $14,000. Goodwill and goodwill impairment were assigned proportionately to the controlling and non-controlling shareholders. 3. Mortar used the equity method in accounting for its investment in Granite. 4. Detailed analysis of receivables and payables showed that Mortar owed Granite $9,000 on December 31, 20x8. Required: a. Give all journal entries recorded by Mortar with regard to its investment in Granite during 20x8. b. Give all elimination entries needed to prepare a full set of consolidated financial statements for 20x8. c. Prepare a three-part consolidation worksheet as of December 31, 20x8. 100% Time 20X7 20x8 Equity Method Entries: a Eliminating entries: Investment in Sub Income from Sub NCI Common Stock Retained Earnings Income to NCI Mortar Corp. Granite Co. DR CR Consolidated Income Statement Sales COGS Depreciation Expense Other Expenses Income from Sub Consolidated Net Income Income to NCI Controlling Interest in Net Income 650.000 (490,000) (25,000) (62,000) 24.200 97,200 470,000 (310,000) (15.000 (100,000) 45,000 97,200 45,000 385.000 140.000 Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance (45,000 (25.000) Balance Sheet Cash A/R Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Sub Differential Goodwill Total Assets 59,000 83,000 275.000 80,000 500.000 (180.000) 206,200 31.000 71.000 118.000 30,000 150,000 (90,000) 86,000 200.000 300,000 30.000 70.000 50.000 Accounts Payable Mortgage Payable Common Stock Retained Earnings NCI in NA Total Liabilities & Equity P 5-36 Comprehensive Problem: Differential Apportionment in Subsequent Period This problem is a continuation of P 5-35. Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20x7, for $173,000. At that date, the fair value of the non- controlling interest was $43,250. The trial balances for the two companies on December 31, 20x8, included the following amounts: Mortar Corporation Granite Company Item Debit Credit Debit Credit Cash $59,000 $31,000 Accounts Receivable 83,000 71,000 Inventory 275,000 118,000 Land 80,000 30,000 Buildings & Equipment 500,000 150,000 Investment in Granite Company Stock 206,200 Cost of Goods Sold 490,000 310,000 Depreciation Expense 25,000 15,000 Other Expenses 62,000 100,000 Dividends Declared 45,000 25,000 Accumulated Depreciation $180,000 $90,000 Accounts Payable 86,000 30,000 Mortgages Payable 200,000 70,000 Common Stock 300,000 50,000 Retained Earnings 385,000 140,000 Sales 650,000 470,000 Income from Subsidiary 24,200 $1,825,200 $1,825,200 $850,000 $850,000 Additional Information 1. On January 1, 20x7, Granite reported net assets with a book value of $150,000 and a fair value of $191,250. The difference between fair value and book value of Granite's net assets is related entirely to Buildings and Equipment. Granite's depreciable assets had an estimated economic life of 11 years on the date of combination. 2. At December 31, 20x8, Mortar's management reviewed the amount attributed to goodwill and concluded goodwill was impaired and should be reduced to $14,000. Goodwill and goodwill impairment were assigned proportionately to the controlling and non-controlling shareholders. 3. Mortar used the equity method in accounting for its investment in Granite. 4. Detailed analysis of receivables and payables showed that Mortar owed Granite $9,000 on December 31, 20x8. Required: a. Give all journal entries recorded by Mortar with regard to its investment in Granite during 20x8. b. Give all elimination entries needed to prepare a full set of consolidated financial statements for 20x8. c. Prepare a three-part consolidation worksheet as of December 31, 20x8. 100% Time 20X7 20x8 Equity Method Entries: a Eliminating entries: Investment in Sub Income from Sub NCI Common Stock Retained Earnings Income to NCI Mortar Corp. Granite Co. DR CR Consolidated Income Statement Sales COGS Depreciation Expense Other Expenses Income from Sub Consolidated Net Income Income to NCI Controlling Interest in Net Income 650.000 (490,000) (25,000) (62,000) 24.200 97,200 470,000 (310,000) (15.000 (100,000) 45,000 97,200 45,000 385.000 140.000 Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance (45,000 (25.000) Balance Sheet Cash A/R Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Sub Differential Goodwill Total Assets 59,000 83,000 275.000 80,000 500.000 (180.000) 206,200 31.000 71.000 118.000 30,000 150,000 (90,000) 86,000 200.000 300,000 30.000 70.000 50.000 Accounts Payable Mortgage Payable Common Stock Retained Earnings NCI in NA Total Liabilities & Equity