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P 5-39 Comprehensive Problem: Majority-Owned Subsidiary Master Corporation acquired 80 percent ownership of Stanley Wood Products Company on January 1, 20x1, for $160,000. On that date, the fair value of the non-controlling interest was $40,000, and Stanley reported retained earnings of $50,000 and had $100,000 of common stock outstanding. Master has used the equity method in accounting for its investment in Stanley. Trial balance data for the two companies on December 31, 20x5, are as follows: Stanley Wood Master Corporation Products Company Item Debit Credit Debit Credit Cash & Receivables $81,000 $65,000 Inventory 260,000 90,000 Land 80,000 80,000 Buildings & Equipment 500,000 150,000 Investment in Stanley Wood Products Stock 188,000 Cost of Goods Sold 120,000 50,000 Depreciation Expense 25,000 15,000 Inventory Losses 15,000 5,000 Dividends Declared 30,000 10,000 Accumulated Depreciation $205,000 $105,000 Accounts Payable 60,000 20,000 Notes Payable 200,000 50,000 Common Stock 300,000 100,000 Retained Earnings 314,000 90,000 Sales 200,000 100,000 Income from Subsidiary 20,000 $1,299,000 $1,299,000 $465,000 $465,000 Additional Information 1. On the date of combination, the fair value of Stanley's depreciable assets was $50,000 more than book value. The differential assigned to depreciable assets should be written off over the following 10-year period. 2. There was $10,000 of intercorporate receivables and payables at the end of 20x5. Required: a. Give all journal entries that Master recorded during 20x5 related to its investment in Stanley. b. Give all elimination entries needed to prepare consolidated statements for 20x5. c. Prepare a three-part worksheet as of December 31, 20x5. 100% Time 20X1 20X2 20X3 20X4 20X5 Equity Method Entries: a Eliminating entries: Investment in Sub Income from Sub NCI Common Stock Retained Earnings Income to NCI Master Corp. Stanley Wood Co. DR CR Consolidated Income Statement Sales COGS Depreciation Expense Inventory Losses Income from Sub Consolidated Net Income Income to NCI Controlling Interest in Net Income 200,000 (120,000) (25.000) (15.000) 20,000 60,000 100,000 (50,000) (15.000) (5.000) 30,000 60.000 30,000 314,000 90.000 Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance (30,000) (10,000) Balance Sheet Cash & Receivables Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Sub Differential Goodwill Total Assets 81.000 260.000 80,000 500.000 (205,000) 188,000 65.000 90.000 80.000 150,000 (105.000) 60,000 200.000 300,000 20,000 50,000 100,000 Accounts Payable Notes Payable Common Stock Retained Earnings NCI in NA Total Liabilities & Equity