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Item P 5-33 Consolidation Worksheet at End of First Year of Ownership Power Corporation acquired 75 percent of Best Company's ownership on January 1, 20x8, for $96,000. At that date, the fair value of the non-controlling interest was $32,000. The book value of Best's net assets at acquisition was $100,000. The book values and fair values of Best's assets and liabilities were equal, except for Best's buildings and equipment, which were worth $20,000 more than book value. Accumulated depreciation was $30,000 on the acquisition date Buildings and equipment are depreciated on a 10-year basis. Although goodwill in not amortized, the management of Power concluded at December 31, 20x8, that goodwill from its purchase of Best shares had been impaired and the correct carrying amount was $2,500. Goodwill and goodwill impairment were assigned proportionately to the controlling and non-controlling shareholders. Trial balance data for Power and Best on December 31, 20x8, are as follows: Power Corporation Best Company Debit Credit Debit Credit Cash S47,500 $21,000 Accounts Receivable 70,000 12,000 Inventory 90,000 25,000 Land 30,000 15,000 Buildings & Equipment 350,000 150,000 Investment in Best Co. Stock 96,375 Cost of Goods Sold 125,000 110,000 Wage Expense 42.000 27,000 Depreciation Expense 25,000 10,000 Interest Expense 12,000 4,000 Other Expenses 13,500 5,000 Dividends Declared 30,000 16,000 Accumulated Depreciation $145,000 $40,000 Accounts Payable 45,000 16,000 Wages Payable 17,000 9,000 Notes Payable 150,000 50,000 Common Stock 200,000 60,000 Retained Earnings 102,000 40,000 Sales 260,000 180,000 Income from Subsidiary 12.375 $931,375 $971,375 $395.000 $395,000 Required: a. Give all elimination entries needed to prepare a three-part consolidation worksheet as of December 31, 20x8 b. Prepare a three-part consolidation worksheet for 20x8 in good form. 100% Time 20X8 Building Goodwill Actual Entries: a. Eliminating entries: Power Corp. Best Co. DR CR Consolidated Income Statement Sales COGS Wage Expense Depreciation Expense Interest Expense Other Expenses Goodwill Impairment Loss Income from Sub Consolidated Net Income Income to NCI Controlling Interest in Net Income 260,000 (125,000) (42,000) (25,000) (12,000) (13,500) 180.000 (110,000) (27,000) (10,000) (4,000) (5,000) 12,375 54.875 24,000 34,875 24.000 102,000 40,000 Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance (30,000) (16,000) Balance Sheet Cash AR Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Sub Differential Goodwill Total Assets 47,500 70,000 90,000 30,000 350,000 (145,000) 96,375 21,000 12.000 25.000 15.000 150.000 (40,000) Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings NCI in NA Total Liabilities & Equity 45,000 17.000 150,000 200,000 16,000 9.000 50.000 60.000 Item P 5-33 Consolidation Worksheet at End of First Year of Ownership Power Corporation acquired 75 percent of Best Company's ownership on January 1, 20x8, for $96,000. At that date, the fair value of the non-controlling interest was $32,000. The book value of Best's net assets at acquisition was $100,000. The book values and fair values of Best's assets and liabilities were equal, except for Best's buildings and equipment, which were worth $20,000 more than book value. Accumulated depreciation was $30,000 on the acquisition date Buildings and equipment are depreciated on a 10-year basis. Although goodwill in not amortized, the management of Power concluded at December 31, 20x8, that goodwill from its purchase of Best shares had been impaired and the correct carrying amount was $2,500. Goodwill and goodwill impairment were assigned proportionately to the controlling and non-controlling shareholders. Trial balance data for Power and Best on December 31, 20x8, are as follows: Power Corporation Best Company Debit Credit Debit Credit Cash S47,500 $21,000 Accounts Receivable 70,000 12,000 Inventory 90,000 25,000 Land 30,000 15,000 Buildings & Equipment 350,000 150,000 Investment in Best Co. Stock 96,375 Cost of Goods Sold 125,000 110,000 Wage Expense 42.000 27,000 Depreciation Expense 25,000 10,000 Interest Expense 12,000 4,000 Other Expenses 13,500 5,000 Dividends Declared 30,000 16,000 Accumulated Depreciation $145,000 $40,000 Accounts Payable 45,000 16,000 Wages Payable 17,000 9,000 Notes Payable 150,000 50,000 Common Stock 200,000 60,000 Retained Earnings 102,000 40,000 Sales 260,000 180,000 Income from Subsidiary 12.375 $931,375 $971,375 $395.000 $395,000 Required: a. Give all elimination entries needed to prepare a three-part consolidation worksheet as of December 31, 20x8 b. Prepare a three-part consolidation worksheet for 20x8 in good form. 100% Time 20X8 Building Goodwill Actual Entries: a. Eliminating entries: Power Corp. Best Co. DR CR Consolidated Income Statement Sales COGS Wage Expense Depreciation Expense Interest Expense Other Expenses Goodwill Impairment Loss Income from Sub Consolidated Net Income Income to NCI Controlling Interest in Net Income 260,000 (125,000) (42,000) (25,000) (12,000) (13,500) 180.000 (110,000) (27,000) (10,000) (4,000) (5,000) 12,375 54.875 24,000 34,875 24.000 102,000 40,000 Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance (30,000) (16,000) Balance Sheet Cash AR Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Sub Differential Goodwill Total Assets 47,500 70,000 90,000 30,000 350,000 (145,000) 96,375 21,000 12.000 25.000 15.000 150.000 (40,000) Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings NCI in NA Total Liabilities & Equity 45,000 17.000 150,000 200,000 16,000 9.000 50.000 60.000