Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Python acquired 7 5 % of Slither's stock for $ 3 1 6 million in cash on January 2 , 2 0 1 5 .
Python acquired of Slither's stock for $ million in cash on January The fair value of the noncontrolling interest in Slither was $ million. Slither's book value at that time was $ million. The assets and liabilities reported on Slither's balance sheet had balances that approximated fair value at the date of acquisition. However, Slither had previously unreported developed technology year life, straightline valued at $ million.
There has been no impairment loss on the developed technology since acquisition. Goodwill was impaired $ million in and a $ million impairment loss should be recorded for
It is now December The trial balances of Python and Slither appear below.
tablein thousandstablePythonDr CrtabletableSlitherDrCrCurrent assets,$$Plant assets, net,Investment in Slither,LiabilitiesCapital stock,Retained earnings, Jan. tableAccumulated other comprehensive income,JanTreasury stock,Sales revenue,Equity in net income of Slither,Equity in OCl of Slither,Cost of goods sold,Amortization and depreciation expense,Other operating expenses,Other comprehensive income,Total
Provide the consolidated financial statements as of December
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started