Questions 1-3

Just question 1

On January 1, 2018 Disney Company acquired a controlling interest in Pixar incorporated Disney paid $1.6 million to Own Box Of Pixar incorporated. At the time of the acquisition the remaining non controlling interest was valued at $4 million. At acquisition. Pixar's Balance Sheet showed the following net assets Common stock (10 par Retained earnings 1,770,500 6,892,300 8.662,800 Disney contracted with EY to determine the fair value of net assets for Pixar. The following is a summary of differences found Fair Value 21,100,000 Book Value 22.150.000 13.380,000) 18,750,000 (1,940, 200) 16,782,300 Building 15 year remainine Accumulated Depreciation Building Equipment, 14 year remaining life Accumulated Depreciation Equipment Patent, 10 year remaining life Customer List 10 year remaining life Trademark, 20 year remaining life 18,559,800 17,232,200 680,000 6,200,000 It was decided that any remaining excess value was attributed to goodwill Required: 1) Prepare an excess and allocation schedule for Disney's investment in Pixar including a depreciation/amortiza schedule. If necessary, prepare a goodwill allocation schedule. 2) Prepare consolidation entries for Disney for the year ended December 31, 2020. In addition, complete a consolidated worksheet for Disney and its subsidiary Pixar as of December 31, 2020 showing all consolidate totals. A drafted worksheet has been provided to you. All inputs must be handwritten. Provide any calcula that were necessary to complete the worksheet 3) Assume Disney changed their internal reporting method. Prepare consolidation entries for Disney for the ended December 31, 2020, using the method indicated on the worksheet. In addition, complete a consolic worksheet for Disney and its subsidiary Pixar as of December 31, 2020 showing all consolidation totals. A drafted worksheet has been provided to you. All inputs must be handwritten. Provide any calculations th were necessary to complete the worksheet. Disney and Cow orth For Your Dec 31, 2020 Consolidation (Parent] 34,782,00 16,900 3.270.900 16 579,300 NO Share of Disney's Net Income Statement of Retained Earnings (187.5000 (R 470.00011 56.15130 December 3,450,200 9.231.000 13.412.000 44,914,000 10.430.200 Buildings Accumulated Depreciation - Buildings 12.414.000 (15.7622001 22.350,000 250.000 Equipment Accumulated Depreciation Equipment 42.568.000 (21.890,000) 18,750.000 (5,690,2001 Patent 13,936.000 11.122.500 Asset Totals Accounts Payable Long Term Notes Payable Non-Controlling Interest in Pixar 122.272.000 8.956.000 18 394.700 54,875,300 3,250,000 R1 000 000 Common Stock Retained Earnings, December 31, 2020 10,770.000 30,770,000 64,151,300 122,272,000 1.770,500 41.854.800 54,875,300 Consolidation Wor For Year Ending December 11, 2020 Consolidation Entries (Parent) is diary 10 65000 ed Earnings, December 31 20 992_500 10,430.200 22.350.000 32,414,000 (15,763,200) Accumulated Depreciation - Building 42.568.000 18 750000 Acumulated Depreciation - Equip 115000 Patent 13.936.000 11.122,500 Asset Totals Accounts Payable Long Term Notes Payable Non Controlling Interest in Pixar 123.928,000 8.956,000 18,394,700 54.875,300 3.250,000 8.000.000 Common Stock Retained Earnings, December 31, 2020 Total abilities and Equity 30,770,000 65,807,300 123.928,000 1.770 500 41.954.900 54,875,300 On January 1, 2018 Disney Company acquired a controlling interest in Pixar incorporated Disney paid $1.6 million to Own Box Of Pixar incorporated. At the time of the acquisition the remaining non controlling interest was valued at $4 million. At acquisition. Pixar's Balance Sheet showed the following net assets Common stock (10 par Retained earnings 1,770,500 6,892,300 8.662,800 Disney contracted with EY to determine the fair value of net assets for Pixar. The following is a summary of differences found Fair Value 21,100,000 Book Value 22.150.000 13.380,000) 18,750,000 (1,940, 200) 16,782,300 Building 15 year remainine Accumulated Depreciation Building Equipment, 14 year remaining life Accumulated Depreciation Equipment Patent, 10 year remaining life Customer List 10 year remaining life Trademark, 20 year remaining life 18,559,800 17,232,200 680,000 6,200,000 It was decided that any remaining excess value was attributed to goodwill Required: 1) Prepare an excess and allocation schedule for Disney's investment in Pixar including a depreciation/amortiza schedule. If necessary, prepare a goodwill allocation schedule. 2) Prepare consolidation entries for Disney for the year ended December 31, 2020. In addition, complete a consolidated worksheet for Disney and its subsidiary Pixar as of December 31, 2020 showing all consolidate totals. A drafted worksheet has been provided to you. All inputs must be handwritten. Provide any calcula that were necessary to complete the worksheet 3) Assume Disney changed their internal reporting method. Prepare consolidation entries for Disney for the ended December 31, 2020, using the method indicated on the worksheet. In addition, complete a consolic worksheet for Disney and its subsidiary Pixar as of December 31, 2020 showing all consolidation totals. A drafted worksheet has been provided to you. All inputs must be handwritten. Provide any calculations th were necessary to complete the worksheet. Disney and Cow orth For Your Dec 31, 2020 Consolidation (Parent] 34,782,00 16,900 3.270.900 16 579,300 NO Share of Disney's Net Income Statement of Retained Earnings (187.5000 (R 470.00011 56.15130 December 3,450,200 9.231.000 13.412.000 44,914,000 10.430.200 Buildings Accumulated Depreciation - Buildings 12.414.000 (15.7622001 22.350,000 250.000 Equipment Accumulated Depreciation Equipment 42.568.000 (21.890,000) 18,750.000 (5,690,2001 Patent 13,936.000 11.122.500 Asset Totals Accounts Payable Long Term Notes Payable Non-Controlling Interest in Pixar 122.272.000 8.956.000 18 394.700 54,875,300 3,250,000 R1 000 000 Common Stock Retained Earnings, December 31, 2020 10,770.000 30,770,000 64,151,300 122,272,000 1.770,500 41.854.800 54,875,300 Consolidation Wor For Year Ending December 11, 2020 Consolidation Entries (Parent) is diary 10 65000 ed Earnings, December 31 20 992_500 10,430.200 22.350.000 32,414,000 (15,763,200) Accumulated Depreciation - Building 42.568.000 18 750000 Acumulated Depreciation - Equip 115000 Patent 13.936.000 11.122,500 Asset Totals Accounts Payable Long Term Notes Payable Non Controlling Interest in Pixar 123.928,000 8.956,000 18,394,700 54.875,300 3.250,000 8.000.000 Common Stock Retained Earnings, December 31, 2020 Total abilities and Equity 30,770,000 65,807,300 123.928,000 1.770 500 41.954.900 54,875,300