S P I 3 cor Student Name Case 85goon B.V-5 On Jan 1, 2018 Droop Corp. acquired 100% of Snoop Corp. by $850,000 when the book value of net assets for Snoop is $800,000 (C.S. $500,000 and RE. $300,000). Differences is attributed to land $15,000,-inventory $5,000- Building $20,000 with remaining useful life of 10 years and remaining balance of differences is attributed to goodwill. At the end of 2018 selected balances of both corporations are Droop Corp. Eliminations Snoop Corp. Items Consolidations Account Receivables 170,000 55,000 dr Cr 72 Sooo Investment in Snoop ?? annoo 850, Land 180,000 150,000 Sooo Inventory 150,000 145,000 Soon 20.JO Building & Equip. (net) 500,000 400,000 Bovinou Account Payable 200,000 100,000 Common Stocks 1,300,000 500,000 Retained Earnings 500,000 300,000 5oo, ooo Non-Controlling interest?? Sales 800,000 500,000 13000 C.G.S. 500,000 250,000 (75o. Other Expenses 100,000 150,000 250, ou Income from Snoop quos Other information: all inventory of Jan.1 were sold during 2018 and ending balance of good will at Dec.2018 was $6000. $29000 of payables balance in snoop were borrowed from Droop Question 1 1. Prepare the required entries in Droop Corp. at the date of Jan.1,2018 and Dec 31,2018 2. Prepare the required elimination entry at the date of combination Jan.1,2018 and Dec 31, 2018 3. Complete the above partial consolidated statement vespe so Boo Sno Soooo 300,00 aucou S P I 3 cor Student Name Case 85goon B.V-5 On Jan 1, 2018 Droop Corp. acquired 100% of Snoop Corp. by $850,000 when the book value of net assets for Snoop is $800,000 (C.S. $500,000 and RE. $300,000). Differences is attributed to land $15,000,-inventory $5,000- Building $20,000 with remaining useful life of 10 years and remaining balance of differences is attributed to goodwill. At the end of 2018 selected balances of both corporations are Droop Corp. Eliminations Snoop Corp. Items Consolidations Account Receivables 170,000 55,000 dr Cr 72 Sooo Investment in Snoop ?? annoo 850, Land 180,000 150,000 Sooo Inventory 150,000 145,000 Soon 20.JO Building & Equip. (net) 500,000 400,000 Bovinou Account Payable 200,000 100,000 Common Stocks 1,300,000 500,000 Retained Earnings 500,000 300,000 5oo, ooo Non-Controlling interest?? Sales 800,000 500,000 13000 C.G.S. 500,000 250,000 (75o. Other Expenses 100,000 150,000 250, ou Income from Snoop quos Other information: all inventory of Jan.1 were sold during 2018 and ending balance of good will at Dec.2018 was $6000. $29000 of payables balance in snoop were borrowed from Droop Question 1 1. Prepare the required entries in Droop Corp. at the date of Jan.1,2018 and Dec 31,2018 2. Prepare the required elimination entry at the date of combination Jan.1,2018 and Dec 31, 2018 3. Complete the above partial consolidated statement vespe so Boo Sno Soooo 300,00 aucou