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Show all steps in finding goodwill and consolidating the balance sheet The balance sheets of Prima Ltd. and Donna Corp. on December 31, Year 5,
Show all steps in finding goodwill and consolidating the balance sheet
The balance sheets of Prima Ltd. and Donna Corp. on December 31, Year 5, are shown below: Prima Donna Cash 374, 2 Accounts receivable 84, Inventory 1,4 Plant 514, 166, Patents 104,400 Current liabilities 164,800 Longterm debt 262, Common shares 356,800 12, Retained earnings 394,400 197 , $1,178, o $ 10,650 26,800 69,60 26,800 $ 299,850 $ 36,400 68, 93,450 $ 299,850 The fair values of the identifiable net assets of Donna Corp. on this date are as follows: Cash Accounts receivable Inventory Plant T radema rks Patents Current liabilities Longterm debt $ 10,650 22,80 85, 3, 6, 36,400 78, In addition to the assets identified above, Donna owned a significant number of Internet domain names, wt\ch are unique alphanumeric names used to identify a particular numeric Internet address. These domain names can be sold separately and are estimated to be worth a total of $58,000. On January 1, Year 6, Prima Ltd. paid $315,000 in cash to acquire 80% of the common shares of Donna Corp. Required: (a) Prepare the consolidated balance sheet on January 1, Year 6, under the fair value enterprise method Prima Ltd Consolidated Balance Sheet January 1, Year 6 prey 2 of 4 ,Noxt > Graw Hill
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