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The answer shows that it is not complete so I need help in that and also the NCI is wrong. Kindly fix that. Plaza, Inc.,

The answer shows that it is not complete so I need help in that and also the NCI is wrong. Kindly fix that.

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Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $1,078,700 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,348,375. Also at the acquisition date, Stanford's book value was $531,400. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: Book Value Fair Value $271,200 $442,600 Trade names (indefinite life) Property and equipment (net, 8- year remaining life) Patent (14-year remaining life) 216,800 142,800 238,400 172,200 For internal reporting purposes, Plaza, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies. Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Plaza $ (886, 200) 489,900 207,700 0 (247,200) $ (435, 800) Stanford $(660,400) 298,400 27, 100 21,100 0 $(313, 800) Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 $ (961,200) (435, 800) 226, 100 $(1,170,900) $(399, 300) (313, 800) 27,000 $(686, 100) $ Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets 648,500 1,304, 300 181,000 776,800 $ 325,600 0 271,200 189,700 121, 700 $ 908, 200 $ 2,910,600 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (107, 100) (226, 200) (1,406,400) (1,170,900) $(2,910,600) $ (90,000) (96,000) (36, 100) (686, 100) $(908, 200) At year-end, there were no intra-entity receivables or payables. Prepare a worksheet to consolidate the financial statements of Plaza, Inc., and its subsidiary Stanford. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Prepare a worksheet to consolidate the financial statements of Plaza, Inc., and its subsidiary Stanford. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Answer is not complete. PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Noncontrolling Consolidated Accounts Plaza Debit Credit Interest Totals $ (886,200) 489,900 207,700 Stanford $ (660,400) 298,400 27,100 21,100 $ (1,546,600) 788,300 237,500 23,200 0 2,700 2,100 247,200 0 (247,200) $ (435,800) $ (313,800) Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Consolidated net income NCI share of CNI Plaza share of CNI Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets (61,800) 399,300 $ (399,300) (313,800) 27,000 21,600 (497,600) 61,800 $ (435,800) $ (961,200) (435,800) 226,100 $ (1,170,900) $ 974,100 $ (961,200) (435,800) 226,100 $ (1,170,900) $ 648,500 1,304,300 181,000 5,400 $ (686,100) $ 325,600 0 271,200 623,600 Investment in Stanford Tradenames Property and equipment (net) Patents Goodwill 776,800 189,700 21,600 1,325,900 171,400 21,600 2,700 29,400 2,100 594,575 0 121,700 $ $ 908,200 Total assets Accounts payable Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 Total liabilities and equities 2,910,600 (107,100) (226,200) (1,406,400) (90,000) (96,000) (36,100) 985,400 149,000 594,575 $ 3,326,675 (197,100) (226,200) (1,406,400) (466,775) X (1,170,900) $ (3,326,675) 96,000 36,100 466,775 X (1,170,900) $ (2,910,600) (686,100) $ (908,200) 1,621,975 $ 1,819,075

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