Question
The following are selected account balances from PKSD Company and Stanza Corporation as of December 31, 2021: Penske Stanza Revenues$(845,000) $(528,000) Cost of goods sold
The following are selected account balances from PKSD Company and Stanza Corporation as of December 31, 2021:
Penske Stanza Revenues$(845,000) $(528,000) Cost of goods sold 300,750 132,000 Depreciation expense 160,000 228,000 Investment income Not given 0 Dividends declared 80,000 60,000 Retained earnings, 1/1/21 (614,000) (254,000) Current assets 438,000 552,000 Copyrights 920,000 410,000 Royalty agreements 634,000 1,076,000 Investment in Stanza Not given 0 Liabilities (532,000) (1,396,000) Common stock (600,000)($20 par) (200,000)($10 par)Additional paid-in capital (150,000) (80,000)
Note: Parentheses indicate a credit balance.
On January 1, 2021, Penske acquired all of Stanzas outstanding stock for $829,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (with a six-year remaining life) have a $482,000 book value but a fair value of $602,000.
As of December 31, 2021, what is the consolidated copyrights balance?
For the year ending December 31, 2021, what is consolidated net income?
As of December 31, 2021, what is the consolidated retained earnings balance?
As of December 31, 2021, what is the consolidated balance to be reported for goodwill?
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