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Priya Corporation acquired 100 percent of Sheldon Company stock on January 1, 2020 for $877,000 cash. Following are pre-closing trial balance amounts for Priya Corporation and Sheldon Company as of December 31, 2020: CORPORATION Credit COMPANY Credit Cash $ $ SHELDON Debit 221,000 204,000 159,000 Accounts Receivable Inventory Investment in Sheldon Corp. Buildings Land Equipment Cost of Goods Sold Depreciation Expense, Building Depreciation Expense, Equipment Selling & Administrative Expense Dividends Declared Accumulated Depreciation, Bldg Accumulated Depreciation, Equip Accounts Payable Bonds Payable Common Stock ($1 par) Additional Paid In Capital Retained Earnings (01/01/2020) Sales Income from Sheldon Corp. PRIYA Debit 596,600 294,000 473,000 920,000 625,000 773,900 531,000 382,000 62,500 53,100 173,000 68,000 296,000 195,900 276,000 234,000 41,700 23,100 157,200 50,000 $ $ 187,500 265,500 178,000 500,000 600,000 1,578,200 809,000 740,900 93,000 4,952,100 166,800 115,500 174,900 108,700 165,000 309,000 246,000 572,000 $ 4,952,100 $ $ 1,857,900 $ 1,857,900 Additional Information: 1. On January 1, 2020 the fair market value of Sheldon's assets equaled their book value with the exception of: Inventory - was overvalued by $11,000 (all of this inventory was sold during 2020). Building - was undervalued by $88,000 (remaining useful life was estimated to be 4 years). Land - was by undervalued $29,000. Equipment - was overvalued by $24,000 (remaining useful life was estimated to be 8 years). The new Goodwill from the acquisition was impaired by $15,000 at year-end. 2. Priya Corporation uses the (full) equity method to account for its Investment in Sheldon Company. 3. The general ledger numbers given above (HINT: those in boldface) include the effects of the JOURNAL ENTRIES that were recorded by Priya at the acquisition date and during 2020 to account for its investment in Sheldon Company. These boldface figures should be used a check figures in your solution. Required: CLEARLY SHOW ALL OF YOUR WORK). a. Analyze the Investment in Sheldon account as of the acquisition date. Determine the total "differential" and then break this amount out into the excess cost detail and (new) goodwill components. (10 POINTS) IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWER, BE SURE TO CLEARLY LABEL YOUR DETAIL FOR THE IDENTIFIABLE EXCESS, INCLUDING THE ASSET NAME AND WHETHER THE ASSET IS UNDERVALUED OR OVERVALUED. Fair Value of Consideration given from Priya Company to Sheldon's Shareholders: Fair Value of Any Noncontrolling Interest $ $ + Total Fair Value Book Value of Sheldon Company's Net Identifiable Assets $ Differential (= Excess Value) $ Identifiable Excess (6 POINTS) NET IDENTIFIABLE EXCESS $ New Goodwill $ b. Recreate the 4 JOURNAL ENTRIES recorded by Priya with regard to its investment in Sheldon Company at January 1, 2020 and during 2020. IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWER, BE SURE TO SHOW YOUR WORK FOR THE NUMBERS INCLUDED IN THE AMORTIZATION OF EXCESS VALUE JOURNAL ENTRY. THAT WORK IS WORTH 4 POINTS. (10 POINTS) EXCESS COST (OVERVALUED) OR "AMORTIZATION THE RELATED UNDERVALUED LIFE EXPENSE ACCOUNT ASSET AMOUNT c. Using your information from b. above, calculate the 12/31/20 balances for Priya Company's Investment in Sheldon and Income from Sheldon accounts. Use the T accounts provided below. (4 POINTS) Priya Company's General Ledger Investment in Sheldon Income from Sheldon d. Prepare the 3 REQUIRED CONSOLIDATION WORKSHEET ENTRIES (BCE, AEVRE, & EVRE) at December 31, 2020. (28 POINTS) IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWERS, BE SURE TO CLEARLY SHOW ALL OF YOUR CALCULATIONS. BASIC CONSOLIDATION ENTRY (3 POINTS): AMORTIZATION OF EXCESS VALUE RECLASSIFICATION ENTRY (11 POINTS): (REMAINING) EXCESS VALUE RECLASSIFICATION ENTRY (14 POINTS): e. Prepare the consolidation worksheet for the period ended December 31, 2020. You may use the template provided below OR the template on the next page. (18 POINTS) PRIYA CORPORATION Consolidation Worksheet For the Period Ending December 31, 2020 PRIYA'S G/L SHELDON'S G/L CONSOLIDATION ENTRIES Debit Credit Consolidated Totals Accounts S $ S S $ Income Statement Sales less: Cost of Goods Sold Less: Depreciation Expense, Building Depreciation Lxpre, quixeri Less: Selling & Administrative Expense Less Goodwill Impairment Loss Income from Sheldon Corp. Net Income 740.900 (3R2,000) (62,500) (53,100) (173,000) S S $ $ $ 572,000 1234000) (41,700) (23,100) (157,200) Tess $ $ 93,000 163,300 S 115,000 Statement of Retained Earnings Prestandarnings (01/11/2070) Net Income (above) Dividends Declared Retained earnings, 12/31/20 S $ $ S S $ 809,000 163,300 (68,000) 901,300 S $ $ S 245,000 116,000 (50,000) 312,000 Balance Sheet Cash Accounts Receivable Inventory Investment in Sheldon Corp. S S $ $ 596,600 294,000 473,000 920,000 S S $ 221,000 204.000 159,000 Buildings Land Fruixent Accumulated Depreciation, Bldg Accumulated Depreciation, Equip Gwill (NW) Total Assets S $ S $ S 625,000 1/3,900 531,000 (187,500) 1265,500) S $ S $ S 296,000 195,900 275,000 (166,800) (115,500) $ 3,760,500 $ 1.069,600 Accounts Payable $ Bonds Payable $ Common Stock (S1 par) $ Additional Paid In Capital $ Retained earnings, 12/31/20 (above) $ Total Liabilities & Stockholders' Equity $ 178,000 500,000 600,000 1,578,200 901,300 3,760,500 $ $ $ S S $ 174,900 108,700 165,000 309,000 312,000 1,069,600 NET ASSETS ASSETS - LIABILITIES TOTAL STOCKHOLDERS' EQUITY |