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On January 1, 2017, Travers Company acquired 90 percent of Yarrow Company's outstanding stock for $873,000. The 10 percent noncontrolling interest had an assessed fair value of $97,000 on that date. Any acquisition-date excess fair value over book value was attributed to an unrecorded customer list developed by Yarrow with a remaining life of 15 years. On the same date, Yarrow acquired an 80 percent interest in Stookey Company for $480,000. At the acquisition date, the 20 percent noncontrolling interest fair value was $120,000. Any excess fair value was attributed to a fully amortized copyright that had a remaining life of 10 years. Although both investments are accounted for using the initial value method, neither Yarrow nor Stookey have distributed dividends since the acquisition date. Travers has a policy to declare and pay cash dividends each year equal to 40 percent of its separate company operating earnings. Reported income totals for 2017 follow: Travers Company Yarrow Company Stookey Company $ 470,000 245,000 188,000 Following are the 2018 financial statements for these three companies. Stookey has transferred numerous amounts of inventory to Yarrow since the takeover amounting to $114,000 (2017) and $142,500 (2018). These transactions include the same markup applicable to Stookey's outside sales. In each year, Yarrow carried 20 percent of this inventory into the succeeding year before disposing of it. An effective tax rate of 40 percent is applicable to all companies. All dividend declarations are paid in the same period. Travers Company $(1,070,000) 570, 100 Yarrow Company (730,900) 389,700 $ Sales Cost of goods sold Stookey Company $ (534,000) 320,400 Following are the 2018 financial statements for these three companies. Stookey has transferred numerous amounts of inventory to Yarrow since the takeover amounting to $114,000 (2017) and $142,500 (2018). These transactions include the same markup applicable to Stookey's outside sales. In each year, Yarrow carried 20 percent of this inventory into the succeeding year before disposing of it. An effective tax rate of 40 percent is applicable to all companies. All dividend declarations are paid in the same period. Sales Cost of goods sold Operating expenses Net income Retained earnings, 1/1/18 Net income (above) Dividends declared Retained earnings, 12/31/18 Current assets Investment in Yarrow Company Investment in Stookey Company Land, buildings, and equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/18 Total liabilities and equities Travers Company $(1,070,000) 570, 100 118,700 $ (381,200) $ (870,000) (381,200) 152,480 $(1,098,720) $ 547,700 873,000 0 1,151,300 $ 2,572,000 $ (973,280) (500,000) (1,098, 720) $(2,572,000) Yarrow Company $ (730,900) 389,700 97,000 $ (244,200) $ (732,600) (244,200) 0 (976,800) $ 463,300 0 480,000 870,000 $ 1,813,300 $ (516,100) (320,400) (976, 800) $(1,813,300) Stookey Company $ (534,000) 320,400 106,800 $ (106, 800) $ (453,000) (106, 800) 0 $ (559, 800) $ 360, 700 0 509,800 $ 870,500 $ (110,700) (200,000) (559,800) $ (870,500) Check my work Note: Parentheses indicate a credit balance. a. Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. b. Determine the amount of income tax for Travers and Yarrow on a consolidated tax return for 2018. c. Determine the amount of Stookey's income tax on a separate tax return for 2018. d. Based on the answers to requirements (b) and (c), what journal entry does this combination make to record 2018 income tax? Complete this question by entering your answers in the tabs below. s Req A Reg B and C ReqD Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. (For accounts where multiple consolidation entrie: all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amo amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for th and Consolidated Totals columns should be entered with a minus sign. Round your answers to nearest whole dollar amount.) TRAVERS COMPANY AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet For Year Ending December 31, 2018 Noncontrolling Consolidated Accounts TRAVERS COMPANY AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Travers Yarrow Stookey Company Company Company Debit Credit (1,070,000) (730,900) (534,000) 570,100 389,700 320,400 118,700 97,000 106,800 (381,200) (244,200) (106,800) Interest Balance Sales and other revenue Cost of goods sold Operating expenses Separate company net income Consolidated net income Net income attributable to NCI (Yarrow) Net income attributable to NCI (Stookey) Net Income attributable to Travers Company Retained earnings, 1/1/18 Travers Company Yarrow Company Stookey Company Net Income (above) Dividends declared 0 (870,000) (732,600) (453,000) (106,800) (381,200) 152.480 (244,200) ITAAS (870,000) (732,600) (453,000) (106,800) (244, 200) (381,200) 152,480 (1,098,720) 547,700 873,000 (976,800) 463,300 (559,800) 360,700 480,000 870,000 1,151,300 509,800 Travers Company Yarrow Company Stookey Company Net Income (above) Dividends declared Retained earnings, 12/31/18 Current assets Investment in Yarrow Company Investment in Stookey Company Land, buidings, & equipment (net) Copyright Customer list Total assets Liabilities Common stock Retained earnings, 12/31/18 (above) NCI interest in Stookey, 1/1/18 Noncontrolling interest in Yarrow, 1/1/18 Noncontrolling interests in subsidiaries Total liabilities and equities 2,572,000 (973,280) (500,000) (1,098,720) 1,813,300 (516,100) (320,400) (976,800) 870,500 (110,700) (200,000) (559,800) 0 (2,572,000) (1,813,300) (870,500) 0 Req A Req B and C Req D Based on the answers to requirements (b) and (c), what journal entry does this combination make to record 201 entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the income tax payable. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 On January 1, 2017, Travers Company acquired 90 percent of Yarrow Company's outstanding stock for $873,000. The 10 percent noncontrolling interest had an assessed fair value of $97,000 on that date. Any acquisition-date excess fair value over book value was attributed to an unrecorded customer list developed by Yarrow with a remaining life of 15 years. On the same date, Yarrow acquired an 80 percent interest in Stookey Company for $480,000. At the acquisition date, the 20 percent noncontrolling interest fair value was $120,000. Any excess fair value was attributed to a fully amortized copyright that had a remaining life of 10 years. Although both investments are accounted for using the initial value method, neither Yarrow nor Stookey have distributed dividends since the acquisition date. Travers has a policy to declare and pay cash dividends each year equal to 40 percent of its separate company operating earnings. Reported income totals for 2017 follow: Travers Company Yarrow Company Stookey Company $ 470,000 245,000 188,000 Following are the 2018 financial statements for these three companies. Stookey has transferred numerous amounts of inventory to Yarrow since the takeover amounting to $114,000 (2017) and $142,500 (2018). These transactions include the same markup applicable to Stookey's outside sales. In each year, Yarrow carried 20 percent of this inventory into the succeeding year before disposing of it. An effective tax rate of 40 percent is applicable to all companies. All dividend declarations are paid in the same period. Travers Company $(1,070,000) 570, 100 Yarrow Company (730,900) 389,700 $ Sales Cost of goods sold Stookey Company $ (534,000) 320,400 Following are the 2018 financial statements for these three companies. Stookey has transferred numerous amounts of inventory to Yarrow since the takeover amounting to $114,000 (2017) and $142,500 (2018). These transactions include the same markup applicable to Stookey's outside sales. In each year, Yarrow carried 20 percent of this inventory into the succeeding year before disposing of it. An effective tax rate of 40 percent is applicable to all companies. All dividend declarations are paid in the same period. Sales Cost of goods sold Operating expenses Net income Retained earnings, 1/1/18 Net income (above) Dividends declared Retained earnings, 12/31/18 Current assets Investment in Yarrow Company Investment in Stookey Company Land, buildings, and equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/18 Total liabilities and equities Travers Company $(1,070,000) 570, 100 118,700 $ (381,200) $ (870,000) (381,200) 152,480 $(1,098,720) $ 547,700 873,000 0 1,151,300 $ 2,572,000 $ (973,280) (500,000) (1,098, 720) $(2,572,000) Yarrow Company $ (730,900) 389,700 97,000 $ (244,200) $ (732,600) (244,200) 0 (976,800) $ 463,300 0 480,000 870,000 $ 1,813,300 $ (516,100) (320,400) (976, 800) $(1,813,300) Stookey Company $ (534,000) 320,400 106,800 $ (106, 800) $ (453,000) (106, 800) 0 $ (559, 800) $ 360, 700 0 509,800 $ 870,500 $ (110,700) (200,000) (559,800) $ (870,500) Check my work Note: Parentheses indicate a credit balance. a. Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. b. Determine the amount of income tax for Travers and Yarrow on a consolidated tax return for 2018. c. Determine the amount of Stookey's income tax on a separate tax return for 2018. d. Based on the answers to requirements (b) and (c), what journal entry does this combination make to record 2018 income tax? Complete this question by entering your answers in the tabs below. s Req A Reg B and C ReqD Prepare the business combination's 2018 consolidation worksheet; ignore income tax effects. (For accounts where multiple consolidation entrie: all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amo amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for th and Consolidated Totals columns should be entered with a minus sign. Round your answers to nearest whole dollar amount.) TRAVERS COMPANY AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet For Year Ending December 31, 2018 Noncontrolling Consolidated Accounts TRAVERS COMPANY AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Travers Yarrow Stookey Company Company Company Debit Credit (1,070,000) (730,900) (534,000) 570,100 389,700 320,400 118,700 97,000 106,800 (381,200) (244,200) (106,800) Interest Balance Sales and other revenue Cost of goods sold Operating expenses Separate company net income Consolidated net income Net income attributable to NCI (Yarrow) Net income attributable to NCI (Stookey) Net Income attributable to Travers Company Retained earnings, 1/1/18 Travers Company Yarrow Company Stookey Company Net Income (above) Dividends declared 0 (870,000) (732,600) (453,000) (106,800) (381,200) 152.480 (244,200) ITAAS (870,000) (732,600) (453,000) (106,800) (244, 200) (381,200) 152,480 (1,098,720) 547,700 873,000 (976,800) 463,300 (559,800) 360,700 480,000 870,000 1,151,300 509,800 Travers Company Yarrow Company Stookey Company Net Income (above) Dividends declared Retained earnings, 12/31/18 Current assets Investment in Yarrow Company Investment in Stookey Company Land, buidings, & equipment (net) Copyright Customer list Total assets Liabilities Common stock Retained earnings, 12/31/18 (above) NCI interest in Stookey, 1/1/18 Noncontrolling interest in Yarrow, 1/1/18 Noncontrolling interests in subsidiaries Total liabilities and equities 2,572,000 (973,280) (500,000) (1,098,720) 1,813,300 (516,100) (320,400) (976,800) 870,500 (110,700) (200,000) (559,800) 0 (2,572,000) (1,813,300) (870,500) 0 Req A Req B and C Req D Based on the answers to requirements (b) and (c), what journal entry does this combination make to record 201 entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the income tax payable. Note: Enter debits before credits. Transaction General Journal Debit Credit 1