Assessment 2: Consolidations

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Assessment 2 Problem Templates

Determine consolidated balances.

Acquisition date subsidiary fair value (given)
Book value of subsidiary (given)
Fair value in excess of book value
Allocations to specific accounts based on difference between fair value and book value:
Land
Buildings and equipment
Copyright
Notes payable:
Value
Allocations
Total

Annual excess amortizations:

Consolidated Totals:

· Revenues:

· Cost of goods sold:

· Depreciation expense:

· Amortization expense:

· Interest expense:

· Equity in income of Sun:

· Net income:

· Retained earnings, 1/1:

· Noncontrolling interest in income of subsidiary:

· Dividends paid:

· Retained earnings, 12/31:

· Current assets:

· Investment in Sun:

· Land:

· Buildings and equipment (net):

· Copyright:

· Total assets:

· Accounts payable:

· Notes payable:

· Noncontrolling interest in subsidiary:

· Common stock:

· Additional paidin capital:

· Retained earnings, 12/31:

· Total liabilities and equities:

Accounts	Prather	Staffer	Consolidation Debit	Consolidation Credit	Noncontrolling Interest	Consolidated Totals
Revenues
Cost of goods sold
Depreciation expense
Amortization expense
Interest expense
Equity in income of Sun
Separate company net income
Consolidated net income
Noncontrolling interest in Sun's income
Controlling interest in CNI
Retained earnings 1/1
Net income (above)
Dividends paid
Retained earnings 12/31
Current assets
Investment in Sun
Land
Buildings and equipment (net)
Copyright
Total assets
Accounts payable
Notes payable
NCI in Sun 1/1
NCI in Sun 12/31
Common stock
Additional paid-in capital
Retained earnings 12/31(above) …
Total liability and stockholders' equity

Answer the questions about Panther and Staffer here.