ACCT 405 DeVry University Case Study 1 Due Week 4 On January 1, 2020, Innovus, Inc , acquired 100 percent of the common stock of ChipTech Company for $670,000 in cash and other fair value consideration ChipTech's fair value was allocated among its net assets as follows Fair value of consideration transferred for ChipTech $670,000 Book value of ChipTech Common stock and Additional Paid in Capital (APIC) $130,000 Retained earnings 370,000 500,000 Excess fair value over book value to 170,000 Trademark (10 year remaining life) $40,000 Existing technology (5 year remaining life) 80,000 120,000 Goodwill $ 50,000 The December 31, 2021, trial balances for the parent and subsidiary follow (there were no intra entity payables on that date) Using Excel, compute consolidated balances for Innovus and ChipTech by completing the provided worksheet To better help me understand, can you PLEASE include the calculations

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Question: ACCT 405-DeVry University Case Study 1 - Due Week 4 On January 1, 2020, Innovus, Inc., acquired 100 percent of the common stock of ChipTech

ACCT 405-DeVry University

Case Study 1 - Due Week 4

On January 1, 2020, Innovus, Inc., acquired 100 percent of the common stock of ChipTech Company for $670,000 in cash and other fair-value consideration. ChipTech's fair value was allocated among its net assets as follows:

Fair value of consideration transferred for ChipTech		$670,000
Book value of ChipTech:
Common stock and Additional Paid-in Capital (APIC)	$130,000
Retained earnings	370,000	500,000
Excess fair value over book value to		170,000
Trademark (10-year remaining life)	$40,000
Existing technology (5-year remaining life)	80,000	120,000
Goodwill		$ 50,000

The December 31, 2021, trial balances for the parent and subsidiary follow (there were no intra-entity payables on that date):

ACCT 405-DeVry University Case Study 1 - Due Week 4 On January

Using Excel, compute consolidated balances for Innovus and ChipTech by completing the provided worksheet.

To better help me understand, can you PLEASE include the calculations...

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