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QUESTION 2 Partially correct Mark 6.74 out of 7.00 Flag question Prepare consolidation spreadsheet for continuous sale of inventory-Cost method A parent company acquired 100 percent of the stock of a subsidiary company on January 1, 2013, for $800,000. On this date, the balances of the subsidiary's stockholders' equity accounts were Common Stock, $50,000, Additional Paid-in Capital, $55,000, and Retained Earnings, $195,000. On the acquisition date, the excess was assigned to the following AAP assets Original Amount Original Useful Life Property, plant &equipment Customer list Royalty agreement Goodwill $200,000 100,000 80,000 120,000 10 years 8 years 8 years Indefinite The Goodwill asset has been tested annually for impairment, and has not been found to be impaired Assume that the parent company sells inventory to its wholly owned subsidiary. The subsidiary, ultimately, sells the inventory to customers outside of the consolidated group. You have compiled the following data for the years ending 2015 and 2016: Intercompany Gross Profit Remaining in Receivable Payable) Sales Unsold Inventory $40,000 $8,000 $28,000 $60,000 10,500 $15,000 2015 The inventory not remaining at the end of a given year is sold to unaffiliated entities outside of the consolidated group during the next year. The parent uses the cost method of pre-consolidation Equity Investment bookkeeping The financial statements of the parent and its subsidiary for the year ended December 31, 2016, follow