Question: looking to get the answer like this example problem: Proprio company acquires 100% of Ception Company for $635,000 on January 1, 2018. Ception reported common


Proprio company acquires 100% of Ception Company for $635,000 on January 1, 2018. Ception reported common stock of $300,000, no additional paid-in capital and retained earnings of $257,000 on that date. Equipment was undervalued by $18,000 and it had a 2-year remaining life, while its only building was undervalued by $45,000 and it had a 9-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on annual reviews, goodwill has not been impaired. Ception earns income and pays dividends as follows: 2018 2019 2020 Net income $80,000 $106,000 $72,000 Dividends 36,000 42,000 22,000 Proprio is using equity method for its investment in Ception. Prepare consolidation journal entries for the following dates: 1. 12.31.2018 5 points) 2. 12.31.2019 (8 points 3. 12.31.2020 17 points Proprio company acquires 100% of Ception Company for $600,000 on January 1, 2016. Ception reported common stock of $300,000, no additional paid-in capital , and retained earnings of $210,000 on that date. Equipment was undervalued by $33,000 and it had a 2-year remaining life, while its only building was undervalued by $44,000 and it had a 8-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on annual reviews, goodwill has not been impaired. Ception earns income and pays dividends as follows: 2016 2017 2018 Net income $100,000 $140,000 $120,000 Dividends 60,000 80,000 70,000 Proprio is using equity method for its investment in Ception, Prepare consolidation journal entries for the following dates: 1. 12.31.2016 15 points) 2. 12.31.2017 8 points) 3. 12.31.2018 17 points) etireitamin Namanga AL durantas| lia -- - a incapilar laa irae 0 H - U ME MINI
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