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Pushdown Accounting Assume a parent company acquires its subsidiary by paying $1,200,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and liabilities have individual fair values that equal their book values, except for property equipment with a fair value greater than book value by $150,000 and license with a fair value greater than book value by $250,000. The parent and subsidiary have the following balance sheets immediately after the acquisition, but before any pushdown adjustments by the subsidiary: Subsidiary Parent Assets Cash & receivables Inventory Property & equipment, net Equity investment Licenses $ 800.000 $ 100.000 600,000 200.000 2.300.000 775.000 1.200.000 25,000 $ 4.900.000 $1,100,000 Liabilities and stockholders' equity Current liabilities Other liabilities Note payable Common stock Retained earnings $ 400.000 $ 150.000 300.000 350,000 1.670,000 100,000 1,430.000 200.000 1.100.000 300.000 $ 4.900,000 $ 1.100.000 a. Compute the amount of goodwill implicit in the acquisition of the subsidiary, $ 200,000 b. Assume the subsidiary elects to apply pushdown accounting immediately after the above financial statements were prepared. Provide the journal entries required for the subsidiary to apply pushdown accounting. Debit Credit 0 0 Description Property & equipment, net Licenses Goodwill Pushdown equity Common stock Equity investment 0 150.000 250.000 200.000 O OX 0 4 0 0 600,000 0 XX OX c. Prepare the consolidation entry or entries on the date of acquisition, assuming the subsidiary applied pushdown accounting Description Debit Credit (E) Common stock 100,000 0 APIC 200.000 0 Retained earning 300.000 X 0 Equity investment 0 600.000 X X