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Putt Corporation acquired 70 percent of Slice Company's voting common stock on January 1, 20X3, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnings of $ 85,000. The fair value of the noncontrolling interest was $ 68,100 at the date of acquisition. Buildings and equipment held by Slice had a fair value $ 25,000 higher than book value. The remainder of the differential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and the copyright had a 5-year life at the date of acquisition. Trial balances for Putt and Slice on December 31, 20X5, are as follows: Cash Accounts Receivable Interest and Other Receivables Inventory Land Buildings and Equipment Bond Discount Investment in Slice Company Cost of Goods Sold Interest Expense Depreciation Expense Other Expense Dividends Declared Accumulated Depreciation-Buildings and Equipment Accounts Payable Other Payables Bonds Payable Common Stock Additional Paid-in Capital Retained Earnings Sales Other Income Gain on Sale of Equipment Income from Slice Company Total MAR 4 F3 000 000 F4 S % # 2 3 4 5 a Putt Corporation Debit Credit $ 15,850 65,000 30,000 150,000 Slice Company Debit $ 58,000 Credit 70,000 10,000 180,000 80,000 60,000 315,000 240,000 15,000 157,630 375,000 110,000 25,000 10,000 24,000 33,000 28,000 17,000 30,000 5,000 $ 120,000 $ 60,000 61,000 28,000 30,000 20,000 250,000 300,000 150,000 100,000 30,000 165,240 100,000 450,000 190,400 28,250 9,600 $ 1,295,480 10,990 $ 1,295,480 $ 808,000 $ 808,000 < Prev 6 of 6 Next MacBook Pro tv A VA DII F8 W E R T Y U F10 Check my Putt Corporation acquired 70 percent of Slice Company's voting common stock on January 1, 20X3, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnings of $ 85,000. The fair value of the noncontrolling interest was $ 68,100 at the date of acquisition. Buildings and equipment held by Slice had a fair value $ 25,000 higher than book value. The remainder of the differential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and the copyright had a 5-year life at the date of acquisition. Trial balances for Putt and Slice on December 31, 20X5, are as follows: Cash Accounts Receivable Interest and Other Receivables Inventory Land Buildings and Equipment Bond Discount Investment in Slice Company Cost of Goods Sold Interest Expense Depreciation Expense Other Expense Dividends Declared Accumulated Depreciation-Buildings and Equipment Accounts Payable Other Payables Bonds Payable Common Stock Additional Paid-in Capital Retained Earnings Sales Other Income Gain on Sale of Equipment Income from Slice Company Total MAR 4 F3 000 000 F4 S % # 2 3 4 5 a Putt Corporation Debit Credit $ 15,850 65,000 30,000 150,000 Slice Company Debit $ 58,000 Credit 70,000 10,000 180,000 80,000 60,000 315,000 240,000 15,000 157,630 375,000 110,000 25,000 10,000 24,000 33,000 28,000 17,000 30,000 5,000 $ 120,000 $ 60,000 61,000 28,000 30,000 20,000 250,000 300,000 150,000 100,000 30,000 165,240 100,000 450,000 190,400 28,250 9,600 $ 1,295,480 10,990 $ 1,295,480 $ 808,000 $ 808,000 < Prev 6 of 6 Next MacBook Pro tv A VA DII F8 W E R T Y U F10 Check my
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Related Book For
Advanced Financial Accounting
ISBN: 9781265042615
13th International Edition
Authors: Theodore E. Christensen, David M. Cottrell, Cassy Budd
Posted Date:
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