Question: On January 1 , 2 0 X 9 , Pretty Corporation purchased 7 0 % of the common stock of Slick Corporation. Separate balance sheet

On January 1,20X9, Pretty Corporation purchased 70% of the common stock of Slick Corporation. Separate balance sheet data for the companies at the combination date are given below:
Pretty corporation
Cash$12,000
Accounts Receivable72,000
Inventory66,000
Land39,000
Plant assets - Net230,000
Investment in Slick196,000
Total Assets$615,000
Accounts payable$103,000
Capital stock400,000
Retained earnings112,000
Total Equities$615,000
Slick Corporation
Cash103,000
Accounts Receivable14,000
Inventory18,000
Land16,000
Plant assets - Net120,000
Investment in Slick
Total Assets271,000
Accounts payable71,000
Capital stock150,000
Retained earnings50,000
Total Equities271,000
At the date of combination the book values of Slicks net assets was equal to the fair value of the net assets except for Slicks inventory which has a fair value of $30,000. Indicate in each of the questions what the consolidated balance would be for the requested account.
What is goodwill? What is the amount of the noncontrolling interest? What is the amount of consolidated retained earnings? What is the amount of consolidated total assets?

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