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On January 1, 2019, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $130,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31, 2022. Rand Corp. ($372,000) $264,000 Spaulding Inc ($108,000) $72,000 Revenues Expenses Equity in subsidiary earnings ($25,000) ($133,000) ($765,000) ($133,000) $84,000 ($814,000) ($36,000) ($102,000) ($36,000) $24,000 Net income Retained earnings, January 1, 2022 Net income (above) Dividends paid Retained earnings, December 31, 2022 ($114,000) Current assets $150,000 $2,000 Investment in Spaulding Inc. $242,000 $0 Buildings (net) $525,000 $85,000 $389,250 $1,306,250 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) Equipment (net) $129,000 Total assets $236,000 Liabilities ($50,000) ($72,000) Common stock Additional paid-in capital Retained earnings, December 31, 2022 (above) Total liabilities and stockholders' equity ($114,000) ($236,000) Required: 1. Show the Schedule of Acquistion-Date Fair-Value Allocation. 2. Show the Schedule of Excess Amortization. 3. Prepare a consolidation worksheet for this business combination. Rand Corportation and Consolidated Subsidiary Consolidation Worksheet For the Year Ended December 31, 2022 Consolidation Entries Accounts Rand Corp Spaulding Inc Debit Credit Consolidated ($372,000) $264,000 ($108,000) $72,000 Revenues Expenses $0 ($36,000) Equity in subsidiary earnings ($25,000) ($133,000) Net Income Statement of Retained Earnings Retained earnings 1/1 ($765,000) ($133,000) $84,000 ($814,000) ($102,000) ($36,000) $24,000 ($114,000) Net Income (Above) Dividends paid Retained earnings 12/31 Balance Sheet $150,000 $2,000 $0 Current assets Investment in Spaulding, Inc $242,000 Buildings (net) $525,000 $85,000 Equipment (net) $389,250 $129,000 Goodwill $0 $0 Total Assets $1,306,250 $236,000 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) ($50,000) ($72,000) S $0 ($114,000) ($236,000) Liabilities Common Stock Additional paid-in capital Retained Earnings, Dec 31 (above) Total Liabilities & Equity Schedule of Acquistion-Date Fair-Value Allocation 1/1/2019 Schedule of Excess Amortization SAIDE On January 1, 2019, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $130,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31, 2022. Rand Corp. ($372,000) $264,000 Spaulding Inc ($108,000) $72,000 Revenues Expenses Equity in subsidiary earnings ($25,000) ($133,000) ($765,000) ($133,000) $84,000 ($814,000) ($36,000) ($102,000) ($36,000) $24,000 Net income Retained earnings, January 1, 2022 Net income (above) Dividends paid Retained earnings, December 31, 2022 ($114,000) Current assets $150,000 $2,000 Investment in Spaulding Inc. $242,000 $0 Buildings (net) $525,000 $85,000 $389,250 $1,306,250 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) Equipment (net) $129,000 Total assets $236,000 Liabilities ($50,000) ($72,000) Common stock Additional paid-in capital Retained earnings, December 31, 2022 (above) Total liabilities and stockholders' equity ($114,000) ($236,000) Required: 1. Show the Schedule of Acquistion-Date Fair-Value Allocation. 2. Show the Schedule of Excess Amortization. 3. Prepare a consolidation worksheet for this business combination. Rand Corportation and Consolidated Subsidiary Consolidation Worksheet For the Year Ended December 31, 2022 Consolidation Entries Accounts Rand Corp Spaulding Inc Debit Credit Consolidated ($372,000) $264,000 ($108,000) $72,000 Revenues Expenses $0 ($36,000) Equity in subsidiary earnings ($25,000) ($133,000) Net Income Statement of Retained Earnings Retained earnings 1/1 ($765,000) ($133,000) $84,000 ($814,000) ($102,000) ($36,000) $24,000 ($114,000) Net Income (Above) Dividends paid Retained earnings 12/31 Balance Sheet $150,000 $2,000 $0 Current assets Investment in Spaulding, Inc $242,000 Buildings (net) $525,000 $85,000 Equipment (net) $389,250 $129,000 Goodwill $0 $0 Total Assets $1,306,250 $236,000 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) ($50,000) ($72,000) S $0 ($114,000) ($236,000) Liabilities Common Stock Additional paid-in capital Retained Earnings, Dec 31 (above) Total Liabilities & Equity Schedule of Acquistion-Date Fair-Value Allocation 1/1/2019 Schedule of Excess Amortization SAIDE On January 1, 2019, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $130,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31, 2022. Rand Corp. ($372,000) $264,000 Spaulding Inc ($108,000) $72,000 Revenues Expenses Equity in subsidiary earnings ($25,000) ($133,000) ($765,000) ($133,000) $84,000 ($814,000) ($36,000) ($102,000) ($36,000) $24,000 Net income Retained earnings, January 1, 2022 Net income (above) Dividends paid Retained earnings, December 31, 2022 ($114,000) Current assets $150,000 $2,000 Investment in Spaulding Inc. $242,000 $0 Buildings (net) $525,000 $85,000 $389,250 $1,306,250 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) Equipment (net) $129,000 Total assets $236,000 Liabilities ($50,000) ($72,000) Common stock Additional paid-in capital Retained earnings, December 31, 2022 (above) Total liabilities and stockholders' equity ($114,000) ($236,000) Required: 1. Show the Schedule of Acquistion-Date Fair-Value Allocation. 2. Show the Schedule of Excess Amortization. 3. Prepare a consolidation worksheet for this business combination. Rand Corportation and Consolidated Subsidiary Consolidation Worksheet For the Year Ended December 31, 2022 Consolidation Entries Accounts Rand Corp Spaulding Inc Debit Credit Consolidated ($372,000) $264,000 ($108,000) $72,000 Revenues Expenses $0 ($36,000) Equity in subsidiary earnings ($25,000) ($133,000) Net Income Statement of Retained Earnings Retained earnings 1/1 ($765,000) ($133,000) $84,000 ($814,000) ($102,000) ($36,000) $24,000 ($114,000) Net Income (Above) Dividends paid Retained earnings 12/31 Balance Sheet $150,000 $2,000 $0 Current assets Investment in Spaulding, Inc $242,000 Buildings (net) $525,000 $85,000 Equipment (net) $389,250 $129,000 Goodwill $0 $0 Total Assets $1,306,250 $236,000 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) ($50,000) ($72,000) S $0 ($114,000) ($236,000) Liabilities Common Stock Additional paid-in capital Retained Earnings, Dec 31 (above) Total Liabilities & Equity Schedule of Acquistion-Date Fair-Value Allocation 1/1/2019 Schedule of Excess Amortization SAIDE On January 1, 2019, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $130,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31, 2022. Rand Corp. ($372,000) $264,000 Spaulding Inc ($108,000) $72,000 Revenues Expenses Equity in subsidiary earnings ($25,000) ($133,000) ($765,000) ($133,000) $84,000 ($814,000) ($36,000) ($102,000) ($36,000) $24,000 Net income Retained earnings, January 1, 2022 Net income (above) Dividends paid Retained earnings, December 31, 2022 ($114,000) Current assets $150,000 $2,000 Investment in Spaulding Inc. $242,000 $0 Buildings (net) $525,000 $85,000 $389,250 $1,306,250 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) Equipment (net) $129,000 Total assets $236,000 Liabilities ($50,000) ($72,000) Common stock Additional paid-in capital Retained earnings, December 31, 2022 (above) Total liabilities and stockholders' equity ($114,000) ($236,000) Required: 1. Show the Schedule of Acquistion-Date Fair-Value Allocation. 2. Show the Schedule of Excess Amortization. 3. Prepare a consolidation worksheet for this business combination. Rand Corportation and Consolidated Subsidiary Consolidation Worksheet For the Year Ended December 31, 2022 Consolidation Entries Accounts Rand Corp Spaulding Inc Debit Credit Consolidated ($372,000) $264,000 ($108,000) $72,000 Revenues Expenses $0 ($36,000) Equity in subsidiary earnings ($25,000) ($133,000) Net Income Statement of Retained Earnings Retained earnings 1/1 ($765,000) ($133,000) $84,000 ($814,000) ($102,000) ($36,000) $24,000 ($114,000) Net Income (Above) Dividends paid Retained earnings 12/31 Balance Sheet $150,000 $2,000 $0 Current assets Investment in Spaulding, Inc $242,000 Buildings (net) $525,000 $85,000 Equipment (net) $389,250 $129,000 Goodwill $0 $0 Total Assets $1,306,250 $236,000 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) ($50,000) ($72,000) S $0 ($114,000) ($236,000) Liabilities Common Stock Additional paid-in capital Retained Earnings, Dec 31 (above) Total Liabilities & Equity Schedule of Acquistion-Date Fair-Value Allocation 1/1/2019 Schedule of Excess Amortization SAIDE On January 1, 2019, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $130,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31, 2022. Rand Corp. ($372,000) $264,000 Spaulding Inc ($108,000) $72,000 Revenues Expenses Equity in subsidiary earnings ($25,000) ($133,000) ($765,000) ($133,000) $84,000 ($814,000) ($36,000) ($102,000) ($36,000) $24,000 Net income Retained earnings, January 1, 2022 Net income (above) Dividends paid Retained earnings, December 31, 2022 ($114,000) Current assets $150,000 $2,000 Investment in Spaulding Inc. $242,000 $0 Buildings (net) $525,000 $85,000 $389,250 $1,306,250 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) Equipment (net) $129,000 Total assets $236,000 Liabilities ($50,000) ($72,000) Common stock Additional paid-in capital Retained earnings, December 31, 2022 (above) Total liabilities and stockholders' equity ($114,000) ($236,000) Required: 1. Show the Schedule of Acquistion-Date Fair-Value Allocation. 2. Show the Schedule of Excess Amortization. 3. Prepare a consolidation worksheet for this business combination. Rand Corportation and Consolidated Subsidiary Consolidation Worksheet For the Year Ended December 31, 2022 Consolidation Entries Accounts Rand Corp Spaulding Inc Debit Credit Consolidated ($372,000) $264,000 ($108,000) $72,000 Revenues Expenses $0 ($36,000) Equity in subsidiary earnings ($25,000) ($133,000) Net Income Statement of Retained Earnings Retained earnings 1/1 ($765,000) ($133,000) $84,000 ($814,000) ($102,000) ($36,000) $24,000 ($114,000) Net Income (Above) Dividends paid Retained earnings 12/31 Balance Sheet $150,000 $2,000 $0 Current assets Investment in Spaulding, Inc $242,000 Buildings (net) $525,000 $85,000 Equipment (net) $389,250 $129,000 Goodwill $0 $0 Total Assets $1,306,250 $236,000 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) ($50,000) ($72,000) S $0 ($114,000) ($236,000) Liabilities Common Stock Additional paid-in capital Retained Earnings, Dec 31 (above) Total Liabilities & Equity Schedule of Acquistion-Date Fair-Value Allocation 1/1/2019 Schedule of Excess Amortization SAIDE On January 1, 2019, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $130,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31, 2022. Rand Corp. ($372,000) $264,000 Spaulding Inc ($108,000) $72,000 Revenues Expenses Equity in subsidiary earnings ($25,000) ($133,000) ($765,000) ($133,000) $84,000 ($814,000) ($36,000) ($102,000) ($36,000) $24,000 Net income Retained earnings, January 1, 2022 Net income (above) Dividends paid Retained earnings, December 31, 2022 ($114,000) Current assets $150,000 $2,000 Investment in Spaulding Inc. $242,000 $0 Buildings (net) $525,000 $85,000 $389,250 $1,306,250 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) Equipment (net) $129,000 Total assets $236,000 Liabilities ($50,000) ($72,000) Common stock Additional paid-in capital Retained earnings, December 31, 2022 (above) Total liabilities and stockholders' equity ($114,000) ($236,000) Required: 1. Show the Schedule of Acquistion-Date Fair-Value Allocation. 2. Show the Schedule of Excess Amortization. 3. Prepare a consolidation worksheet for this business combination. Rand Corportation and Consolidated Subsidiary Consolidation Worksheet For the Year Ended December 31, 2022 Consolidation Entries Accounts Rand Corp Spaulding Inc Debit Credit Consolidated ($372,000) $264,000 ($108,000) $72,000 Revenues Expenses $0 ($36,000) Equity in subsidiary earnings ($25,000) ($133,000) Net Income Statement of Retained Earnings Retained earnings 1/1 ($765,000) ($133,000) $84,000 ($814,000) ($102,000) ($36,000) $24,000 ($114,000) Net Income (Above) Dividends paid Retained earnings 12/31 Balance Sheet $150,000 $2,000 $0 Current assets Investment in Spaulding, Inc $242,000 Buildings (net) $525,000 $85,000 Equipment (net) $389,250 $129,000 Goodwill $0 $0 Total Assets $1,306,250 $236,000 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) ($50,000) ($72,000) S $0 ($114,000) ($236,000) Liabilities Common Stock Additional paid-in capital Retained Earnings, Dec 31 (above) Total Liabilities & Equity Schedule of Acquistion-Date Fair-Value Allocation 1/1/2019 Schedule of Excess Amortization SAIDE On January 1, 2019, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $130,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31, 2022. Rand Corp. ($372,000) $264,000 Spaulding Inc ($108,000) $72,000 Revenues Expenses Equity in subsidiary earnings ($25,000) ($133,000) ($765,000) ($133,000) $84,000 ($814,000) ($36,000) ($102,000) ($36,000) $24,000 Net income Retained earnings, January 1, 2022 Net income (above) Dividends paid Retained earnings, December 31, 2022 ($114,000) Current assets $150,000 $2,000 Investment in Spaulding Inc. $242,000 $0 Buildings (net) $525,000 $85,000 $389,250 $1,306,250 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) Equipment (net) $129,000 Total assets $236,000 Liabilities ($50,000) ($72,000) Common stock Additional paid-in capital Retained earnings, December 31, 2022 (above) Total liabilities and stockholders' equity ($114,000) ($236,000) Required: 1. Show the Schedule of Acquistion-Date Fair-Value Allocation. 2. Show the Schedule of Excess Amortization. 3. Prepare a consolidation worksheet for this business combination. Rand Corportation and Consolidated Subsidiary Consolidation Worksheet For the Year Ended December 31, 2022 Consolidation Entries Accounts Rand Corp Spaulding Inc Debit Credit Consolidated ($372,000) $264,000 ($108,000) $72,000 Revenues Expenses $0 ($36,000) Equity in subsidiary earnings ($25,000) ($133,000) Net Income Statement of Retained Earnings Retained earnings 1/1 ($765,000) ($133,000) $84,000 ($814,000) ($102,000) ($36,000) $24,000 ($114,000) Net Income (Above) Dividends paid Retained earnings 12/31 Balance Sheet $150,000 $2,000 $0 Current assets Investment in Spaulding, Inc $242,000 Buildings (net) $525,000 $85,000 Equipment (net) $389,250 $129,000 Goodwill $0 $0 Total Assets $1,306,250 $236,000 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) ($50,000) ($72,000) S $0 ($114,000) ($236,000) Liabilities Common Stock Additional paid-in capital Retained Earnings, Dec 31 (above) Total Liabilities & Equity Schedule of Acquistion-Date Fair-Value Allocation 1/1/2019 Schedule of Excess Amortization SAIDE On January 1, 2019, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $130,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Following are the individual financial records for these two companies for the year ended December 31, 2022. Rand Corp. ($372,000) $264,000 Spaulding Inc ($108,000) $72,000 Revenues Expenses Equity in subsidiary earnings ($25,000) ($133,000) ($765,000) ($133,000) $84,000 ($814,000) ($36,000) ($102,000) ($36,000) $24,000 Net income Retained earnings, January 1, 2022 Net income (above) Dividends paid Retained earnings, December 31, 2022 ($114,000) Current assets $150,000 $2,000 Investment in Spaulding Inc. $242,000 $0 Buildings (net) $525,000 $85,000 $389,250 $1,306,250 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) Equipment (net) $129,000 Total assets $236,000 Liabilities ($50,000) ($72,000) Common stock Additional paid-in capital Retained earnings, December 31, 2022 (above) Total liabilities and stockholders' equity ($114,000) ($236,000) Required: 1. Show the Schedule of Acquistion-Date Fair-Value Allocation. 2. Show the Schedule of Excess Amortization. 3. Prepare a consolidation worksheet for this business combination. Rand Corportation and Consolidated Subsidiary Consolidation Worksheet For the Year Ended December 31, 2022 Consolidation Entries Accounts Rand Corp Spaulding Inc Debit Credit Consolidated ($372,000) $264,000 ($108,000) $72,000 Revenues Expenses $0 ($36,000) Equity in subsidiary earnings ($25,000) ($133,000) Net Income Statement of Retained Earnings Retained earnings 1/1 ($765,000) ($133,000) $84,000 ($814,000) ($102,000) ($36,000) $24,000 ($114,000) Net Income (Above) Dividends paid Retained earnings 12/31 Balance Sheet $150,000 $2,000 $0 Current assets Investment in Spaulding, Inc $242,000 Buildings (net) $525,000 $85,000 Equipment (net) $389,250 $129,000 Goodwill $0 $0 Total Assets $1,306,250 $236,000 ($82,250) ($360,000) ($50,000) ($814,000) ($1,306,250) ($50,000) ($72,000) S $0 ($114,000) ($236,000) Liabilities Common Stock Additional paid-in capital Retained Earnings, Dec 31 (above) Total Liabilities & Equity Schedule of Acquistion-Date Fair-Value Allocation 1/1/2019 Schedule of Excess Amortization SAIDE
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CONSOLIDATED WORKSHEET Rand Consolidated Spaulding Corporation Incorporation 108000 Consolidated Ent... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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