Pie Corporation acquired 85 percent of Silce Company's common stock on December 31, 20X5, at underlying...
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Pie Corporation acquired 85 percent of Silce Company's common stock on December 31, 20X5, at underlying book value. The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 15 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5: Debit $ 20,300 65,800 91,000 208,000 103,300 24,050 31,460 14,200 Credit Cash Accounte Receivable Inventory Dulldinge and Bquipnent (net) Cont of Goode Sold Depreciation Expense other Operating Expenses Dividende Declared Aecounta Payable Notea Payable Comnon Stock atained arninge 32,960 116,000 15, 200 130, 500 200,250 1566,910 Sales Total E566,910 Required: a. How much did Pie pay to purchase its shares of Slice? (Round your answer to nearest whole dollar amount.) Punhase price Notes Payable Common Stoek Retained Earnings 118,000 85,200 130,500 200,250 S566,910 Sales Total $566,910 Required: a. How much did Pie pay to purchase its shares of Slice? (Round your answer to nearest whole dollar amount.) Purthase pnice b. If consolidated financial statements are prepared at December 31, 20X5, what amount will be assigned to the noncontrolling interest in the consolidated balance sheet? (Round your answer to nearest whole dollar amount.) Ponngest c. If Pie reported income of $144,250 from its separate operations for 20X5, what amount of consolidated net income will be reported c. If Ple reported income of $144,250 from its separate operations for 20X5, what amount of consolidated net income will be reported for 20X5? Consolidated net income d. If Pie had purchased its ownership of Slice on January 1, 20X5, at underlying book value and Pie reported income of $144,250 from its separate operations for 20X5, what amount of consolidated net income would be reported for 20X5? Consotidaled nat income Pie Corporation acquired 85 percent of Silce Company's common stock on December 31, 20X5, at underlying book value. The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 15 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5: Debit $ 20,300 65,800 91,000 208,000 103,300 24,050 31,460 14,200 Credit Cash Accounte Receivable Inventory Dulldinge and Bquipnent (net) Cont of Goode Sold Depreciation Expense other Operating Expenses Dividende Declared Aecounta Payable Notea Payable Comnon Stock atained arninge 32,960 116,000 15, 200 130, 500 200,250 1566,910 Sales Total E566,910 Required: a. How much did Pie pay to purchase its shares of Slice? (Round your answer to nearest whole dollar amount.) Punhase price Notes Payable Common Stoek Retained Earnings 118,000 85,200 130,500 200,250 S566,910 Sales Total $566,910 Required: a. How much did Pie pay to purchase its shares of Slice? (Round your answer to nearest whole dollar amount.) Purthase pnice b. If consolidated financial statements are prepared at December 31, 20X5, what amount will be assigned to the noncontrolling interest in the consolidated balance sheet? (Round your answer to nearest whole dollar amount.) Ponngest c. If Pie reported income of $144,250 from its separate operations for 20X5, what amount of consolidated net income will be reported c. If Ple reported income of $144,250 from its separate operations for 20X5, what amount of consolidated net income will be reported for 20X5? Consolidated net income d. If Pie had purchased its ownership of Slice on January 1, 20X5, at underlying book value and Pie reported income of $144,250 from its separate operations for 20X5, what amount of consolidated net income would be reported for 20X5? Consotidaled nat income
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Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
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