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3 5 points Problem 3-34 (Static) (LO 3-3a, 3-3b, 3-7) Branson paid $465,000 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2020. On that date, the subsidiary had a book value of $340,000 (common stock of $200,000 and retained earnings of $140,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $100,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $50,000 if Wolfpack's income exceeded $120,000 total over the first two years after the acquisition. At the acquisition date, Branson estimated the probability-adjusted present value of this contingent consideration at $35,000. On December 31, 2020, based on Wolfpack's earnings to date, Branson increased the value of the contingency to $40,000. During the subsequent two years, Wolfpack reported the following amounts for income and dividends: 2020 2021 Net Income $ 65,000 75,000 Dividends Declared $ 25,000 35,000 In keeping with the original acquisition agreement, on December 31, 2021, Branson paid the additional $50,000 performance to Wolfpack's previous owners. Return to question Prepare each of the following: a. Branson's entry to record the acquisition of the shares of its Wolfpack subsidiary. b. Branson's entries at the end of 2020 and 2021 to adjust its contingent performance obligation for changes in fair value and the December 31, 2021, payment. c. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. d. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the initial value method. Required A Required B Answer is not complete. Complete this question by entering your answers in the tabs below. Required C Required D 5 points In keeping with the original acquisition agreement, on December 31, 2021, Branson paid the additional $50,000 performance fee to Wolfpack's previous owners. Prepare each of the following: a. Branson's entry to record the acquisition of the shares of its Wolfpack subsidiary. b. Branson's entries at the end of 2020 and 2021 to adjust its contingent performance obligation for changes in fair value and the December 31, 2021, payment. c. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. d. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the initial value method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Branson's entry to record the acquisition of the shares of its Wolfpack subsidiary. (If no entry is required for a transaction/event, select "No journal entry required" i the first account field.) General Journal No X Answer is not complete. 1 Transaction 1 Required D Investment in Wolfpack Contingent performance obligation Cash Debit 500,000 Credit 35,000 465,000 Complete this question by entering your answers in the tabs below. Required A Required B Required C Branson's entries at the end of 2020 and 2021 to adjust its contingent performance obligation for changes in fair value and the December 31, 2021, payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 2 3 Date 12/31/2020 X Answer is not complete. 12/31/2021 12/31/2021 Required D General Journal Loss from increase in contingent performance obligation Contingent performance obligation Loss from increase in contingent performance obligation Contingent performance obligation Contingent performance obligation Cash Debit 5,000 10,000 50,000 Credit 5,000 10,000 50,000 3 5 points Complete this question by entering your answers in the tabs below. Required A Required B Required C No 1 Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2 3 4 5 6 Event S A I D E Required D Royalty agreements Goodwill Common stock - Wolfpack Retained earnings - Wolfpack Investment in Wolfpack > Answer is not complete. Investment in Wolfpack Equity earnings of Wolfpack Investment in Wolfpack Investment in Wolfpack Dividends declared Amortization expense Royalty agreements No journal entry required Accounts Debit 200,000 X 180,000 X 90,000 X 60,000 X 65,000 X 35,000 X Return question 10,000 X Credit 380,000 X 150,000 X 65,000 X 35,000 x 10,000 X 3 5 points Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the initial value method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 2 3 Event > Answer is not complete. S A Investment in Wolfpack Retained earnings - Branson Common stock - Wolfpack Retained earnings - Wolfpack Investment in Wolfpack Royalty agreements Account Debit 30.000 200,000 180,000 Credit 30,000 380,000