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Styles On January 1, 2017, Mission, Inc., acquired 100 percent of the common stock of Valley Company for $670,000 in cash and other fair-value consideration. Valley's fair value was allocated among its net assets as follows: Fair value of consideration transferred for Valley $670,000 Book value of Valley: Common stock and Additional Paid-In Capital (APIC) $130,000 Retained earnings 370,000 500,000 Excess fair value over book value to 170,000 Trademark (10-year remaining life) $ 40,000 Existing technology (5-year remaining life) 80,000 120,000 Goodwill $ 50,000 The December 31, 2018, trial balances for the parent and subsidiary follow (there were no intra-entity payables on that date): Revenues Cost of goods sold Depreciation expense Amortization expense Equity in subsidiary earnings Net income Mission $ 990,000) 500.000 100.000 55,000 (27,000) $_[412,000) Valley S (210,000) 90,000 5,000 18,000 -0- S (97,000) S (1,615,000 (412,000) 250.000 (1.607.000) $450,000) (97.000 40.000 Retained earnings 1/1/18 Net income Dividends declared Retained earnings 12/31/18 Focus Equity in subsidiary eamings Net income (77,000) $_(412,000) $ (97,000) Retained earnings 1/1/18 Net income Dividends declared Retained earnings 12/31/18 $(1,615,000) (412,000) 250,000 $ (1,777,000) $ (450,000) (97,000) 40.000 $_(507,000) $ 355,000 Current assets Investment in Valley Equipment (net) Trademark Existing technology Goodwill Total assets 960,000 767,000 765,000 235,000 -0- 450.000 $ 3,177,000 225,000 100,000 45,000 -0- $ 725,000 Liabilities Common stock Additional paid-in capital Retained earnings 12/31/18 Total liabilities and equity $_(780,000) (500,000) (120,000) (1,777,000) $3,177,000) (88,000) (100,000) (30,000) (507.000 $_(725,000) - Journal entries to be made on the books of Mission for 2018 regarding its investment in Valley Consolidation elimination entries for December 31, 2018 Consolidated financial statement worksheet for December 31, 2018 Styles On January 1, 2017, Mission, Inc., acquired 100 percent of the common stock of Valley Company for $670,000 in cash and other fair-value consideration. Valley's fair value was allocated among its net assets as follows: Fair value of consideration transferred for Valley $670,000 Book value of Valley: Common stock and Additional Paid-In Capital (APIC) $130,000 Retained earnings 370,000 500,000 Excess fair value over book value to 170,000 Trademark (10-year remaining life) $ 40,000 Existing technology (5-year remaining life) 80,000 120,000 Goodwill $ 50,000 The December 31, 2018, trial balances for the parent and subsidiary follow (there were no intra-entity payables on that date): Revenues Cost of goods sold Depreciation expense Amortization expense Equity in subsidiary earnings Net income Mission $ 990,000) 500.000 100.000 55,000 (27,000) $_[412,000) Valley S (210,000) 90,000 5,000 18,000 -0- S (97,000) S (1,615,000 (412,000) 250.000 (1.607.000) $450,000) (97.000 40.000 Retained earnings 1/1/18 Net income Dividends declared Retained earnings 12/31/18 Focus Equity in subsidiary eamings Net income (77,000) $_(412,000) $ (97,000) Retained earnings 1/1/18 Net income Dividends declared Retained earnings 12/31/18 $(1,615,000) (412,000) 250,000 $ (1,777,000) $ (450,000) (97,000) 40.000 $_(507,000) $ 355,000 Current assets Investment in Valley Equipment (net) Trademark Existing technology Goodwill Total assets 960,000 767,000 765,000 235,000 -0- 450.000 $ 3,177,000 225,000 100,000 45,000 -0- $ 725,000 Liabilities Common stock Additional paid-in capital Retained earnings 12/31/18 Total liabilities and equity $_(780,000) (500,000) (120,000) (1,777,000) $3,177,000) (88,000) (100,000) (30,000) (507.000 $_(725,000) - Journal entries to be made on the books of Mission for 2018 regarding its investment in Valley Consolidation elimination entries for December 31, 2018 Consolidated financial statement worksheet for December 31, 2018