Question: Some additional test 1 Suggested Problems. 1. Consider the following information from the financial statements of Para Inc . and SIG Co. Separate income 450

Some additional test 1 Suggested Problems. 1. Consider the following information

Some additional test 1 Suggested Problems. 1. Consider the following information from the financial statements of Para Inc . and SIG Co. Separate income 450 Net income 300 100 Separate OCI S- OCI (P's share) 125 80 Provide the following: a. Total Consolidated Net Income b. Consolidated OCI c.Ps %, Consolidated OCI - d. P's %, Consolidated Net Income e. Total Consolidated Comprehensive Income f. P's %, Consolidated Comprehensive Income- 2. Assume the following data apply shortly after Perfunctory Co. acquires Serious, Inc.: P Co. (000s) S Co. (000s) 400 250 75 50 25 200 Assets Liabilities CS APIC/OCC RE P assets have a fair value-435k; S, identifiable assets have a fair value = 320k. P acquires 75% of S's outstanding voting stock for $165k cash. S' assets include pre-acquisition Goodwill of 40k, and P's assets (and S' liabilities) reflect a loan P has made to S for 10k. The DOA consolidated Balance Sheet should show: a. identifiable assets b. liabilities c. Common Stock d. APIC/OCc e. RE f. Goodwill (algebraic) 60 30 10

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