Question: What am i missing? It says the answer is not complete. Pacre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on

Pacre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021. for 5680.000 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $850,000 although Sierra's book value was only $600.000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land mussaing and equipment 110-year remaining 116) Copyright (20-year renting life) Notes payable Idee in years) noek VALG $ 60,000 225.000 100,000 (130.000) Yalr Value $ 225,000 250.000 200.000 (120,000) For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies Padite Serra Revenues 541,360,000) $540,000) Cort of goods sold 700,000 385.000 Depreciation expense 260,000 10.000 Astotisation expense 0 5.000 Interest expense 46.000 5.000 ity in inone of time (105.0001 0 det inte $(461,000) 07135,000) Retained earning, 11/21 301,265,000 34440,000) et non (461,000) (225,000) Dividende declared 260.000 65.000 Narained earnings. 12/31/21 ${1,455.000) (510,000) Current assets 365.000 3528,000 Tin Bierta 9)).000 Land 293.000 60,000 lluildings and equipment (not #77.000 265,000 Copyright 0 95.000 total at 2.162.000 68.000 Nont payable $(191.000) BERG.000 Notes payable (460,000) (130,000) Con tok 300.000 (100.000) Misional paid in capital (450.000) (60.000 Retained sarnybove 1,465,000 10.000) Total liabilities and equities $12.867.000) 04949.000) At year-end, there were no intra-entky receivables or payables, Prepare a worksheet to consolidate the financial statements of these two companies (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) % Answer is not complete. PADRE INC., AND SIERRA CORPORATION Consolidated Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Padre Sierra Debit Credit Noncontrolling Interest Consolidated Totals Revenues s 1,900,000 $ (1,360,000) 700,000 260,000 0 1,085,000 2,500 $(540,000) 385,000 10,000 5,000 5,000 0 $(135,000) 5,000 1,250 267,500 10,000 50,250 0 44,000 (105,000) $ (461,000) 105,000 $ 26,250 487 250 26,250 461,000 $ 440,000 $ 1,265,000 461,000 260,000 52,000 13,000 $ 1,466,000 Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Separate company net income Consolidated net income Ni to noncontrolling interest Ni to Padre Company Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable NCI in Sierra 1/1 NCI in Sierra 12/31 Common stock Additional paid in capital Retained earnings (above) Total liabilities and equities $ $ (1.265,000) (461,000) 260,000 $ (1.466,000) $ 965,000 733,000 292,000 877,000 0 $ 2,867,000 $ (191,000) (460,000) $(440,000) (135,000) 65,000 $(510,000) $ 528,000 0 60,000 265,000 95,000 $948,000 $(148,000) (130,000) 1,493,000 0 785,000 52,000 165,000 2,500 100,000 25,000 5,000 517,000 1,119,500 190.000 3,319,500 339,000 581,250 000 $ $ 10,000 > 1,250 170,000 $ 13,250 (300,000) (450,000) (1.466,000) 100,000 60,000 (100,000) (60,000) (510,000) S(948,000) 183,250 300,000 450,000 1,466,000 $ 1,040,750 (2,867,000) $ 1.040,750 s 3,319,500
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