project3Morgan.xlsx - a Determine the consolidated balances...

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a. PALOMA CORPORATION AND SAN MARCO COMPANY Consolidation Worksheet For Year Ending December 31, 2015 Paloma San Marco NCI Revenues (1,843,000) (675,000) Cost of goods sold 1,100,000 322,000 Depreciation expense 125,000 120,000 Amortization expense 275,000 11,000 80,000 Interest expense 27,500 7,000 Equity in San Marco Income (121,500) 121,500 Separate company net income (437,000) (215,000) Consolidated net income - - NCI in CNI - - (13,500) Controlling interest in CNI - - Retained Earnings 1/1 (2,625,000) (395,000) 395,000 Net Income (437,000) (215,000) Dividends declared 350,000 25,000 22,500 2,500 Retained Earnings 12/31 (2,712,000) (585,000) Current Assets 1,204,000 430,000 Investment in San Marco 1,854,000 - 22,500 1,876,500 Customer base - - 720,000 80,000 Buildings and Equipment 931,000 863,000 Copyrights 950,000 107,000 Goodwill - - 375,000 Total Assets 4,939,000 1,400,000 Accounts Payable (485,000) (200,000) Notes Payable (542,000) (155,000) NCI in San Marco - - (195,000) - Common Stock (900,000) (400,000) 400,000 Additional Paid-In Capital (300,000) (60,000) 60,000 Retained Earnings 12/31 (2,712,000) (585,000) Total Liab. and SE (4,939,000) (1,400,000) 2,174,000 1,979,000 (206,000) b. Determine the consolidated balances for this business combinaton as of December 31, 2015. (For a where multple consolidaton entries are required, combine all debit entries into one amount and en amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount
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