Comprehensive Review Question 3 Priti and Sita.docx

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SENECA COLLEGE OF CONTINUING EDUCATION COMPREHENSIVE PROBLEM ON CONSOLIDATED FINANCIAL STATEMENTS COMPREHENSIVE REVIEW PROBLEM 2 – PRITI AND SITA Comprehensive Review Question 2 – Priti and Sita The following are the Year 6 financial statements of Priti Corporation and its subsidiary, Sita Company : P a g e 1 | 4
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SENECA COLLEGE OF CONTINUING EDUCATION COMPREHENSIVE PROBLEM ON CONSOLIDATED FINANCIAL STATEMENTS COMPREHENSIVE REVIEW PROBLEM 2 – PRITI AND SITA Additional Information 1. On January 1, Year 3, Priti purchased 80% of the ordinary shares of Sita for $195,000. On that date, Sita had retained earnings of $20,000, and the carrying amounts of its identifiable net assets were equal to fair values except for: Accounts Receivable, the market value was $14,000 higher than the book value. Inventory, the market value was less than the carrying value by $15,000 Plant and Equipment with a remaining useful life of 8 years, had a carrying value on less than the fair value by $36,000.
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