AMIS624X2G - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Exam II Summer 2009 Instructions: 1. Read each question carefully and answer fully.   Unless otherwise  specified,   subsidiaries   do   not   use   the   push-down   method   of  accounting.  All consolidations are handled as purchases (not pooling)  unless indicated.  All firms use a calendar year.  Use post-December  2008 GAAP unless otherwise told to do so.   Round all answers to  nearest whole dollar. 2. Problems not supported by relevant and readable computations are  subject to point loss.  Where appropriate, terms like “net income,” “net  loss,” etc. must be included with number answers. 3. Budget your time carefully.  It is generally better to finish half of each  problem than to complete all of half the problems.   Students who  continue to work on exams after instructed to stop will receive a zero  on this exam. 4. It is the student's responsibility to verify that all the listed problems  and   pages   are   contained   is   this   booklet.     Unanswered   questions  receive zero points regardless of reason. Problem Pages Approximate Points Approximate Time I 2 - 5 60 32 – 40 minutes II 6 - 8 40 22 – 27 minutes III 9 - 10 32 18 – 22 minutes IV 11 - 12 28 15 – 19 minutes Total 160 87 - 108 minutes
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Page 2 of 12 P ROBLEM  I Presented   below   is   the   partially   completed   worksheet   for   Parent   and   Sub  immediately after Parent acquired 70% of Sub.  The current and book value of all of Sub’s  recorded assets were the same except as follows.  Inventory (FIFO) has a fair value of $830.  (indefinite life) has a fair value of $540.  Long-term Liabilities (4 years remaining) has a  $550 current value.  The Sub was determined to have previously unrecorded Brand Name  worth $800.  The fair market value of the 30% non-controlling interest was $1,600 at the  acquisition date. Part A.  Required:  Complete the worksheet.  {15 points} 1 Jan 20x1 Parent Sub Adjustments Consolidated 1,100 1,500 Inventory 700 600 Property, P, E, net 1,400 900 Land 1,000 570 Investment in S 4,000 Current Liabilities 1,200 120 Long-term Liabilities 2,000 450 Common Stock 100 200 Ret. Earnings, end 4,900 2,800 8,200 8,200 3,570 3,570
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This note was uploaded on 08/06/2011 for the course AMIS 624 taught by Professor Wallin during the Summer '11 term at Ohio State.

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AMIS624X2G - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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