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1. During 20x4, the Peters Company declared and paid $100,000 in dividends while
the Seto Company declared and paid $40,000. 2. On December 31, 20x4, Seto still owes Peters for management fees earned during
20x4. Fees of $25,000 have been charged by Peters and none of this amount has
been paid by Seto in 20x4. 3. Goodwill has been tested for impairment in both 20x3 and 20x4. The test
procedures found impairment of $16,000 in 20x3, an amount that was recognized
as a Goodwill Impairment Loss in that year. A further impairment of $20,000 was
found in 20x4. Required:
4. Prepare a consolidated statement of income and retained earnings for the year
ended December 31, 20x4.
Provide a proof of the ending Consolidated Retained balance.
Prepare the consolidated statement of financial position as at December 31, 20x4.
Provide a reconciliation of the NonControlling Interest account (on the statement
of financial position) from the opening balance to the ending balance. © CMA Ontario, 2011 12 of 20 CMA Accelerated Program - 2011/2012 Lecture Student Weekly File - Week 10 Accelerated Program
Week 10 Work Plan
Suggested study plan for this week:
Primary List Secondary List 1. Review what we did in class on Saturday. 2. Foreign Currency Transactions
• Problems 1, 2, 3, 4
• Prepare IC14 (Charlie), IC16 (Zip) and IC20 these will be taken up next week 3. Foreign Currency Translation
• Problems 2, 3, 4, 5
• Prepare IC19 (Cancorp) - will be taken up next
week) 4. Prepare the following problem on Investments will be taken up next week:
• IC11 – Passy/Sassy 5. Prepare Week 9 Quiz. © CMA Ontario, 2011 13 of 20 CMA Accelerated Program - 2011/2012 Lecture Student Weekly File - Week 10 Problem 11 – Investments
On January 1, 20x2, Pantry Ltd. purchased 70% of the common shares of Santry Ltd. for
$506,100. Financial data for Santry Ltd. are as follows:
Statement of Financial Position
January 1, 20x2
Accumulated depreciation Current liabilities
Bonds payable at 12% interest
Retained earnings Book value Fair market value
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