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Power Company owns 90 percent of Pleasantdale Dairy's stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition...

Power Company owns 90 percent of Pleasantdale Dairy's stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts:

               

                                                  Power Company           Pleasantdale Dairy

 Assets                                             

 Cash & Receivables      $                143,000         $             71,000 

 Inventory                                          211,000                        91,000 

 Land                                                  77,000                          42,000 

 Buildings & Equipment (net)             396,000                       221,000 

 Investment in Pleasantdale Stock   268,200                      _____________

                Total Assets     $                1,095,200     $             425,000 

               

 Liabilities & Stockholders' Equity                                                         

 Current Payables          $                 77,000          $             31,000 

 Long-Term Liabilities                       234,200                       116,000 

 Common Stock                                 397,000                       69,000 

 Retained Earnings                             387,000                      209,000  

 

 Total Liabilities & Stockholders' Equity  $1,095,200       $             425,000 


The fair value of the noncontrolling interest at the date of acquisition was determined to be $29,800. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $14,000 plus $1,100 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.


Required:

A consolidated balance sheet worksheet is needed. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting 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.)

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