On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $48,900. Calvin Co. has one recorded asset, aspecialized production machine with a book value of $15,600 and no liabilities. The fair value of the machine is $68,100, and theremaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secretwith an estimated future life of 4 years. Calvin's total acquisition date fair value is $81,500.At the end of the year, Calvin reports the following in its financial statements:$ 55,35022,650$ 32,700$ 5,000MachineOther assets$ 14,04029, 260$ 15,60027,700$ 43,300RevenuesCommon stockExpensesRetained earningsNet incomeTotal assets$ 43,300Total equityDividends paidDetermine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest insubsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret.AmountNoncontrolling interest in subsidiary incomeTotal noncontrolling interestCalvin's machine (net accumulated depreciation)Process trade secret

Non Controlling Income is the income earned through owning the minority stake that is less than 50…

Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret. Amount Noncontrolling interest in subsidiary income Total noncontrolling interest Calvin's machine (net accumulated depreciation) Process trade secret

Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret. Amount Noncontrolling interest in subsidiary income Total noncontrolling interest Calvin's machine (net accumulated depreciation) Process trade secret

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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