Patty Corporation acquired 100 percent of Oliver Company's outstanding common stock on January 1, 2021 for $639,000 in cash. Oliver reported net assets with a carrying amount of $374,000 at that time. Some of Oliver's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows: Trademarks (indefinite life) Customer relationships (5-year remaining life) Equipment (10-year remaining life) S Book Fair Values Values 101,50 $249,50 0 0 364.00 0 0 91,200 323,80 0 Any goodwill is considered to have an indefinite life with no impairment charges during the year. Assume Patty applies the equity method to account for its investment in Oliver. In year 2021, Oliver reported net income of $350,600 and declared dividend of $98,000. The amount of Equity in Oliver Earnings reported on Patty's financial record before consolidation would be: O $350.600 O $328,340 Ⓒ$252.600 O $336,380

Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, in exchange for $342,000 in cash. The subsidiary's stockholders' equity accounts totaled $326,000, and the noncontrolling interest had a fair value of $38,000 on that day. However, a building (with a nine-year remaining life) in Brey's accounting records was undervalued by $18,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (six-year remaining life).   Brey reported net income from its own operations of $64,000 in 2019 and $80,000 in 2020. Brey declared dividends of $19,000 in 2019 and $23,000 in 2020.   Brey sells inventory to Pitino as follows:   Year Cost to Brey Transfer Price to Pitino Inventory Remaining at Year-End (at transfer price) 2019 $ 69,000   $ 115,000   $ 25,000   2020   81,000     135,000     37,500   2021   92,800     160,000     50,000       At December 31, 2021, Pitino owes Brey $16,000 for inventory acquired during the…

On January 1, 2019, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. This included a $50,000 control premium. Carper reported common stock on that date of $420,000 with retained earnings of $242,000. A building was undervalued in the company's financial records by $28,000. This building had a ten-year remaining life. Copyrights of $80,000 were to be recognized and amortized over 20 years.Carper earned income and paid cash dividends as follows:    NI Div Paid 2019 $150,000 $33,600 2020 $166,400 $55,600 2021 $184,000 $75,000  On December 31, 2021, Vacker owed $20,800 to Carper. There have been no changes in Carper's common stock account since the acquisition. 2. Calculate the following amounts for individual accounts: the balance of investment in Carper on Vacker’s book on Dec 31st 2020; noncontrolling interest on consolidated financial statement on Dec 31st, 2020); and the balance of noncontrolling interest on Dec 31st 2021. 3. List all…

Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, in exchange for $351,000 in cash. The subsidiary's stockholders' equity accounts totaled $335,000, and the noncontrolling interest had a fair value of $39,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $15,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (four-year remaining life).   Brey reported net income from its own operations of $65,000 in 2019 and $81,000 in 2020. Brey declared dividends of $19,500 in 2019 and $23,500 in 2020.   Brey sells inventory to Pitino as follows:   Year Cost to Brey Transfer Price to Pitino Inventory Remaining at Year-End (at transfer price) 2019 $ 70,000   $ 120,000   $ 26,000   2020   77,000     140,000     38,000   2021   99,000     165,000     40,000       At December 31, 2021, Pitino owes Brey $17,000 for inventory acquired during the…