The consolidated balance sheet for Pand S Companies on the date ofacquisition will include: *Current Assets of $240,000Current Liabilities of $118,000Noncontrolling Interest of $87,500O Land of $250,000None of the options is correctO O O O P Company purchased 80% of theoutstanding common stock of SCompany on January 2, 2011, for$360,000. And any differencebetween the value implied by thepurchase price of the investment andthe book value of net assets acquiredrelates to subsidiary land. The bookvalues of S Company's other assetsand liabilities are equal to their fairvalues. Balance sheets for PCompany and S Companyimmediately after the stockacquisition were as follows:P Company$ 166,000S CompanyS 80,000Current assetsInvestment in S CompanyPlant and equipment (net)360,000-0-560,000224,000Land40,000120,000Total$1.126,000$424,000$ 100,000$ 28,000Current liabilitiesLong-term notes payableCommon stock-0-36,000480,000160,000Other contributed capitaRetained earnings244,00064,000302,000136,000$424,000Total$1.126,000

Name: The consolidated balance sheet for Pand S Companies on the date ofacq
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The consolidated balance sheet for Pand S Companies on the date ofacquisition will include: *Current Assets of $240,000Current Liabilities of $118,000Noncontrolling Interest of $87,500O Land of $250,000None of the options is correctO O O O P Company

Acquisition accounting is a collection of structured rules that describe how a buyer would disclose…

Business

Accounting

The consolidated balance sheet for P and S Companies on the date of acquisition will include: * Current Assets of $240,000 Current Liabilities of $118,000 Noncontrolling Interest of $87,500 Land of $250,000 None of the options is correct O O O O

The consolidated balance sheet for P and S Companies on the date of acquisition will include: * Current Assets of $240,000 Current Liabilities of $118,000 Noncontrolling Interest of $87,500 Land of $250,000 None of the options is correct O O O O

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Dimensions
Compute for the Consolidated Total Asset.
1. What is the consolidated assets as of date of acquisition? 2. What is the consolidated equity as of date of acquisition?
H1. Account
Review of pre-consolidation equity method (controlling investment in affiliate, fair value differs from book value) Assume an investee has the following financial statement information for the three years ending December 31, 2019: (At December 31) 2019 2018 2017 Current assets $285,000 $277,500 $207,000 Tangible fixed assets 662,500 575,000 563,000 Intangible assets 40,000 45,000 50,000 Total assets $987,500 $897,500 $820,000 Current liabilities $120,000 $110,000 $100,000 Noncurrent liabilities 266,250 242,500 220,000 Common stock 100,000 100,000 100,000 Additional paid-in capital 100,000 100,000 100,000 Retained earnings 400,000 345,000 300,000 Stockholders' equity 600,000 545,000 500,000 Total liabilities and equity $986,250 $897,500 $820,000 (For the years ended December 31) 2019 2018 2017 Revenues $970,000 $920,000 $850,000 Expenses 875,000 840,000 775,000 Net income $95,000 $80,000 $75,000 Dividends $40,000 $35,000 $25,000…
What is the Goodwill (Gain on Bargain Purchase) ?
a. Determine the goodwill or gain on bargain purchase from the above acquisition if the NCI is to be valued on a proportionate b. Determine the balance of the NCI in FC’s consolidated financial statements.
PCn reported the book value of its net assets at $200,000 when Z Co acquired 100 % ownership The fair value of P's net assets was determined to be $255,000 on that date, what amount of goodwil will be reported in consolidated financial statements presented immediately following the combination if 2 paid $330,000 for the acquisition Select one 25,000 Ob 20.000 €75,000