Advanced Financial Accounting
Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
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Chapter 5, Problem 5.4E

a.

To determine

Introduction: Consolidate balance sheet reflects the financial position of the parent and its subsidiary company on a particular date. Usually, businesses that operate as a group prepare a consolidated balance sheet to show the combined results of the group 

The amount of inventory to be mentioned in the consolidated balance sheet.

b.

To determine

Introduction: Consolidate balance sheet reflects the financial position of the parent and its subsidiary company on a particular date. Usually, businesses that operate as a group prepare a consolidated balance sheet to show the combined results of the group 

The amount of land to be mentioned in the consolidated balance sheet.

c.

To determine

Introduction: Consolidate balance sheet reflects the financial position of the parent and its subsidiary company on a particular date. Usually, businesses that operate as a group prepare a consolidated balance sheet to show the combined results of the group 

The amount of building and equipment (net) to be mentioned in the consolidated balance sheet.

d.

To determine

Introduction: Consolidate balance sheet reflects the financial position of the parent and its subsidiary company on a particular date. Usually, businesses that operate as a group prepare a consolidated balance sheet to show the combined results of the group 

The amount of goodwill to be mentioned in the consolidated balance sheet.

e.

To determine

Introduction: Consolidate balance sheet reflects the financial position of the parent and its subsidiary company on a particular date. Usually, businesses that operate as a group prepare a consolidated balance sheet to show the combined results of the group 

The amount of investment to be mentioned in the consolidated balance sheet.

f.

To determine

Introduction: Consolidate balance sheet reflects the financial position of the parent and its subsidiary company on a particular date. Usually, businesses that operate as a group prepare consolidated balance sheet to show the combined results of the group 

The amount of non-controlling interest to be mentioned in the consolidated balance sheet.

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Professor Corporation acquired 70 percent of Scholar Corporation's common stock on December 31, 20X4, for $102,200. The fair value of the noncontrolling interest at that date was determined to be $43,800. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Scholar Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Assets Cash Professor Scholar Corporation Corporation $50,300 Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Scholar Corporation Total Assets Liabilities & Equity Accounts payable Mortgage payable Common stock Retained earnings NCI in Net assets of Scholar Corporation Total Liabilities & Equity 90,000 130,000 60,000 410,000 (150,000) 102,200 $ 692,500 $152,500 250,000…
Professor Corporation acquired 70 percent of Scholar Corporation's common stock on December 31, 20X4, fr $102,200. The fair value of the noncontrolling interest at that date was determined to be $43,800. Data from the balance sheets of the two companies Included the following amounts as of the date of acquisition: Item Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation. Investment in Scholar Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Professor Corporation $ 50,300 90,000 Scholar Corporation $21,000 44,000 130,000 75,000 60,000 30,000 410,000 250,000 (150,000) (80,000) 102,200 $ 692,500 $340,000 $ 152,500 $ 35,000 250,000 180,000 80,000 40,000 210,000 85,000 $ 692,500 $340,000 At the date of the business combination, the book values of Scholar's assets and liabilities approximated fair value except for Inventory, which had a fair value of $81,000, and…
please make sure you are using the values in this question because they are differerent

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Advanced Financial Accounting

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