Chapter 1 Test Bank - CPA Diary
Chapter 8 Test Bank
CONSOLIDATIONS - CHANGES IN OWNERSHIP INTERESTS
|Multiple Choice Questions |
LO1
|1. | |Which of the following is correct? The direct sale of additional shares to the parent company from a subsidiary |
| |
| | |a. |decreases the parent’s interest and decreases the noncontrolling shareholders’ interest. |
| | |b. |decreases the parent’s interest and increases the noncontrolling shareholders’ interest. |
| | |c. |increases the parent’s interest and increases the noncontrolling shareholders’ interest. |
| | |d. |increases the parent’s interest and decreases the noncontrolling shareholders’ interest. |
| | | | |
|Use the following information in answering questions 2 and 3. |
| |
|On December 31, 2006, Giant-Petrel Corporation’s Investment in Penguin Corporation account had a balance of $525,000. The balance consisted|
|of 80% of Penguin’s $600,000 stockholders’ equity on that date and $45,000 of goodwill. On January 2, 2007, Penguin increased its |
|outstanding common stock from 15,000 to 18,000 shares. |
LO1
|2. | |Assume that Penguin sold the additional 3,000 shares directly to Giant-Petrel for $150,000 on January 2, 2007. Giant-Petrel’s |
| | |percentage ownership in Penguin immediately after the purchase of the additional stock is |
| | | | | | | | |
| | |a. |66-2/3%. | | | | |
| | |b. |80%. | | | | |
| | |c. |83-1/3%. | | | | |
| | |d. |86-2/3% | | | | |
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LO1
|3. | |Assume that Penguin sold the additional 3,000 shares to outside interests for $150,000 on January 2, 2007. Giant-Petrel’s |
| | |percentage ownership immediately after the sale of stock would be |
| | | | | | | | |
| | |a. |66-2/3%. |
| | |b. |75%. |
| | |c. |80%. |
| | |d. |83-1/3%. |
|Use the following information in answering questions 4 and 5. |
| |
|Bristlebird Corporation purchased an 80% interest in Underbrush Corporation on July 1, 2005 at its book value, and on January 1, 2006 its |
|Investment in Underbrush account was $300,000, equal to its book value. Underbrush’s net income for 2006 was $99,000; no dividends were |
|declared. On March 1, 2006, Bristlebird reduced its interest in Underbrush by selling a 20% interest, one-fourth of its investment, for |
|$84,000. |
| |
LO1
|4. | |If Bristlebird uses a “beginning-of-the-year” sale assumption, its gain on sale and income from Underbrush for 2006 will be |
| | | | |
| | |a. | $5,700 $59,400. |
| | |b. | $5,700 $62,700. |
| | |c. | $9,000 $59,400. |
| | |d. | $9,000 $62,700. |
| | | | |
LO1
|5. | |If Bristlebird uses the “actual-sale-date” sales assumption, its gain on the sale and income from Underbrush for 2006 will be:|
| |
| | | |Gain on Sale Income from Underbrush |
| | |a. | $21,360 $59,400 |
| | |b. | $21,360 $62,700 |
| | |c. | $26,640 $59,400 |
| | |d. | $26,640 $62,700 |
| | | | |
LO1
|6. | |On January 1, 2006, Finch Corporation owned a 90% interest in Nest Corporation at which time the Investment in Nest account |
| | |had a balance of $350,000, which was 90% of Nest’s $370,000 in stockholders’ equity and $17,000 of goodwill. During 2006, Nest|
| | |had income of $35,000 and paid dividends of $3,000 on June 1 and another $3,000 on November 1. On May 1, 2006, Finch sold |
| | |one-fifth of its interest in Nest for $92,000. If the “beginning-of-the-period” sales assumption is used, the balance in the |
| | |Investment in Nest account on December 31, 2006 is |
| |
| | |a. |$300,300. |
| | |b. |$300,880. |
| | |c. |$304,480. |
| | |d. |$306,100. |
| | | | |
LO1
|7. | |On January 1, 2006, Finch Corporation owned a 90% interest in Nest Corporation at which time the Investment in Nest account |
| | |had a balance of $350,000, which was 90% of Nest’s $370,000 in stockholders’ equity and $17,000 of goodwill. During 2006, Nest|
| | |had income of $35,000 and paid dividends of $3,000 on June 1 and another $3,000 on November 1. What would be the balance in |
| | |the Investment in Nest account on December 31, 2006 if Finch sold one-ninth of its interest in Nest on May 1, 2006 for $47,000|
| | |and the “beginning-of-the-period” sales assumption is used? |
| |
| | |a. |$333,333. |
| | |b. |$334,311. |
| | |c. |$336,333. |
| | |d. |$336,711. |
| | | | |
|Use the following information for questions 8 and 9. |
| | | |
|Button-quail Corporation owned a 70% interest in Savannah Corporation on December 31, 2006, and Button-quail’s Investment in Savannah |
|account had a balance of $3,900,000. Savannah’s stockholders’ equity on this date was as follows: |
| | | | |
|Capital stock, $10 par value |$ |3,000,000 | |
|Retained Earnings | |2,400,000 | |
|Total Stockholders’ Equity |$ |5,400,000 | |
| | | | |
|On January 1, 2007, Savannah issues 80,000 new shares of common stock to Button-quail for $16 each. |
LO1
|8. | |What is Button-quail’s percentage ownership in Savannah after Savannah issues its stock to Button-quail? |
| |
| | |a. |76.32%. |
| | |b. |80.43%. |
| | |c. |82.57%. |
| | |d. |83.43%. |
LO1
|9. | |Assuming that Savannah has no fixed assets, what is the amount of goodwill associated with the issuance of shares to |
| | |Button-quail? |
| |
| | |a. |$38,176. |
| | |b. |$40,232. |
| | |c. |$41,302. |
| | |d. |$41,732. |
|Use the following information for questions 10, and 11. |
| | | |
|Great Frigatebird Corporation acquired a 90% interest in Slipstream Corporation at its $810,000 book value on December 31, 2005. A summary |
|of the stockholders’ equity for Slipstream at the end of 2005 and 2006 is as follows: |
| | | |12/31/05 | |12/31/06 |
|Capital stock, $10 par | |$ |600,000 |$ |600,000 |
|Additional paid-in capital | | |30,000 | |30,000 |
|Retained Earnings | | |270,000 | |420,000 |
|Total stockholders’ equity | |$ |900,000 |$ |1,050,000 |
| | | | | | |
|On January 1, 2007, Slipstream sold 10,000 new shares of its $10 par value common stock for $45 per share. |
LO1
|10. | |If Slipstream sold the additional shares to the general public, Great Frigatebird’s Investment in Slipstream account after the|
| | |sale would be |
| | | | |
| | |b. |$1,157,100. |
| | |c. |$1,225,000. |
| | |d. |$1,245,000. |
LO1
|11. | |If Slipstream sold the additional shares directly to Great Frigatebird, Great Frigatebird’s Investment in Slipstream account |
| | |after the sale would be |
| | | | |
| | |a. |$1,350,000. |
| | |b. |$1,395,000. |
| | |c. |$1,425,000. |
| | |d. |$1,500,000. |
LO2
|12. | |Which of the following is correct about the treatment of preacquisition earnings on consolidated financial statements? |
| | | |
| | |I. Exclude the subsidiary sales and expenses prior to acquisition from consolidated sales and expenses. |
| | | |
| | |II. Include the subsidiary sales and expenses prior to acquisition and deduct preacquisition income as a separate item. |
| | | | |
| | |a. |I only. |
| | |b. |II only. |
| | |c. |I or II. |
| | |d. |Neither I nor II. |
LO1
|13. | |If a parent company and outside investors purchase shares of a subsidiary in relation to existing stock ownership (ratably) |
| | | | |
| | |a. |there will be no adjustment to additional paid-in capital regardless whether the stock is sold above or below book |
| | | |value. |
| | |b. |the transaction will requirement an investment account adjustment. |
| | |c. |the transaction will require the elimination of a gain if it was conducted at economic arm's length. |
| | |d. |the transaction will require the elimination of a loss if it was conducted at economic arm's length. |
LO2
|14. | |Heron Corporation acquired 40% of WatersEdge Inc.’s common stock for $400,000 book value on January 1, 2006 when WatersEdge |
| | |equity consisted of $500,000 capital stock and $500,000 retained earnings. On September 1, 2006 Heron bought an additional |
| | |30% interest in WatersEdge for $210,000. In both cases, Watersedge book value equaled the fair value. |
| | | |
| | |WatersEdge had income of $120,000 earned evenly through 2006 and paid dividends quarterly of $25,000. |
| | | |
| | |The consolidated income statement of Heron Corporation and Subsidiary for the year 2006 should show pre-acquisition income of:|
| | | | | | | | |
| | |a. |$ 5,333. |
| | |b. |$ 8,000. |
| | |c. |$32,000. |
| | |d. |$56,000. |
| | | | |
|Use the following information to answer questions 15 through 18. |
| |
|Bowerbird Corporation purchased a 70% interest in Stage Corporation on June 1, 2006 at a purchase price of $390,400. On this date, Stage’s |
|book values were equal to its fair values except for an unrecorded copyright, and its stockholders’ equity consisted of $290,000 of Common |
|Stock and $210,000 of Retained Earnings. All cost-book differentials were attributed to the copyright, which had an estimated economic life|
|of ten years. |
| |
|During 2006, Stage earned $120,000 of net income earned uniformly throughout the year and paid $6,000 of dividends on March 1 and another |
|$6,000 on September 1. |
LO2
|15. | |Minority interest income for 2006 is |
| | | | |
| | |a. |$36,000. |
| | |b. |$32,400. |
| | |c. |$61,200. |
| | |d. |$50,000. |
LO2
|16. | |Preacquisition income for 2006 is |
| | | | |
| | |a. |$50,000. |
| | |b. |$35,000. |
| | |c. |$44,000. |
| | |d. |$36,000. |
LO2
|17. | |The value of the copyright that is included in Bowerbird’ Investment in Stage account on June 1, 2006 is |
| | | | |
| | |a. |$ 2,600. |
| | |b. |$ 5,400. |
| | |c. |$ 9,600. |
| | |d. |$10,400. |
LO2
|18. | |The amortization expense recorded for the copyright in 2006 is: |
| | | | |
| | |a. |$315. |
| | |b. |$560. |
| | |c. |$815. |
| | | d. |$960. |
LO3
|19. | |The acquisition of treasury stock by a subsidiary above book value |
| | | | |
| | |a. |decreases the parent’s share of subsidiary book value and decreases the parent’s ownership percentage. |
| | |b. |decreases the parent’s share of subsidiary book value and increases the parent’s ownership percentage. |
| | |c. |increases the parent’s share of subsidiary book value and decreases the parent’s ownership percentage. |
| | |d. |increases the parent’s share of subsidiary book value and increases the parent’s ownership percentage. |
LO3
|20. | |A stock dividend by a subsidiary causes |
| | | | |
| | |a. |the parent company investment account to decrease. |
| | |b. |the parent company investment account to remain the same. |
| | |c. |the parent company investment account to decrease. |
| | |d. |any noncontrolling interest equity to increase. |
| | | | |
LO1
Exercise 1
|At December 31, 2004, the stockholders’ equity of Goshawk Corporation and its 80%-owned subsidiary, Treetop Corporation, are as follows: |
| |
|Required: Compute the following: |
| | |
|1. |Compute the balance in Goshawk’s Investment in Treetop account on January 1, 2005 after the new investment is recorded. |
| | |
|2. |Determine the goodwill (if any) from Goshawk’s new investment in the 225 Treetop shares. |
| | |
LO1
Exercise 2
|At the beginning of 2006, Starling Corporation held an 80% interest in Twig Corporation. The investment account balance was $900,000, |
|consisting of 80% of Twig’s $1,095,000 of net assets and $24,000 of goodwill. |
| |
|During 2006, Twig uniformly earned $234,000 and paid dividends of $37,500 on April 1 and again on October 1. On August 1, 2006, Starling |
|sold 30% of its investment in Twig for $262,500, thereby reducing its interest in Twig to 56%. |
|Required: Compute the following using the actual sales date assumption: |
| | |
|1. |Gain or loss on sale. |
| | |
|2. |Income from Twig for 2006. |
| | |
|3. |Noncontrolling interest for 2006. |
LO1
Exercise 3
|At the beginning of 2006, Flycatcher Corporation held a 60% interest in Lichen Corporation. The investment account balance was $2,100,000, |
|consisting of 60% of Lichen’s $3,226,666 of net assets and $164,000 of goodwill. |
| |
|During 2006, Lichen earned $300,000 and paid dividends of $110,000 on November 1. On October 1, 2006, Flycatcher sold 10% of its investment|
|in Lichen for $364,000, thereby reducing its interest in Lichen to 54%. |
|Required: Compute the following using the actual sales date assumption: |
| | |
|1. |Gain or loss on sale. |
| | |
|2. |Income from Lichen for 2006. |
| | |
|3. |Noncontrolling interest expense for 2006. |
LO1
Exercise 4
|At December 31, 2005 year-end, Lapwing Corporation’s investment in Openground Inc. was 200,000 consisting of 80% of Openground’s $250,000 |
|stockholders’ equity on that date. On April 1, 2006, Lapwing sold 20% interest (one-fourth of its holdings) in Openground for $65,000. |
|During 2006, Openground had net income of $75,000 and on July 1, 2006, Openground paid dividends of $40,000. |
|Required: |
| | |
|1. |Record the journal entries before year-end 2006 assuming the equity method. |
| | |
LO1
Exercise 5
|On April 1, 2006, Gouldian Corporation paid $120,000 for a 25% interest in Termite Mound Corporation. On July 1, 2006, Gouldian acquired an|
|additional 45% (based on the January 1, 2006 number of Termite Mound shares outstanding) for $236,400. Termite Mound’s stockholders’ equity|
|on January 1, 2006 consisted of $300,000 of $10 par value Common Stock and $100,000 of Retained Earnings. Termite Mound’s net income for |
|2006 was $144,000 earned uniformly throughout the year. |
|Required: Calculate each of the following amounts: |
| | |
|1. |Gouldian’s income from Termite Mound for 2006. |
| | |
|2. |The amount of minority interest income that will appear on the consolidated income statement of Gouldian and Subsidiary for |
| |2006. |
| | |
LO2
Exercise 6
|Catbird Corporation paid $240,000 on April 1, 2006 for all of the common stock of Bug Corporation in a business acquisition. Bug’s |
|stockholders’ equity at April 1 consisted of the $195,000 January 1, 2006 stockholders’ equity of Bug plus first quarter income less |
|dividends. Dividends are paid quarterly. Any excess cost over book value acquired is goodwill with a 10-year amortization period. |
|Additional information: |
| | |
|1. |Catbird sold equipment with a 5-year remaining useful life to Bug on July 1, 2006 for a gain of $10,000. |
| | |
|2. |Bug’s accounts payable balance at December 31 includes $5,000 due to Catbird from the sale of equipment. |
| | |
|3. |Catbird accounts for its investment in Bug using the equity method as a one-line consolidation. |
| | |
|Required: |
| | |
|Complete the working papers to consolidate the financial statements of Catbird and Bug Corporations for the year 2006. |
|Catbird Corporation and Subsidiary |
|Consolidation Working Papers |
|for the year ended December 31, 2006 |
| | | | |Eliminations |Non-cntl |Consol- |
| | |Catbird |Bug | | |idated |
| | | | | |Debit | |Credit | | |
|INCOME STATEMENT | | | | | | | | | |
|Net Sales |$ |500,000 |$170,000 | | | | | | |
|Income from | | | | | | | | | |
|Bug | |21,000 | | | | | | | |
|Gain on sale of | | | | | | | | | |
|Equipment | |10,000 | | | | | | | |
|Cost of sales | |(230,000) |( 90,000) | | | | | | |
|Depreciation | |(113,000) |( 30,000) | | | | | | |
|Other expenses | |( 30,000) |( 10,000) | | | | | | |
|Preacquisition | | | | | | | | | |
|Income | | | | | | | | | |
|Net income | | 158,000 | 40,000 | | | | | | |
|Retained | | | | | | | | | |
|Earnings 1/1 | |75,000 |50,000 | | | | | | |
|Add: Net income | | 158,000 | 40,000 | | | | | | |
|Dividends | |( 30,000) |( 20,000) | | | | | | |
|Retained | | | | | | | | | |
|Earnings 12/31 |$ |203,000 |$70,000 | | | | | | |
|BALANCE SHEET | | | | | | | | | |
|Cash | |47,000 |30,000 | | | | | | |
|Receivables | | 80,000 | 50,000 | | | | | | |
|Inventories | | 120,000 | 90,000 | | | | | | |
|Equipment-net | | 80,000 | 80,000 | | | | | | |
|Investment in | | | | | | | | | |
|Bug | |246,000 | | | | | | | |
|Goodwill | | | | | | | | | |
|TOTAL ASSETS |$ | 573,000 |$250,000 | | | | | | |
|LIAB. & EQUITY | | | | | | | | | |
|Accounts and notes payable | | | | | | | | | |
| | |140,000 |35,000 | | | | | | |
|Capital stock | | 200,000 | 100,000 | | | | | | |
|Paid-in capital | | 30,000 | 45,000 | | | | | | |
|Retained | | | | | | | | | |
|Earnings | |203,000 |70,000 | | | | | | |
|Noncontrolling | | | | | | | | | |
|Interest | | | | | | | | | |
|TOTAL LIAB. & EQUITY |$ | 573,000 |$250,000 | | | | | | |
LO2
Exercise 7
|Swallow Corporation paid $62,000 to acquire 100% of Gully Corporation’s outstanding voting common stock at book value on May 1, 2006. The |
|stockholders’ equity of Gully on January 1, 2006 consisted of $40,000 Capital Stock and $20,000 Retained Earnings. Gully’s total dividends |
|for 2006 were $6,000, paid equally on April 1 and October 1. Gully’s net income was earned uniformly throughout 2006. |
| |
|During 2006, Swallow made sales of $10,000 to Gully at a gross profit of $3,000. One-half of this merchandise was inventoried by Gully at |
|year-end, and one-half of the 2006 intercompany sales were unpaid at year-end 2006. |
| |
|Swallow sold equipment with a ten-year remaining useful life to Gully at a $2,000 gain on December 31, 2006. The straight-line depreciation|
|method is used. |
| |
|Financial statements of Swallow and Gully Corporations for 2006 appear in the first two columns of the partially completed consolidation |
|working papers. |
| | |
|Required: |
| | |
|Complete the working papers for Swallow Corporation and Subsidiary for the year 2006. |
|Swallow Corporation and Subsidiary |
|Consolidation Working Papers |
|for the year ended December 31, 2006 |
| | | | |Eliminations |Non-contl |Consol- |
| | |Swallow |Gully | | |idated |
| | | | | |Debit | |Credit | | |
|INCOME STATEMENT | | | | | | | | | |
|Net Sales |$ |80,000 |$40,000 | | | | | | |
|Income from Gully | | 6,500 | | | | | | | |
|Gain on sale of | | | | | | | | | |
|Equipment | |2,000 | | | | | | | |
|Cost of sales | |( 40,000) |( 15,000) | | | | | | |
|Depreciation | |( 11,000) |( 4,000) | | | | | | |
|Other expenses | |( 12,500) |( 6,000) | | | | | | |
|Preacquisition | | | | | | | | | |
|Income | | | | | | | | | |
|Net income | | 25,000 | 15,000 | | | | | | |
|Retained | | | | | | | | | |
|Earnings | |60,000 |20,000 | | | | | | |
|Add: Net income | | 25,000 | 15,000 | | | | | | |
|Dividends | |( 10,000) |( 6,000) | | | | | | |
|Retained | | | | | | | | | |
|Earnings 12/31 |$ |75,000 |$29,000 | | | | | | |
|BALANCE SHEET | | | | | | | | | |
|Receivables-net | |19,000 |16,000 | | | | | | |
|Inventories | | 10,000 | 8,000 | | | | | | |
|Other assets | | 10,500 | 14,000 | | | | | | |
|Land | | 5,000 | 5,000 | | | | | | |
|Buildings-net | | 20,000 | 15,000 | | | | | | |
|Investment in | | | | | | | | | |
|Gully | |65,500 | | | | | | | |
| | | | | | | | | | |
|Equipment-net | | 40,000 | 22,000 | | | | | | |
|TOTAL ASSETS |$ | 170,000 | $80,000 | | | | | | |
|LIAB & EQUITY | | | | | | | | | |
|Accounts payable | |16,000 |10,000 | | | | | | |
|Other debt | | 19,000 | 1,000 | | | | | | |
|Common stock | | 60,000 | 40,000 | | | | | | |
|Retained | | | | | | | | | |
|Earnings | |75,000 |29,000 | | | | | | |
|Noncontrolling | | | | | | | | | |
|Interest | | | | | | | | | |
|TOTAL LIAB. & EQUITY |$ | 170,000 | $80,000 | | | | | | |
LO2
Exercise 8
|Swift Corporation paid $40,000 cash for an 80% interest in the voting common stock of Weather Front Corporation on July 1, 2005, when |
|Weather Front’s stockholders’ equity consisted of $30,000 of $10 par common stock and $15,000 retained earnings. The excess cost over the |
|book value of the investment was assigned $2,000 to undervalued inventory items that were sold in 2005, with the remaining excess being |
|assigned to goodwill. During the last half of 2005, Weather Front reported $4,000 net income and declared dividends of $2,000, and Swift |
|reported income from Weather Front of $1,100. |
| |
|There were no intercompany sales during the last half of 2005, but during 2006 Swift sold inventory items that cost $8,000 to Weather Front|
|for $12,000. Half of these inventory items were included in Weather Front Corporation’s Inventory at December 31, 2006, with $1,000 unpaid |
|by Weather Front at December 31, 2006. |
| |
|On January 5, 2006, Swift sold a plant asset with a book value of $2,500 and a remaining useful life of 5 years to Weather Front for |
|$4,000. Weather Front Corporation owned the plant asset at year-end. |
| |
|Swift Corporation uses the equity method to account for its investment in Weather Front, and the changes in Swift’s Investment in Weather |
|Front account from |
|Acquisition until year-end 2006 are as follows: |
| | | | | | | | | | |
|Investment in Weather Front, July 1, 2005 |$ | |40,000 | |
|Income from Weather Front July 1 – December 31, 2005 | | |1,200 | |
|Less: Share of dividends received | |( |1,600 |) |
|Investment in Weather Front at December 31, 2005 | | |39,600 | |
|Add: Income from Weather Front for 2006 | | |4,800 | |
|Less: Dividends received | |( |3,200 |) |
|Investment in Weather Front at December 31, 2006 |$ | |41,200 | |
| | | | | |
|Required: | | | | |
|Complete the working papers at the end of the year December 31, 2006 that are given below. |
|Swift Corporation and Subsidiary |
|Consolidation Working Papers |
|for the year ended December 31, 2006 |
| | | |Weather Front |Eliminations |Non-cntl |Consol- |
| | |Swift | | | |idated |
| | | | | |Debit | |Credit | | |
|INCOME STATEMENT | | | | | | | | | |
|Net Sales |$ |60,000 |$34,000 | | | | | | |
|Income from Weather Front | | 4,800 | | | | | | | |
|Gain on sale of | | | | | | | | | |
|Equipment | |1,500 | | | | | | | |
|Cost of sales | |( 27,000) |( 16,000) | | | | | | |
|Depreciation | |( 5,000) |( 3,000) | | | | | | |
|Other expenses | |( 12,100) |( 5,000) | | | | | | |
|Noncntl. expense | | | | | | | | | |
|Net income | | 22,200 | 10,000 | | | | | | |
|Retained Earnings | | | | | | | | | |
| | |10,100 |17,000 | | | | | | |
|Add: Net income | | 22,200 | 10,000 | | | | | | |
|Dividends | |( 12,000) |( 4,000) | | | | | | |
|Retained | | | | | | | | | |
|Earnings 12/31 |$ |20,300 |$23,000 | | | | | | |
|BALANCE SHEET | | | | | | | | | |
|Cash | |2,300 |7,000 | | | | | | |
|Net Receivables | | 7,000 | 5,000 | | | | | | |
|Dividends Rec | | 800 | | | | | | | |
|Inventories | | 7,000 | 5,000 | | | | | | |
|Plant assets-net | | 22,000 | 43,000 | | | | | | |
|Investment in | | | | | | | | | |
|Weather Front | |41,200 | | | | | | | |
| | | | | | | | | | |
|TOTAL ASSETS |$ | 80,300 | $60,000 | | | | | | |
|LIAB. & EQUITY | | | | | | | | | |
|Accounts payable | |17,000 |6,000 | | | | | | |
|Dividends | | | | | | | | | |
|Payable | |3,000 |1,000 | | | | | | |
|Common stock | | 40,000 | 30,000 | | | | | | |
|Retained | | | | | | | | | |
|Earnings | |20,300 |23,000 | | | | | | |
|Noncontrolling | | | | | | | | | |
|Interest | | | | | | | | | |
|TOTAL LIAB. & EQUITIES |$ | 80,300 | $60,000 | | | | | | |
| | | | | | | | | | |
LO2
Exercise 9
|On September 1, 2006, Warbler Corporation acquired an 80% interest in Reed Corporation for $700,000. Reed’s stockholders’ equity at January|
|1, 2006 consisted of $200,000 of Common Stock and $600,000 of Retained Earnings. The book values of its assets and liabilities were equal |
|to their respective fair values on this date. All excess purchase cost was attributed to goodwill. |
| |
|During 2006, Reed uniformly earned $78,000 and paid dividends of $9,000 on each of four dates: February 1, June 1, August 1, and December |
|1. |
|Required: Compute the following: |
| | |
|1. |Warbler’s income from Reed for 2006. |
| | |
|2. |Preacquisition income that will appear on the consolidated income statement of Warbler Corporation and Subsidiary for 2006. |
| | |
|3. |Minority interest income for 2006. |
LO3
Exercise 10
|At January 1, 2005, the stockholders’ equity of Raven Corporation and its 60%-owned subsidiary, Trunk Corporation, are as follows: |
| |
|Required: Compute the following: |
| | |
|1. |Compute the balance in Raven’s Investment in Trunk account on January 1, 2006 after its purchase of the additional Trunk shares. |
| | |
|2. |Calculate any positive or negative goodwill stemming from Raven’s investment in the 10,000 Trunk shares. |
Solutions
Multiple Choice Questions
|1 |d | |
| | | | | | | | |
|2 |c |(15,000 shares/18,000 shares) = | |83.33% | |
| | | | | | |
|3 |a |(12,000 shares/18,000 shares) = | |66.67% | |
| | | | | | |
|4 |c |Selling price |$ |84,000 | |
| | |Book value of interest sold | | | |
| | |$300,000 x (20%/80%) = | |75,000 | |
| | |Gain on sale |$ |9,000 | |
| | | | | | |
| | |Income from Underbrush | | | |
| | |$99,000 x (80% - 20%) = |$ |59,400 | |
| | | | | | | |
|5 |b |Selling price | | |$ |84,000 |
| | |Book value of interest sold: | | | | |
| | |Beginning balance |$ |300,000 | | |
| | |Income for 2 months | | | | |
| | |$99,000 x 1/6 x 80% = | |13,200 | | |
| | |Adjusted book value | |313,200 | | |
| | |Percentage of interest sold | |20% | | |
| | |Book value applied | |62,640 | |62,640 |
| | |Gain on sale | | |$ |21,360 |
| | | | | | | |
| | | | | | | |
| | |Income from Underbrush: | | | | |
| | |Jan 1 – Mar 1 $16,500 x 80% = | | |$ |13,200 |
| | |Mar 1 – Dec 31 $82,500 x 60% = | | | |49,500 |
| | |Income from Underbrush | | |$ |62,700 |
| | | | | | | |
|6 |b |Selling price | | |$ |92,000 |
| | |Book value of interest sold: | | | | |
| | |($350,000 x 20%) | | | |70,000 |
| | |Gain on sale | | |$ |22,000 |
| | | | | | | |
| | |Finch’s share of Nest’s | | | | |
| | |Income: $35,000 x (90%-18%) = | | |$ |25,200 |
| | | | | | | |
| | | | | | | |
| | |Finch’s Investment account balance at December 31, 2006: | | | | |
| | |Jan 1, 2006 balance |$ |350,000 | | |
| | |Less: Book value of interest sold | | | | |
| | | |( |70,000 |) | |
| | |Plus: Income from Nest | |25,200 | | |
| | |Less: Dividends $6,000 x 72% |( |4,320 |) | |
| | |Investment account balance at | | | | |
| | |12/31/2006 | | |$ |300,880 |
| | | | | | | |
|7 |b |Selling price | | |$ |47,000 |
| | |Book value of interest sold: | | | | |
| | |($350,000 x 1/9) | | | |38,889 |
| | |Gain on sale | | |$ |8,111 |
| | | | | | | |
| | |Finch’s share of Nest’s | | | | |
| | |Income: $35,000 x (90%-10%) = | | |$ |28,000 |
| | | | | | | |
| | | | | | | |
| | |Finch’s Investment account balance at December 31, 2006: | | | | |
| | |Jan 1, 2006 balance |$ |350,000 | | |
| | |Less: Book value of interest sold | | | | |
| | | |( |38,889 |) | |
| | |Plus: Income from Nest | |28,000 | | |
| | |Less: Dividends $6,000 x 80% |( |4,800 |) | |
| | |Investment account balance at | | | | |
| | |12/31/2006 | | |$ |334,311 |
| | | | | | | |
|8 |a |(210,000 shares + 80,000 shares)/380,000 shares | | | |
| | | |= |76.32% | |
| | | | | | |
|9 |a |Savannah’s equity after the issuance of the new shares | | | |
| | |($5,400,000 + $1,280,000) | | | |
| | | |$ |6,680,000 | |
| | |Button-quail’s ownership percentage | |76.32% | |
| | |Button-quail’s share of Savannah’s equity now | | | |
| | | |$ |5,098,176 | |
| | |Button-quail’s previous share of Savannah’s equity ($5,400,000 x | | | |
| | |70%) | | | |
| | | | |3,780,000 | |
| | |Savannah’s equity acquired in the purchase | | | |
| | | |$ |1,318,176 | |
| | |Amount spent to acquire stock | |1,280,000 | |
| | |Goodwill purchased |$ |38,176 | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|10 |b |Slipstream’s stockholders’ equity prior to the stock issuance | | | |
| | | |$ |1,050,000 | |
| | |Plus: Capital received from new stock issued | | | |
| | | | |450,000 | |
| | |New stockholders’ equity |$ |1,500,000 | |
| | |Great Frigatebird’s ownership percentage | |77.14% | |
| | |Great Frigatebird’s adjusted investment in Slipstream | | | |
| | | |$ |1,157,100 | |
| | | | | | |
|11 |b |Investment balance at 12/31/2006 | | | |
| | |($1,050,000 x 90%) |$ |945,000 | |
| | |Additional investment (10,000 | | | |
| | |Shares x $45) | |450,000 | |
| | |Investment account balance |$ |1,395,000 | |
| | | | | | |
|12 |b | | | | |
| | | | | | |
|13 |a | | | | |
| | | | | | | | |
|14 |c |$120,000 net income x 2/3 year x 40% |$ |32,000 | |
| | | | | | |
|15 |a |$120,000 x 30% = |$ |36,000 | |
| | | | | | |
|16 |b |($120,000/12 months) x 5 months | | | |
| | |x 70% |$ |35,000 | |
| | | | | | |
|17 |c |Cost of 70% interest | | | | |$ |390,400 | |
| | |Book value of interest | | | | | | | |
| | |Acquired: | | | | | | | |
| | |January 1 balance | |$ |500,000 | | | | |
| | |Add: 5 months of income | | |50,000 | | | | |
| | |Less: Dividends paid before June 1 | | | | | | | |
| | | | | | | | | | |
| | | | |( |6,000 |) | | | |
| | |Total book value at 6/1 | | |544,000 | | | | |
| | |Majority percentage | | |70% | | | | |
| | |Book value of interest | | | | | | | |
| | |Acquired | | | | | |380,800 | |
| | |Copyright value | | | | |$ |9,600 | |
| | | | | | | | | | |
|18 |b |From Question 17: | | | | | | | |
| | |($9,600/120 months) x | | | | | | | |
| | |7 months | | | | | |560 | |
| | | | | | | | | | |
|19 |b | | | | |
| | | | | | |
|20 |b | | | | |
| | | | | | |
Exercise 1
|Requirement 1 | | | | |
|Investment balance, January 1 |$ | |900,000 | |
|Income from Twig ($234,000 x 7/12 x 80%) | | | | |
| | | |109,200 | |
|Less: April 1 dividends ($37,500 x 80%) | | | | |
| | |( |30,000 |) |
| | | | | |
|Book value at July 31, 2006 |$ | |979,200 | |
| | | | | |
|Requirement 1 | | | | |
| | | | | |
|Proceeds from sale |$ | |262,500 | |
|Book value of interest sold | | | | |
|($979,200 x 30%) | | |293,760 | |
|Loss on sale |$ |( |31,260 |) |
| | | | | |
|Requirement 2 | | | | |
|Income from Twig from Jan 1 through July 31 (from above) | | | | |
|$109,200 | | | | |
| |$ | |109,200 | |
|Income from August 1 – December 31 | | | | |
|($234,000 x 5/12 x 56%) | | |54,600 | |
| | | | | |
|Income from Twig for 2006 |$ | |163,800 | |
| | | | | |
|Requirement 3 | | | | |
|Noncontrolling interest expense: | | | | |
|Jan 1 to Jul 31 ($234,000 x 7/12 x 20%) | | | | |
| |$ | |27,300 | |
|Aug 1 to Dec 31 ($234,000 x 5/12 x 44%) | | | | |
| | | |42,900 | |
|Noncontrolling interest expense |$ | |70,200 | |
| | | | | |
Exercise 3
|Preliminary computations | | | | |
|Investment balance, January 1 |$ | |2,100,000 | |
|Income from Lichen ($300,000 x 9/12 x 60%) | | | | |
| | | |135,000 | |
| | | | | |
|Book value at September 30, 2006 |$ | |2,235,000 | |
| | | | | |
|Requirement 1 | | | | |
|Proceeds from sale |$ | |364,000 | |
|Book value of interest sold | | | | |
|($1,965,000 x 10%) | | |223,500 | |
|Gain on sale |$ | |140,500 | |
| | | | | |
|Requirement 2 | | | | |
|Income from Lichen from Jan 1 | | | | |
|through September 30 (from above) | | | | |
| |$ | |135,000 | |
|Income from October 1–December 31 | | | | |
|($300,000 x 3/12 x 54%) | | |40,500 | |
| | | | | |
|Income from Lichen for 2006 |$ | |175,500 | |
| | | | | |
|Requirement 3 | | | | |
|Noncontrolling interest expense: | | | | |
|Jan 1 to Sep 30 ($300,000 x 9/12 x 40%) | | | | |
| |$ | |90,000 | |
|Oct 1 to Dec 31 ($300,000 x 3/12 x 46%) | | | | |
| | | |34,500 | |
|Noncontrolling interest |$ | |124,500 | |
| | | | | |
Exercise 4
|Requirement | | |Debit | | | |Credit | |
|April 1 | | | | | | | | |
|Investment in Openground | | |18,750 | | | | | |
| Income from Openground | | | | | | |18,750 | |
| | | | | | | | | |
|Cash | | |65,000 | | | | | |
| Investment in Openground | | | | | | |43,750 | |
| Gain from sale of investment in | | | | | | |21,250 | |
|Openground | | | | | | | | |
| | | | | | | | | |
|July 1 | | | | | | | | |
|Cash | | |24,000 | | | | | |
| Investment in Openground | | | | | | |24,000 | |
| | | | | | | | | |
|December 31 | | | | | | | | |
|Investment in Openground | | |33,750 | | | | | |
| Income from Openground | | | | | | |33,750 | |
| | | | | | | | | |
| | |Selling price | | |$ |65,000 |
| | |Book value of interest sold: | | | | |
| | |Beginning balance |$ |200,000 | | |
| | |Income for 3 months | | | | |
| | |$75,000 x 1/4 x 80% = | |18,750 | | |
| | |Adjusted book value | |218,750 | | |
| | |Percentage of interest sold | |20% | | |
| | |Book value applied | |43,750 | |43,750 |
| | |Gain on sale | | |$ |21,250 |
Exercise 5
|Preliminary computations: | | | | | | | | |
|Purchase 1: | | | | | | | | |
|Purchase price | | | | | |$ |120,000 | |
|Book value at April 1st: | | | | | | | | |
|Stockholders’ equity at January 1 | |$ |400,000 | | | | | |
|Plus: Income through March | | |36,000 | | | | | |
|Total book value | | |436,000 | | | | | |
|Interest acquired | | |25% | | | | | |
|Book value of interest acquired | |$ |109,000 | | | |109,000 | |
|Goodwill | | | | |$ |$ |11,000 | |
| | | | | | | | | |
|Purchase 2: | | | | | | | | |
|Purchase price | | | | |$ |$ |236,400 | |
|Stockholders’ equity at January 1 | |$ |400,000 | | | | | |
|Income through June 30 | | |72,000 | | | | | |
|Total book value | | |472,000 | | | | | |
|Interest acquired | | |45% | | | | | |
|Book value of interest acquired | |$ |212,400 | | | |212,400 | |
|Goodwill | | | | | |$ |24,000 | |
| | | | | | | | | |
|Requirement 1 | | | | | | | | |
|Gouldian’s income from Termite Mound: | | | | | | | | |
|$144,000 x 9/12 x 25% | |$ |27,000 | | | | | |
|$144,000 x 6/12 x 45% | | |32,400 | | | | | |
| | | | | | | | | |
|Income from Termite Mound | |$ |59,400 | | | | | |
| | | | | | | | | |
|Requirement 2 | | | | | | | | |
|Minority interest income: | | | | | | | | |
|$144,000 x 30% = | |$ |43,200 | | | | | |
| | | | | | | | | |
Exercise 6
|Catbird Corporation and Subsidiary |
|Consolidation Working Papers |
|for the year ended December 31, 2006 |
| | | | |Eliminations |Min |Consol- |
| | |Catbird |Bug | |Int |idated |
| | | | | |Debit | |Credit | | |
|INCOME STATEMENT | | | | | | | | | |
|Net Sales |$ |500,000 |$170,000 | | | | | |$670,000 |
|Income from | | | | | | | | | |
|Bug | |21,000 | |c |$ 21,000 | | | | |
|Gain on sale of | | | | | | | | | |
|equipment | |10,000 | |a |10,000 | | | | |
|Cost of sales | |(230,000) |( 90,000) | | | | | |(320,000) |
|Depreciation | |(113,000) |( 30,000) | | |b |$ 1,000 | |(142,000) |
|Other expenses | |( 30,000) |( 10,000) | | | | | |( 40,000) |
|Preacquisition | | | | | | | | | |
|income | | | |d |10,000 | | | |( 10,000) |
|Net income | | 158,000 | 40,000 | | | | | | 158,000 |
|Retained | | | | | | | | | |
|Earnings | |75,000 |50,000 |d |50,000 | | | |75,000 |
|Add: Net income | | 158,000 | 40,000 | | | | | | 158,000 |
|Dividends | |( 30,000) |( 20,000) | | |c |15,000 | |( 30,000) |
|Preacquisition | | | | | | | | | |
|dividends | | | | | |d |5,000 | | |
|Retained | | | | | | | | | |
|Earnings 12/31 |$ |203,000 |$70,000 | | | | | |$203,000 |
|BALANCE SHEET | | | | | | | | | |
|Cash | |47,000 |30,000 | | | | | |77,000 |
|Receivables | | 80,000 | 50,000 | | |e |5,000 | | 125,000 |
|Inventories | | 120,000 | 90,000 | | | | | | 210,000 |
|Equipment-net | | 80,000 | 80,000 |b |1,000 |a |10,000 | | 151,000 |
|Investment in | | | | | |c |6,000 | | |
|Bug | |246,000 | | | |d |240,000 | | |
|Goodwill | | | |d |40,000 | | | | 40,000 |
|TOTAL ASSETS |$ | 573,000 |$250,000 | | | | | |$603,000 |
|LIAB. & EQUITY | | | | | | | | | |
|Accounts and notes payable | | | | | | | | | |
| | |140,000 |35,000 |e |5,000 | | | |170,000 |
|Capital stock | | 200,000 | 100,000 |d |100,000 | | | | 200,000 |
|Paid-in capital | | 30,000 | 45,000 |d |45,000 | | | | 30,000 |
|Retained | | | | | | | | | |
|Earnings | |203,000 |70,000 | | | | | |203,000 |
|Noncontrolling | | | | | | | | | |
|interest | | | | | | | | | |
|TOTAL LIAB. & EQUITY |$ | 573,000 |$250,000 | | | | | |$603,000 |
Exercise 7
|Swallow Corporation and Subsidiary |
|Consolidation Working Papers |
|for the year ended December 31, 2006 |
| | | | |Eliminations |Min |Consol- |
| | |Swallow |Gully | |Int |idated |
| | | | | |Debit | |Credit | | |
|INCOME STATEMENT | | | | | | | | | |
|Net Sales |$ |80,000 |$40,000 |a |$ 10,000 | | | |$110,000 |
|Income from Gully | | 6,500 | |d |6,500 | | | | |
|Gain on sale of | | | | | | | | | |
|equipment | |2,000 | |c |2,000 | | | | |
|Cost of sales | |( 40,000) |( 15,000) |b |1,500 |a |$ 10,000 | |( 46,500) |
|Depreciation | |( 11,000) |( 4,000) | | | | | |( 15,000) |
|Other expenses | |( 12,500) |( 6,000) | | | | | |( 18,500) |
|Preacquisition | | | | | | | | | |
|income | | | |e |5,000 | | | |( 5,000) |
|Net income | | 25,000 | 15,000 | | | | | | 25,000 |
|Retained | | | | | | | | | |
|Earnings | |60,000 |20,000 |e |20,000 | | | |60,000 |
|Add: Net income | | 25,000 | 15,000 | | | | | | 25,000 |
|Dividends | |( 10,000) |( 6,000) | | |d |3,000 | | |
| | | | | | |e |3,000 | |( 10,000) |
|Retained | | | | | | | | | |
|Earnings 12/31 |$ |75,000 |$29,000 | | | | | |$75,000 |
|BALANCE SHEET | | | | | | | | | |
|Receivables-net | |19,000 |16,000 | | |f |5,000 | |30,000 |
|Inventories | | 10,000 | 8,000 | | |b |1,500 | | 16,500 |
|Other assets | | 10,500 | 14,000 | | | | | | 24,500 |
|Land | | 5,000 | 5,000 | | | | | | 10,000 |
|Buildings-net | | 20,000 | 15,000 | | | | | | 35,000 |
|Investment in | | | | | |d |3,500 | | |
|Gully | |65,500 | | | |e |62,000 | | |
|Equipment-net | | 40,000 | 22,000 | | |c |2,000 | | 60,000 |
|TOTAL ASSETS |$ | 170,000 | $80,000 | | | | | |$176,000 |
|EQUITIES | | | | | | | | | |
|Accounts payable | |16,000 |10,000 |f |5,000 | | | |21,000 |
|Other debt | | 19,000 | 1,000 | | | | | | 20,000 |
|Common stock | | 60,000 | 40,000 |e |40,000 | | | | 60,000 |
|Retained | | | | | | | | | |
|Earnings | |75,000 |29,000 | | | | | |75,000 |
|Minority | | | | | | | | | |
|interest | | | | | | | | | |
|TOTAL EQUITIES |$ | 170,000 | $80,000 | | | | | |$176,000 |
Exercise 8
|Swift Corporation and Subsidiary |
|Consolidation Working Papers |
|for the year ended December 31, 2006 |
| | | | |Eliminations |Non-cntl. |Consol- |
| | |Swift |Weather Front | | |idated |
| | | | | |Debit | |Credit | | |
|INCOME STATEMENT | | | | | | | | | |
|Net Sales |$ |60,000 |$34,000 |a |$ 12,000 | | | |$82,000 |
|Income from Weather Front | | 4,800 | |e |4,800 | | | | |
|Gain on sale of | | | | | | | | | |
|Equipment | |1,500 | |c |1,500 | | | | |
|Cost of sales | |( 27,000) |( 16,000) |b |2,000 |a |$ 12,000 | |( 33,000) |
|Depreciation | |( 5,000) |( 3,000) | | |d |300 | |( 7,700) |
|Other expenses | |( 12,100) |( 5,000) | | | | | |( 17,100) |
|Noncntl. expense | | | | | | | | $ 2,000 |( 2,000) |
|Net income | | 22,200 | 10,000 | | | | | | 22,200 |
|Retained | | | | | | | | | |
|Earnings | |10,100 |17,000 |f |17,000 | | | |10,100 |
|Add: Net income | | 22,200 | 10,000 | | | | | | 22,200 |
|Dividends | |( 12,000) |( 4,000) | | |e |3,200 |( 800) |( 12,000) |
|Retained | | | | | | | | | |
|Earnings 12/31 |$ |20,300 |$23,000 | | | | | |$20,300 |
|BALANCE SHEET | | | | | | | | | |
|Cash | |2,300 |7,000 | | | | | |9,300 |
|Net Receivables | | 7,000 | 5,000 | | |h |1,000 | | 11,000 |
|Dividends Rec | | 800 | | | |g |800 | | |
|Inventories | | 7,000 | 5,000 | | |b |2,000 | | 10,000 |
|Plant assets-net | | 22,000 | 43,000 |d |300 |c |1,500 | | 63,800 |
|Investment in | | | | | |e |1,600 | | |
|Weather Front | |41,200 | | | |f |39,600 | | |
|Goodwill | | | |f |2,000 | | | | 2,000 |
|TOTAL ASSETS |$ | 80,300 | $60,000 | | | | | | $96,100 |
|LIAB & EQUITY | | | | | | | | | |
|Accounts payable | |17,000 |6,000 |h |1,000 | | | |22,000 |
|Dividends | | | | | | | | | |
|Payable | |3,000 |1,000 |g |800 | | | |3,200 |
|Common stock | | 40,000 | 30,000 |f |30,000 | | | | 40,000 |
|Retained | | | | | | | | | |
|Earnings | |20,300 |23,000 | | | | | |20,300 |
|Noncntl Interest | | | | | | | | | |
|January 1 | | | | | |f |9,400 |9,400 | |
|Noncntl Interest | | | | | | | | | |
|December 31 | | | | | | | |10,600 |10,600 |
|TOTAL LIAB. & EQUITY |$ | 80,300 | $60,000 | | | | | | $96,100 |
Exercise 9
Cost of investment | | | | | |$ |700,000 | | |Book value acquired: | | | | | | | | | |Stockholders’ equity, Jan 1 | |$ |800,000 | | | | | | |Income Jan 1 – Aug 31
($78,000/12 months x 8 months) | | |
52,000 | | | | | | |Preacquisition dividends | |( |27,000 |) | | | | | |Book value at September 1 | | |825,000 | | | | | | |Interest acquired | | |80% | | | |660,000 | | |Goodwill | | | | | |$ |40,000 | | | | | | | | | | | | |Requirement 1 | | | | | | | | | |Income from Reed | | | | | | | | | |Share of Reeds’s net income | | | | | | | | | |($78,000 x 1/3 x 80%) | | | | | |$ |20,800 | | | | | | | | | | | | | | | | | | | | | | |Requirement 2 | | | | | | | | | |Preacquisition income
($78,000 x 80% x 2/3) or
($6,500 x 8 months x 80%) | | | | |
|
$ |
41,600 | | | | | | | | | | | | |Requirement 3 | | | | | | | | | |Minority interest income | | | | | | | | | |($78,000 x 20%) | | | | | |$ |15,600 | | | | | | | | | | | | |
Exercise 10
Requirement 1 | | | | | | | | | |Cost of investment ($450,000 x 60%) | | | | |
$ | |
270,000 | | |Share of Trunk’s income for 2005
($40,000 x 60%) | | | | | | |
24,000 | | |Investment in Trunk balance at December 31, 2005 | | | | | | |
294,000 | | |Plus: Purchase of 10,000 Trunk shares at $12 on January 1, 2006 | | | | | | |
120,000 | | |Investment account balance` | | | | |$ | |414,000 | | | | | | | | | | | | |
Requirement 2 | | | | | | | | | |Trunk’s stockholders’ equity at January 1, 2006 ($450,000 + $40,000 of 2005 net income) | | | | |
$ | |
490,000 | | |Plus: Additional capital from the shares issued | | | | | | |
120,000 | | |Total stockholders’ equity after issuance of the new shares | | | | |
$ | |
610,000 | | |Raven’s percentage
(24,000 + 10,000)/50,000 = | | | | | | |
68% | | |Raven’s share of Trunk’s equity after issuance | | | | |
$ | |
414,800 | | |Raven’s share of Trunk’s equity before stock issuance | | | | | | |
294,000 | | |Equity acquired in the purchase | | | | | | |120,800 | | |Cost of interest acquired | | | | | | |120,000 | | |Goodwill | | | | |$ | |800 | | |
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