Advanced Accounting 9th Edition, Fischer, Taylor & Cheng - Test Bank

Advanced Accounting 9th Edition, Fischer, Taylor & Cheng – Test Bank

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Chapter 2 ó Consolidated Statements: Date of Acquisition

MULTIPLE CHOICE1.AccountInvestorInvesteeSales$500,000$300,000Cost of Goods Sold230,000170,000Gross Profit$270,000$130,000Selling & Admin.120,000100,000ExpensesNet Income$150,000$ 30,000================Dividends paid50,00010,000
Assuming Investor owns 70% of Investee. What is the amount that will be recorded as Net Income for the Controlling Interest?
$164,000
$171,000
$178,000
$180,000
ANS: B DIF: M OBJ: 1
Consolidated financial statements are designed to provide:
informative information to all shareholders.
the results of operations, cash flow, and the balance sheet in an understandable and informative manor for creditors.
the results of operations, cash flow, and the balance sheet as if there was a single entity.
subsidiary information for the subsidiary shareholders.
ANS: B DIF: M OBJ: 2
The FASB Exposure Draft assumes consolidation financial statements are appropriate even without a majority of controlling share if which of the following exists:
the subsidiary has the right to appoint member’s of the parent company’s board of directors.
the parent company has the right to appoint a majority of the members of the subsidiary’s board of directors through a large minority voting interest.
the subsidiary owns a large minority voting interest in the parent company.
The parent company has an ability to assume the role of general partner in a limited partnership with the approval of the subsidiary’s board of directors.
ANS: B DIF: M OBJ: 3
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Chapter 2
The SEC and FASB has recommended that a parent corporation should consolidate the financial statements of the subsidiary into its financial statements when it exercises control over the subsidiary, even without majority ownership. In which of the following situations would control NOT be evident?
Access to subsidiary assets is available to all shareholders.
Dividend policy is set by the parent.
The subsidiary does not determine compensation for its main employees.
Substantially all cash flows of the subsidiary flow to the controlling shareholders.
ANS: A DIF: E OBJ: 3
The goal of the consolidation process is for:
asset acquisitions and stock acquisitions to result in the same balance sheet.
goodwill to appear on the balance sheet of the consolidated entity.
the assets of the noncontrolling interest to be predominately displayed on the balance sheet.
the investment in the subsidiary to be properly valued on the consolidated balance sheet.
ANS: A DIF: E OBJ: 4
A subsidiary was acquired for cash in a business combination on December 31, 20X1. The purchase price exceeded the fair value of identifiable net assets. The acquired company owned equipment with a fair value in excess of the book value as of the date of the combination. A consolidated balance sheet prepared on December 31, 20X1, would
report the excess of the fair value over the book value of the equipment as part of goodwill.
report the excess of the fair value over the book value of the equipment as part of the plant and equipment account.
reduce retained earnings for the excess of the fair value of the equipment over its book value.
make no adjustment for the excess of the fair value of the equipment over book value. Instead, it is an adjustment to expense over the life of the equipment.
ANS: B DIF:  D OBJ: 5
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Chapter 2
Parr Company purchased 100% of the voting common stock of Super Company for $2,000,000. There are no liabilities. The following book and fair values are available:
Current assetsBook ValueFair Value………………….$300,000$600,000Land and building……………….600,000900,000Machinery………………………500,000600,000Goodwill……………………….100,000?
The machinery will appear on the consolidated balance sheet at ________.
$560,000
$860,000
$600,000
$900,000
ANS: A DIF: M OBJ: 5
Pagach Company purchased 100% of the voting common stock of Rage Company for $1,800,000. The following book and fair values are available:
Current assetsBook ValueFair Value………………….$ 150,000$300,000Land and building……………….280,000280,000Machinery………………………400,000700,000Bonds payable…………………..(300,000)(250,000)Goodwill……………………….150,000?
The bonds payable will appear on the consolidated balance sheet a. at $300,000 (with no premium or discount shown). b. at $300,000 less a discount of $50,000.
c. at $0; assets are recorded net of liabilities.
d. under a net amount of $250,000 since it is a bargain purchase.
ANS: B DIF: M OBJ: 5
The investment in a subsidiary recorded as a purchase by the parent should be recorded on the parent’s books at
underlying book value of the subsidiary’s net assets.
the fair value of the subsidiary’s net identifiable assets.
the fair value of the consideration given.
the fair value of the consideration given plus an estimated value for goodwill.
ANS: C DIF: E OBJ: 6
Which of the following costs of a business combination are included in the value charged to paid-in-capital in excess of par?
direct and indirect acquisition costs
direct acquisition costs
direct acquisition costs and stock issue costs if stock is issued as consideration
stock issue costs if stock is issued as consideration
ANS: D DIF: M OBJ: 6
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Chapter 2
When it purchased Sutton, Inc. on January 1, 20X1, Pavin Corporation issued 500,000 shares of its $5 par voting common stock. On that date the fair value of those shares totaled $4,200,000. Related to the acquisition, Pavin had payments to the attorneys and accountants of $200,000, and stock issuance fees of $100,000. Immediately prior to the purchase, the equity sections of the two firms appeared as follows:
Common stockPavinSutton……………………$ 4,000,000$700,000Paid-in capital in excess of par….7,500,000900,000Retained earnings……………….5,500,000500,000………………………….Total$17,000,000$2,100,000=====================
Immediately after the purchase, the consolidated balance sheet should report paid-in capital in excess of par of
$8,900,000
$9,100,000
$9,200,000
$9,300,000
ANS: B DIF: M OBJ: 6
Judd Company issued nonvoting preferred stock with a fair value of
$1,500,000 in exchange for all the outstanding common stock of the Bath Corporation. On the date of the exchange, Bath had tangible net assets with a book value of $900,000 and a fair value of $1,400,000. In addition, Judd issued preferred stock valued at $100,000 to an individual as a finder’s fee for arranging the transaction. As a result of these transactions, Judd should report an increase in net assets of
__________.
$900,000
$1,400,000
$1,500,000
$1,600,000
ANS: D DIF: M OBJ: 6
In an 80% purchase accounted for as a tax-free exchange, the excess of cost over book value is $200,000. The equipment’s book value for tax purposes is $100,000 and its fair value is $150,000. All other identifiable assets and liabilities have fair values equal to their book values. The tax rate is 30%. What is the total deferred tax liability that should be recognized on the consolidated balance sheet on the date of purchase?
$12,000
$60,000
$72,857
$85,714
ANS: D DIF:  D OBJ: 6
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Chapter 2
On June 30, 20X1, Naeder Corporation purchased for cash at $10 per share all 100,000 shares of the outstanding common stock of the Tedd Company. The total fair value of all identifiable net assets of Tedd was $1,400,000. The only noncurrent asset is property with a fair value of $350,000. The consolidated balance sheet of Naeder and its wholly owned subsidiary on June 30, 20X1, should reflect
an extraordinary gain of $50,000.
goodwill of $50,000.
an extraordinary gain of $350,000.
goodwill of $350,000.
ANS: A DIF: M OBJ: 6, 7
________________________________________________________________
Pinehollow-Stonebriar Scenario
Pinehollow acquired all of the outstanding stock of Stonebriar by issuing 100,000 shares of its $1 par value stock. The shares have a fair value of $15 per share. Pinehollow also paid $25,000 in direct acquisition costs. Prior to the transaction, the have companies has the following balance sheets:
AssetsPinehollowStonebriarCash…………………………..$150,000$50,000Accounts receivable……………..500,000350,000Inventory………………………900,000600,000Property, plant, and equipment(net).1,850,000900,000……………………Totalassets$3,400,000$1,900,000====================Liabilities and Stockholders’ Equity$100,000Current liabilities……………..$300,000Bonds payable…………………..1,000,000600,000Common stock ($1 par)……………300,000100,000Paid-in capital in excess of par….800,000900,000Retained earnings……………….1,000,000200,000……..Totalliabilitiesandequity$3,400,000$1,900,000====================
The fair values of Stonebriar’s inventory and plant, property and equipment are $700,000 and $1,000,000, respectively. ________________________________________________________________
Refer to the Pinehollow-Stonebriar Scenario. The journal entry to record the purchase of Stonebriar would include a
credit to common stock for $1,500,000.
credit to additional paid-in capital for $1,100,000.
credit to cash for $1,525,000.
debit to investment for $1,525,000.
ANS: D DIF: M OBJ: 6, 7
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Chapter 2
Goodwill associated with the purchase of Stonebriar is __________.
$100,000
$125,000
$300,000
$325,000
ANS: B DIF: M OBJ: 6, 7
On April 1, 20X1, Paape Company paid $950,000 for all the issued and outstanding stock of Simon Corporation in a transaction properly recorded as a purchase. The recorded assets and liabilities of the Prime Corporation on April 1, 20X1, follow:
Cash………………………………………$  80,000Inventory………………………………….240,000Property and equipment(net of accumulated depreciation480,000of $320,000)…………………………….Liabilities………………………………..(180,000)
On April 1, 20X1, it was determined that the inventory of Paape had a fair value of $190,000, and the property and equipment (net) had a fair value of $560,000. What is the amount of goodwill resulting from the business combination?
$0
$120,000
$300,000
$230,000
ANS: C DIF:  D OBJ: 7
Paro Company purchased 80% of the voting common stock of Sabon Company for $900,000. There are no liabilities. The following book and fair values are available:
Current assetsBook ValueFair Value………………….$100,000$200,000Land and building……………….200,000200,000Machinery………………………300,000600,000Goodwill……………………….100,000?
Using the parent company concept, the machinery will appear on the consolidated balance sheet at __________.
$600,000
$540,000
$480,000
$300,000
ANS: B DIF: M OBJ: 8
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Chapter 2
When a company purchases another company that has existing goodwill and the transaction is accounted for as a stock acquisition, the goodwill should be treated in the following manner.
Goodwill on the books of an acquired company should be disregarded.
Goodwill is recorded prior to recording fixed assets.
Goodwill is not recorded until all assets are stated at full fair value.
Goodwill is treated consistent with other tangible assets.
ANS: C DIF: M OBJ: 9
The SEC requires the use of push-down accounting in some specific situations. Push-down accounting results in:
goodwill be recorded in the parent company separate accounts.
eliminating subsidiary retained earnings and paid-in capital in excess of par.
reflecting fair values on the subsidiary’s separate accounts.
changing the consolidation worksheet procedure because no adjustment is necessary to eliminate the investment in subsidiary account.
ANS: C DIF: M OBJ: 10
PROBLEM
1.  The Income Statements of Ruger Inc. and Nina Co. are:
RugerNinaSales$1,000,000$400,000Cost of Goods Sold500,000150,000Gross Profit500,000250,000Sales and Administration Expenses300,000170,000Net Income$  200,000$ 80,000==================Dividends Paid$60,000$20,000
Compute Ruger’s Net Income based upon the following ownership of Nina Co.
10%
40%
80%
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Chapter 2
ANS:a. Ruger Net Income from Operations$200,000Dividend Revenue (10% x $20,000)2,000Net Income$202,000========b. Ruger Net Income from Operations$200,000Income from Investment (40% x $80,000)32,000Net Income$232,000========c. Controlling Income Ruger + Nina$280,000Noncontrolling Interest (20% x $80,000)(16,000)Controlling Interest$264,000========DIF:  EOBJ:  1
Supernova Company had the following summarized balance sheet on December 31, 20X1:
Assets………………………………Accountsreceivable$200,000Inventory……………………………………….450,000Property and plant (net)………………………….600,000Goodwill………………………………………..150,000…………………………………………Total$1,400,000==========Liabilities and Equity……………………………………Notespayable$600,000Common stock, $5 par……………………………..300,000Paid-in capital in excess of par…………………..400,000Retained earnings………………………………..100,000…………………………………………Total$1,400,000==========
The fair value of the inventory and property and plant is $600,000 and $850,000, respectively.
Assume that Redstar Corporation exchanges 45,000 of its $3 par value shares of common stock, when the fair price is $4/share, for 100% of the common stock of Supernova Company. Redstar incurred direct acquisition costs of $5,000 and stock issuance costs of $5,000.
Required:
What journal entry will Redstar Corporation record for the investment in Supernova?
Prepare a supporting determination and distribution of excess schedule
Prepare Redstar’s elimination and adjustment entry for the acquisition of Supernova.
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Chapter 2
ANS:(100% purchase with Extraordinary Gain)a. Investment in Supernova (45,000 x $4)+ $5,000  185,000135,000Common Stock $3 par valuePaid-in-capital excess of par45,000Cash (direct acquisition costs)5,000Paid-in capital excess of par5,0005,000Cash (to investment company)b. Determination and Distribution of Excess SchedulePrice paid for investment$ 185,000Less book value ofinterest purchased:$ 300,000Common Stock $5 parPaid-in capital in excess400,000of par100,000Retained EarningsTotal Equity$ 800,000800,000Ownership interest100%Book value exceeds cost$(615,000)DebitAdjustments=========—–Accounts ReceivableDebitInventory ($600,000 -150,000$450,000)(600,000)CreditProperty and PlantGoodwill(150,000)CreditExtraordinary Gain(15,000)CreditTotal Adjustments$(615,000)=========c. Worksheet entry.$300,000Common Stock $5 ParPaid-in capital in excess of par400,000Retained Earnings100,000$800,000Investment(Alternative Credits:185,000Investment in SupernovaExcess(615,000)Investment in Supernova615,000InventoryProperty and Plant150,000600,000Goodwill150,000Extraordinary Gain15,000(Alternative Debit:Excess615,000)DIF:  MOBJ:  2, 3, 4, 5, 6
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Chapter 2
On December 31, 20X1, Priority Company purchased 80% of the common stock of Subsidiary Company for $1,550,000. On this date, Subsidiary had total owners’ equity of $650,000 (common stock $100,000; other paid-in capital, $200,000; and retained earnings, $350,000). Any excess of cost over book value is due to the under or overvaluation of certain assets and liabilities. Assets and liabilities with differences in book and fair values are provided in the following table:
BookFairCurrent AssetsValueValue……………………$500,000$800,000Accounts Receivable……………….200,000150,000Inventory………………………..800,000800,000Land…………………………….100,000600,000Buildings (net)…………………..700,000900,000Current Liabilities……………….800,000875,000Long-Term Debt……………………850,000930,000
Remaining excess, if any, is due to goodwill.
Required:
Using the information above and on the separate worksheet, prepare a schedule to determine and distribute the excess of cost over book value.
Complete the Figure 2-1 worksheet for a consolidated balance sheet as of December 31, 20X1.
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Chapter 2
ANS:
Determination and Distribution of Excess of Cost over Book Value Schedule:
Price paid for investment in$1,550,000Subsidiary Company……………..Less Book value of interest acquired:$100,000Common stock…………………..Other paid-in capital…………..200,000Retained earnings ……………..350,000………Totalstockholders’equity$650,000520,000Interest acquired………………80%Excess of cost over book value$1,030,000(debit balance)Allocable to:==========$240,000 Dr.Current assets ($300,000 x .80)…..Accounts Receivable ($50,000 x .80).40,000Cr.Land ($500,000 x .80)……………400,000Dr.Building and Equipment..($200,000 x .80)160,000 Dr.Current Liabilities ($75,000 x .80).60,000Cr.Premium on Bonds ($80,000 x .80)….64,000Cr.………………………Goodwill$394,000Dr.========
For the worksheet solution, please refer to Answer 2-1. Eliminations and Adjustments:
(EL) Eliminate 80% of the subsidiary’s equity accounts against the investment in subsidiary account.
Allocate the excess of cost over book value to net assets as required by the determination and distribution of excess schedule.
DIF: M OBJ:  4, 5, 6, 7, 8
On December 31, 20X1, Parent Company purchased 80% of the common stock of Subsidiary Company for $280,000. On this date, Subsidiary had total owners’ equity of $250,000 (common stock $20,000; other paid-in capital, $80,000; and retained earnings, $150,000). Any excess of cost over book value is due to the under or overvaluation of certain assets and liabilities. Inventory is undervalued $5,000. Land is undervalued $20,000. Buildings and equipment have a fair value which exceeds book value by $30,000. Bonds payable are overvalued $5,000. The remaining excess, if any, is due to goodwill.
Required:
Using the information above and on the separate worksheet, prepare a schedule to determine and distribute the excess of cost over book value. Use the parent company concept (pro rata fair value approach) in any revaluation of net assets.
Complete the Figure 2-2 worksheet for a consolidated balance sheet as of December 31, 20X1.
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Chapter 2
ANS:
Determination and Distribution of Excess of Cost over Book Value Schedule:
Price paid for investment in Subsidiary$280,000Company…………………………….Less book value of interest acquired:$ 20,000Common stock………………………..Other paid-in capital………………..80,000Retained earnings……………………..150,000……………..Totalstockholders’equity$250,000200,000Interest acquired……………………..80%Excess of cost over book value$ 80,000(debit balance)………………………Allocable to:========$ 4,000Inventory  ($5,000 x 80%)……………..Land  ($20,000 x 80%)…………………16,000Building and Equipment  ($30,000 x 80%)…24,000Discount on Bonds  ($5,000 x 80%)………4,000……………………………Goodwill$32,000=======
For the worksheet solution, please refer to Answer 2-2. Eliminations and Adjustments:
(EL) Eliminate 80% of the subsidiary’s equity accounts against the investment in subsidiary account.
Allocate the excess of cost over book value to net assets as required by the determination and distribution of excess schedule.
DIF: M OBJ:  4, 5, 6, 7, 8
On January 1, 20X1, Panther Company purchased 100% of the common stock of Seahawk Company for $1,410,000. On this date, Seahawk had total owners’ equity of $1,150,000.
On December 31, 20X4, Seahawk Company had reported an operating loss before taxes of $175,000. Assume a tax rate of 35%. Since a carryback of $75,000 was available, a tax refund receivable of $26,250 was recorded and a net-of-tax loss of $148,750 was reported. At the date of purchase, Panther Company has concluded that the balance of the tax benefit of the operating loss will be realized in 20X1 when a consolidated tax return is prepared.
On January 1, 20X1, the excess of cost over book value is due to the tax benefit above, to a $30,000 undervaluation of Bonds Payable, to an undervaluation of land, building and equipment, and to goodwill. The fair value of land is $500,000. The fair value of building and equipment is $750,000. The book value of the land is $400,750. The book value of the building and equipment is $613,000.
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Chapter 2
Required:
Using the information above and on the separate worksheet, complete a schedule for determination and distribution of the excess of cost over book value.
Complete the Figure 2-3 worksheet for a consolidated balance sheet as of January 1, 20X1.
ANS:
Determination and Distribution of Excess of Cost Over Book Value Schedule:
Price paid for investment in$1,410,000Seahawk Company………………..Less book value of interest acquired:$  200,000Common stock…………………..Other paid-in capital…………..300,000Retained earnings………………650,000………Totalstockholders’equity$1,150,0001,150,000Interest acquired………………100%Excess of cost over book value$260,000(debit balance)………………..==========Allocable to:Tax Benefit of Operating Loss$ 26,250Carryforward…………………Dr.Land………………………….99,250Building………………………137,000Dr.Premium on bonds payable ……….(30,000)Cr.………………………Goodwill$ 27,500Dr.========
For the worksheet solution, please refer to Answer 2-3. Eliminations and Adjustments:
(EL) Eliminate 100% of the subsidiary’s equity accounts against the investment in subsidiary account.
Allocate the excess of cost over book value to net assets as required by the determination and distribution of excess schedule.
DIF: D OBJ:  4, 5, 6, 7
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Chapter 2
On January 1, 20X1, Parent Company purchased 80% of the common stock of Subsidiary Company for $248,800. On this date, Subsidiary had total owners’ equity of $240,000.
On December 31, 20X4, Subsidiary Company had reported an operating loss before taxes of $40,000. Assume a tax rate of 30%. Since a carryback of $20,000 was available, a tax refund receivable of $6,000 was recorded and a net-of-tax loss of $34,000 was reported. At the date of purchase, Parent Company has concluded that the balance of the tax benefit of the operating loss will be realized in 20X1 when a consolidated tax return is prepared.
On January 1, 20X1, the excess of cost over book value is due to the tax benefit above, to a $5,000 undervaluation of Bonds Payable, to an undervaluation of land, building and equipment, and to goodwill. The fair value of land is $40,000. The fair value of building and equipment is $200,000. The book value of the land is $30,000. The book value of the building and equipment is $180,000.
Required:
From the information above and on the separate worksheet, complete a schedule for determination and distribution of the excess of cost over book value. Use the parent company concept (pro rata fair value approach) in any revaluation of net assets.
Complete the Figure 2-4 worksheet for a consolidated balance sheet as of January 1, 20X1.
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Chapter 2
ANS:
Determination and Distribution of Excess of Cost Over Book Value Schedule:
Price paid for investment in Subsidiary$248,800Company…………………………Less book value of interest acquired:$ 50,000Common stock…………………….Other paid-in capital…………….70,000Retained earnings………………..120,000………..Totalstockholders’equity$240,000192,000Interest acquired………………..80%Excess of cost over book value$ 56,800(debit balance)………………….========Allocable to:Tax Benefit of Operating Loss$ 4,800 Dr.Carryforward ($6,000 x 80%)……..Land  ($10,000 x 80%)…………….8,000 Dr.Building ($20,000 x 80%)………….16,000 Dr.Premium on Bonds Payable ($5,000 x 80%)(4,000)Cr.……………………….Goodwill$32,000Dr.=======
For the worksheet solution, please refer to Answer 2-4. Eliminations and Adjustments:
(EL) Eliminate 80% of the subsidiary’s equity accounts against the investment in subsidiary account.
Allocate the excess of cost over book value to net assets as required by the determination and distribution of excess schedule.
DIF: D OBJ: 4, 5, 6, 7, 8
On January 1, 20X1, Parent Company purchased 100% of the common stock of Subsidiary Company for $280,000. On this date, Subsidiary had total owners’ equity of $240,000.
On January 1, 20X1, the excess of cost over book value is due to a
$15,000 undervaluation of inventory, to a $5,000 overvaluation of Bonds Payable, and to an undervaluation of land, building and equipment. The fair value of land is $50,000. The fair value of building and equipment is $200,000. The book value of the land is $30,000. The book value of the building and equipment is $180,000.
Required:
Using the information above and on the separate worksheet, complete a schedule for determination and distribution of the excess of cost over book value.
Complete the Figure 2-5 worksheet for a consolidated balance
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Chapter 2
sheet as of January 1, 20X1.
ANS:
Determination and Distribution of Excess of Cost Over Book Value Schedule:
Price paid for investment in Subsidiary$280,000Company……………………….Less Book value of interest acquired:$ 50,000Common stock…………………..Other paid-in capital…………..70,000Retained earnings………………120,000………………………..Total$240,000240,000Less interest acquired………….100%Excess of cost over book value$ 40,000(debit balance)…………………========Allocable to:$15,000 Dr.Inventory……………………..Discount on bonds payable……….5,000Dr.Remainder to other long-lived assets:$20,000Dr.Land………………………….16,000Building………………………4,000Dr.………………………Goodwill$0=======
100% ofFractionTotalAllocatedBook100%AssetFairof FairAssignedAssignedIncreaseValueValueValue*ValueValue(Decrease)Land$ 50,0001/5$230,000$ 46,000$ 30,000$16,000Building200,0004/5230,000184,000180,0004,000$250,000$230,000$210,000$20,000===============================
Book value of Land ($30,000) and Building ($180,000) plus $20,000 remaining excess of cost over book value.
b. For the worksheet solution, please refer to Answer 2-5.
Eliminations and Adjustments:
(EL) Eliminate 100% of the subsidiary’s equity accounts against the investment in subsidiary account.
Allocate the excess of cost over book value to net assets as required by the determination and distribution of excess schedule.
DIF: M OBJ:  4, 5, 6, 7
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Chapter 2
On January 1, 20X1, Parent Company purchased 90% of the common stock of Subsidiary Company for $252,000. On this date, Subsidiary had total owners’ equity of $240,000.
On January 1, 20X1, the excess of cost over book value is due to a
$15,000 undervaluation of inventory, to a $5,000 overvaluation of Bonds Payable, and to an undervaluation of land, building and equipment. The fair value of land is $50,000. The fair value of building and equipment is $200,000. The book value of the land is $30,000. The book value of the building and equipment is $180,000.
Required:
From the information above and on the separate worksheet, complete a schedule for determination and distribution of the excess of cost over book value. Use the parent company concept (pro rata fair value approach) in any revaluation of net assets.
Complete the Figure 2-6 worksheet for a consolidated balance sheet as of January 1, 20X1.
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Chapter 2
ANS:
Determination and Distribution of Excess of Cost Over Book Value Schedule:
Price paid for investment in Subsidiary$252,000Company………………………..Less book value of interest acquired:Common Stock……………………$ 50,000Other Paid-in Capital……………70,000Retained Earnings……………….120,000…………………………Total$240,000216,000Less Interest acquired…………..90%Excess of cost over book value$ 36,000(debit balance)…………………========Allocable to:$13,500 Dr.Inventory ($15,000 x 90%)…………Discount on bonds payable4,500Dr.($5,000 x 90%)………………….Remainder to other long-lived assets:$18,000Dr.Land…………………………..14,400Building……………………….3,600Dr.……………………….Goodwill$0=======Alternative 1100% of   FractionTotalAllocated100% ofAssetFairof FairAssignedAssignedBookValueValueValue*ValueValue _Land……..$ 50,0001/5$230,000$ 46,000$ 30,000Building….200,0004/5230,000184,000180,000$250,000$230,000$210,000========================Alternative 1 continued90%100%AssetIncreaseIncrease(Decrease)(Decrease)Land……..$16,000$14,400Building….4,0003,600$20,000$18,000==============
If remaining allocable cost on a 90% purchase is $18,000, it would be $20,000 on a 100% purchase. Book value of $210,000 must be increased by $20,000 to get total allocable cost. Increase of decrease for 100% purchase must then be multiplied by 90% to derive correct writeup.
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Chapter 2Alternative 2FractionTotalAllocated90% of90%90% ofAssetFairof FairAssignedAssignedBookIncreaseValueValueValue**ValueValue(Decrease)Land$ 45,0001/5$207,000$ 41,400$ 27,000$14,400Building180,0004/5207,000165,600162,0003,600$225,000$207,000$189,000$18,000===============================
The remaining allocable cost on a 90% purchase is $18,000. The book value of the controlling interest in land and building is $189,000 (90% of $210,000). This book value of $189,000 must be increased by $18,000 to get the total assigned value.
For the worksheet solution, please refer to Answer 2-6. Eliminations and Adjustments:
(EL) Eliminate 90% of the subsidiary’s equity accounts against the investment in subsidiary account.
Allocate the excess of cost over book value to net assets as required by the determination and distribution of excess schedule.
DIF: D OBJ:  4, 5, 6, 7, 8
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Chapter 2
9.
ConsolidatedPepper Co.Salt Inc.FinancialCashStatements$ 26,000$ 20,000$ 46,000Accounts Receivable, net20,00030,00050,000Inventory125,000110,000270,000Land30,00080,000124,000Building and Equipment320,000160,000459,000Investment in Subsidiary279,000--Goodwill--41,000Total Assets$800,000$400,000$990,000========================Accounts Payable$ 40,000$ 40,000$ 80,000Other Liabilities70,00060,000130,000Common Stock400,000200,000400,000Retained Earnings290,000100,000290,000Noncontrolling Interest--90,000Total Liabilities &$800,000$400,000$990,000Stockholders’ Equity========================
Answer the following based upon the above financial statements:
How much did Pepper Co. pay to acquire Salt Inc.?
What percentage ownership did Pepper Co. acquire of Salt Inc.?
What was the fair value of Salt’s Inventory at the time of acquisition?
Was the book value of Salt’s Building and Equipment overvalued or undervalued relative to the Building and Equipment’s fair value at the time of acquisition?
ANS:$279,000a. Investment in Subsidiaryb. Noncontrolling Interest90,000Subsidiary Equity200,000 + 100,000= 30%100% – 30% = 70%c. Consolidated Inventory$270,000Pepper Co. Inventory$125,000Salt Inc. Inventory110,000Total Inventory Book Value$235,000Adjustment$ 35,000Ownership %70%  = 50,000
The Building and Equipment’s book value was overvalued relative to the fair value.
$320,000 + $160,000 = $480,000 > $459,000. ($21,000/70% = $30,000)
DIF: D OBJ:  4, 5, 6
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Chapter 2
On January 1, 20X1, Parent Company acquired 80% of the common stock of Subsidiary Company by issuing Parent common stock with a fair value of $250,800. On this date, Subsidiary had total owners’ equity of $240,000.
Even though the combination must be accounted for as a purchase, it is a tax-free combination for Federal income tax purposes. The corporate tax rate is 30%.
On January 1, 20X1, the excess of cost over book value is due to an undervaluation of land, building, and goodwill. The fair value of land is $40,000. The fair value of building is $200,000. The book value of the land is $30,000. The book value of the building is $180,000.
Required:
From the information above and on the separate worksheet, complete a schedule for determination and distribution of the excess of cost over book value. Use the parent company concept (prorata fair value approach) in any writeup of net assets.
Complete the Figure 2-7 worksheet for a consolidated balance sheet as of January 1, 20X1.
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ANS:
Determination and Distribution of Excess of Cost Over Book Value Schedule:
Price paid for investment in Subsidiary$250,800Company…………………………Less book value of interest acquired:$ 50,000Common Stock…………………….Other Paid-in Capital…………….70,000Retained Earnings………………..120,000………………………….Total$240,000192,000Less Interest acquired……………80%Excess of cost over book value$ 58,800(debit balance)………………….========Land ($10,000 x 80%)……………..$ 8,000 Dr.Deferred Tax Liability ($8,000 x 30%).(2,400)Cr.Building ($20,000 x 80%)…………..16,000Dr.Deferred Tax Liability ($16,000 x 30%)(4,800)Cr.Goodwill (Net of deferred tax liability)$42,000Dr.To be distributed$ 60,000 Dr.Goodwill ($42,000 ˜ 70%)………….Deferred Tax Liability.. 30% x $60,000)(18,000)Cr.………NetoftaxvalueofGoodwill$ 42,000========
For the worksheet solution, please refer to Answer 2-7. Eliminations and Adjustments:
(EL) Eliminate 80% of the subsidiary’s equity accounts against the investment in subsidiary account.
Allocate the excess of cost over book value to net assets as required by the determination and distribution of excess schedule.
DIF: D OBJ:  4, 5, 6, 7, 8
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Chapter 2
Supernova Company had the following summarized balance sheet on December 31, 20X1:
Assets………………………………Accountsreceivable$200,000Inventory……………………………………….450,000Property and plant (net)………………………….600,000Goodwill………………………………………..150,000…………………………………………Total$1,400,000==========Liabilities and Equity……………………………………Notespayable$600,000Common stock, $5 par……………………………..300,000Paid-in capital in excess of par…………………..400,000Retained earnings………………………………..100,000…………………………………………Total$1,400,000==========
The fair value of the inventory and property and plant is $600,000 and $850,000, respectively.
Required:
Assume that Redstar Corporation purchases 100% of the common stock of Supernova Company for $1,800,000. What value will be assigned to the following accounts of the Supernova Company when preparing a consolidated balance sheet on December 31, 20X1?
(1)Inventory_________(2)Property and plant_________(3)Goodwill_________Noncontrolling interest   _________
Prepare a supporting determination and distribution of excess schedule.
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Chapter 2
ANS:a. (1)Inventory$600,000$450,000BV + $150,000(2)Property and plant$850,000$600,000BV + $250,000(3)Goodwill$750,000No NCI(4)Noncontrolling interest0
b. Determination and Distribution of Excess Schedule:
Price paid…………………………$1,800,000Equity of Supernova:$300,000Common stock, $5 par………………Paid-in capital in excess of par……400,000Retained earnings…………………100,000……………………Totalequity$800,000800,000Interest purchased………………..100%………….Excesscostoverbookvalue1,000,000Increase inventory………………….150,000…………Availableforfixedassets$850,000Add existing goodwill……………….150,000…..Adjustedavailableforfixedassets$1,000,000Increase property and plant………….250,000………………….Goodwill(total)$750,000==========DIF:  MOBJ:  6, 7, 9
Saturn Company had the following summarized balance sheet on December 31, 20X1:
Assets………………………………Accountsreceivable$180,000Inventory……………………………………….500,000Property and plant (net)………………………….600,000Goodwill………………………………………..120,000…………………………………………Total$1,400,000==========Liabilities and Equity……………………………………Notespayable$600,000Common stock, $5 par……………………………..300,000Paid-in capital in excess of par…………………..400,000Retained earnings………………………………..100,000…………………………………………Total$1,400,000==========
The fair value of the inventory and property and plant is $600,000 and $850,000, respectively.
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Chapter 2
Required:
Assume that Return Corporation purchases 80% of the common stock of Saturn Company for $600,000. What value will be assigned to the following accounts of the Saturn Company when preparing a consolidated balance sheet on December 31, 20X1?
(1)Inventory_________(2)Property and plant_________(3)Goodwill_________Noncontrolling interest   _________
Prepare a supporting determination and distribution of excess schedule.
ANS:a. (1)Inventory$580,000$500,000BV + $80,000(2)Property and plant$576,000$600,000BV – $24,000(3)Goodwill$ 24,000$120,000BV – $96,000(4)Noncontrolling interest$160,00020% of $800,000 equity
b. Determination and Distribution of Excess Schedule:
Price paid…………………………$600,000Equity of Saturn:$300,000Common stock, $5 par………………Paid-in capital in excess of par……400,000Retained earnings…………………100,000……………………Totalequity$800,000640,000Interest purchased………………..80%………….Excesscostoverbookvalue$(40,000)Increase inventory, 80% x $100,000……80,000…………Availableforfixedassets$(120,000)Add existing goodwill, 80% x $120,000…96,000)…Adjustedavailableforfixedassets$(24,000………….Decreasepropertyandplant$24,000=========DIF:  MOBJ:  6, 7, 8, 9
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Chapter 2
Pluto purchased 100% of the common stock of the Saturn Company for $325,000 when Saturn had the following balance sheet:
Assets…………………………………..Currentassets$  50,000Inventory……………………………………….60,000Property and plant……………………………….300,000Accumulated depreciation………………………….(110,000)…………………………………………Total$ 300,000=========Liabilities and Equity………………………………Currentliabilities$ 50,000Common stock, $5 par……………………………..100,000Pain-in capital in excess of par…………………..50,000Retained earnings………………………………..100,000…………………………………………Total$300,000========
The fair value of the plant is $250,000.
The purchase is a tax free exchange as to the seller; thus, the purchaser will be able to depreciate only the book value of the assets purchased. The applicable tax rate is 30%.
Required:
At what amount will the following accounts be listed on the consolidated balance sheet prepared on the date of purchase?
(1)Inventory_________(2)Property and plant_________(3)Deferred tax liability_________(4)Goodwill_________
Prepare a supporting determination and distribution of excess schedule.
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Chapter 2
ANS:a. (1)Inventory$ 60,000(2)Property and plant$250,000(3)Deferred tax liability$(32,143)(4)Goodwill$ 47,143
b. Determination and Distribution of Excess Schedule:
Price paid…………………………$325,000Equity of Supernova:$100,000Common stock, $5 par………………Paid-in capital in excess of par……50,000Retained earnings…………………100,000……………………Totalequity$250,000250,000Interest purchased………………..100%Excess cost over book value………….$ 50,000$ 75,000Increase property and plant………….35,000Deferred tax liability (.3 x $50,000)…(15,000)……………………Goodwill(net)$ 40,000Distributed:========$ 57,143Goodwill ($40,000 ˜ .7)Deferred tax ($57,143 x .3)(17,143)$ 40,000=======DIF:  DOBJ:  6, 7
Fortuna Company issued 51,500 shares of $1 par stock, with a fair value of $21 per share, for 80% of the outstanding shares of Acappella Company. The firms had the following separate balance sheets prior to the acquisition:
AssetsFortunaAcappellaCurrent assets………………………..$2,100,000$960,000Property, plant, and equipment (net)……..4,600,0001,300,000Goodwill……………………………..240,000………………………….Totalassets$6,700,000$2,500,000====================Liabilities and Stockholders’ EquityLiabilities$800,000…………………………..$3,000,000Common stock ($1 par)………………….800,000200,000Common stock ($5 par)……………………………2,200,000Paid-in capital in excess of par300,000Retained earnings……………………..700,0001,200,000……………Totalliabilitiesandequity$6,700,000$2,500,000====================
Book values equal fair values for the assets and liabilities of Acappella Company, except for the property, plant, and equipment, which has a fair value of $1,600,000.
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Chapter 2
Required:
Prepare a determination and distribution of excess schedule.
Provide all eliminations on the partial balance sheet worksheet provided in Figure 2-8 and complete the noncontrolling interest column.
ANS:
a. Determination and Distribution of Excess Schedule:
Price paid (51,500 shares x $21 fair value)$1,081,500Less interest acquired:$200,000Common stock ($10 par)…………….Paid-in capital in excess of par……300,000Retained earnings…………………1,200,000……….Totalstockholders’equity$1,700,0001,360,000Interest acquired……………….80%………….Excessbookvalueovercost$278,500Less needed previously recorded goodwill192,000(80% x $240,000)………………….Left to decrease property, plant, and$86,500equipment==========
b. For the worksheet solution, please refer to Answer 2-8.
Eliminations and Adjustments:
Eliminate 80% of subsidiary equity against the investment account.
Distribute excess according to the determination and distribution of excess schedule.
DIF: M OBJ:  4, 6, 7, 8, 9
ESSAY
Historically the SEC and the FASB have considered majority ownership to define control as a necessary condition prior to preparing consolidating financial statements. Now, both of these organizations are considering a change in the definition of control.
Discuss the historical perspective on consolidation and now under what situations control would be considered appropriate without majority ownership. In your response describe the function of consolidated financial statements.
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Chapter 2
ANS:
Consolidated financial statements are designed to present the results of operations, cash flow and the balance sheet of the parent and its subsidiaries as if they were a single company. Historically, ownership in excess of 50% was considered necessary for control. Prior to FAS 94 non-homogeneous subsidiaries were not consolidated. Under FAS 94 the only exceptions for consolidation relate to control being necessary, or it does not rest with the majority owner.
Currently, FASB would presume control to exist, without majority ownership, if any of the following situations exist:
The parent company has the right to appoint the majority of members to the board of directors.
The parent can elect the majority of members to the board of directors with a large minority (less than 50%) voting interest.
The parent company is the only general partner in a limited
partnership and no other partner group may dissolve the partnership or remove the general partner.
The parent has the unilateral ability to assume the role of general partner in a limited partnership.
DIF: M OBJ:  2, 3
Discuss the conditions under which the FASB would assume a presumption of control. Additionally, under what circumstances might the FASB require consolidation even though the parent does not control the subsidiary?
ANS:
The FASB presumes that control exists if one company owns over 50% of the voting interest in another company or has an unconditional right to appoint a majority of the members of another company’s controlling body. Additionally, in the absence of evidence to the contrary, one or more of the following conditions would lead to a presumption of control:
Ownership of a large noncontrolling interest where no other party has a significant interest.
Ownership of securities or unconditional rights in the company that can be converted into securities that would cause a controlling interest to exist.
The acquiring company has the unconditional right to dissolve the entity whose interest was acquired and assume control of the assets.
A relationship with another entity that assures control through provisions in a charter, bylaws, or trust agreement.
A legal obligation created with the controlled entity that requires substantially all cash flows and other economic benefits to flow to the controlling entity.
A sole general partner in a limited partnership where no other party may dissolve the partnership or remove the general partner.
DIF: M OBJ:  3
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Chapter 2
A parent company purchases an 80% interest in a subsidiary at a price high enough to revalue all assets and allow for goodwill on the interest purchased. If “push down accounting” were used in conjunction with the “economic entity concept,” what unique procedures would be used that are not normally used for such an 80% purchase?
ANS:
All assets including goodwill would be adjusted 100%, rather than 80%, of the way to fair value. This would mean that the noncontrolling interest would be increased for 20% of the total write-ups through the noncontrolling interest in retained earnings. The method would also be unique in that the asset adjustments would be made directly on the books of the subsidiary rather than on the consolidated worksheet.
DIF: D OBJ:  8, 10
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Chapter 2
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