Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

Pas Corporation

Prepare consolidated income statements with and without fair value/book value differentials

 

Summary income statement information for Pas Corporation and its 70 percent-owned subsidiary, Sit, for the year 2012 is as follows (in thousands):

 

 

Pas

Sit

Sales

$2,000

$ 800

Income from Sit

98

—

Cost of sales

(1,200)

(400)

Depreciation expense

(100)

(80)

Other expenses

(398)

(180)

Net income

$ 400

$ 140

 

REQUIRED:

 

1. Assume that Pas acquired its 70 percent interest in Sit at book value on January 1, 2011, when the fair value of Sits’ assets and liabilities were equal to recorded book values. There were no intercompany transactions during 2011 and 2012. Prepare a consolidated income statement for Pas Corporation and Subsidiary for 2012.

2. Assume that Pas acquired its 70 percent interest in Sit on January 1, 2011, for $280,000. $60,000 was allocated to a reduction of overvalued equipment with a five-year remaining useful life and the remainder was allocated to goodwill. Sit’s book value was $320,000. There were no intercompany transactions during 2011 and 2012. Prepare a consolidated income statement for Pas Corporation and Subsidiary for 2012

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 11:09 AM My Price 7.00

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