Maurice Tutor

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

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 11 Feb 2018 My Price 7.00

Pea Corporation

Pea Corporation purchased 75 percent of the outstanding voting stock of Sen Corporation for $2,400,000 on January 1, 2011. Sen’s stockholders’ equity on this date consisted of the following (in thousands):
Capital stock, $10 par……………………$1,000
Additional paid-in capital……………….. 600
Retained earnings December 31, 2010….. 800
Total stockholders’ equity……………….$2,400
The excess fair value of the net assets acquired was assigned 10 percent to undervalued inventory (sold in 2011), 40 percent to undervalued plant assets with a remaining useful life of eight years, and 50 percent to goodwill. Comparative trial balances of Pea Corporation and Sen Corporation at December 31, 2015, are as follows:

REQUIRED: Determine the amounts that would appear in the consolidated financial statements of Pea Corporation and Subsidiary for each of the following items:
1. Goodwill at December 31, 2015
2. Noncontrolling interest share for 2015
3. Consolidated retained earnings at December 31, 2014
4. Consolidated retained earnings at December 31, 2015
5. Consolidated net income for 2015
6. Noncontrolling interest at December 31, 2014
7. Noncontrolling interest at December 31,2015

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Feb 2018 04:02 PM My Price 7.00

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