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 10.00

Sto Corporation

Pal Corporation acquired a 90 percent interest in Sto Corporation on January 1, 2011, for $270,000, at which time Sto’s capital stock and retained earnings were $150,000 and $90,000, respectively. The fair value cost/book value differential is due to a patent with a 10-year amortization period. Financial statements for Pal and Sto for 2012 are as follows (in thousands):

ADDITIONAL INFORMATION
1. Pal sold inventory to Sto for $60,000 during 2011 and $72,000 during 2012; Sto’s inventories at December 31, 2011 and 2012, included unrealized profits of $10,000 and $12,000, respectively.
2. On July 1, 2011, Pal sold machinery with a book value of $28,000 to Sto for $35,000. The machinery had a useful life of 3.5 years at the time of intercompany sale, and straight-line depreciation is used.
3. During 2012, Pal sold land with a book value of $15,000 to Sto for $20,000.
4. Pal’s accounts receivable on December 31, 2012, includes $10,000 due from Sto.
5. Pal uses the equity method for its 90 percent interest in Sto.
REQUIRED: Prepare a consolidation workpaper for Pal and Subsidiary for the year ended December 31,2012.

 


Answers

Maurice Tutor
(5)
Status NEW Posted 11 Feb 2018 04:02 PM My Price 10.00

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