Dr Nick

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    Kaplan University
    Apr-2009 - Mar-2014

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    University of Santo Tomas
    Aug-2006 - Present

Category > Accounting Posted 09 Jun 2017 My Price 13.00

Nacy Company acquires 80% of Corpuz Company

Nacy Company acquires 80% of Corpuz Company for $320,000 cash on January 1, 2014. Corpuz reported common stock of $145,000 and retained earnings of $125,000 on that date. Equipment (remaining life 10 years) was undervalued by $60,000 and buildings (remaining life 15 years) were undervalued by $30,000 and Land was undervalued by $20,000. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on an annual review, goodwill has not been impaired. Corpuz earns income and pays dividends as follows:

                                    2014                            2015                            2016

Net income                  $70,000                                   $70,000                                   $60,000

Dividends                     $10,000                                   $10,000                                   $20,000

Nacy uses the acquisition method and the full equity method for its investments.

1.     Prepare the consolidation/elimination/reclassification entries on the consolidation worksheet at January 1, 2014, December 31, 2014, December 31, 2015

 

Answers

Dr Nick
(4)
Status NEW Posted 09 Jun 2017 01:06 PM My Price 13.00

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