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UNIT 4 POST PROBLEM 1 On December 31, 200X P Corporation paid $300,000 cash for 80% of thecommon stock of S Company which becomes a subsidiary. Followinginformation is shown prior to the acquisition being recorded: P CompanyAssets Liabilities and EquityCash 580,000 Liabilities 90,000Inventories 60,000 Plant 340,000 Common Stock, $5pv 100,000 Paid in Capital 200,000 Retained Earnings 590,000 Total 980,000 Total 980,000 S CompanyAssets Liabilities and EquityInventories 20,000 Liabilities 30,000Other assets 40,000 Long Term Debt 50,000Plant 140,000 Common Stock, $10pv 40,000 Paid in Capital 20,000 Retained Earnings 60,000 Total 200,000 Total 200,000 S market values are: Plant $250,000 Inventory $50,000 1. Prepare the entries in journal format to record the acquisitionand post to the general edger accounts. 2. Prepare a consolidation workpaper. 3. Prepare consolidated balance sheet. ____________________________________UNIT 4 POST PROBLEM 2Following are trial balances of Conglomerate and Sub Company as ofDecember 31, 2010. Conglomerate Sub Cash $1,440,000 $ 120,000Inventories 60,000 40,000Investment in S 560,000 Building 400,000 280,000Equipment 120,000 180,000Accounts Payable (180,000) (120,000)Common Stock (1,800,000) (100,000)Additional Paid in Capital (250,000) (300,000) Retained Earnings (120,000) (60,000)Sales (1,100,000) (300,000)Cost of Goods Sold 700,000 200,000Operating Expenses 170,000 60,000Other information:Conglomerate purchased 90% of Sub Company on December 31, 2009 for $560,000. The totals above are for one year after the purchase.Differences between identifiable net assets of Sub Company on December 31, 2009 (the date of purchase) were: Fair Value Book Value DifferenceBuilding 300,000 280,000 20,000 (20 year life)Equipment 200,000 180,000 20,000 (10 year life)Goodwill created on the date of purchase was $122,222. On December 31, 2010 Sub Company paid $10,000 in dividends.Requirements:No entries have been made on either C or S’s books for dividends paid in 2010 and recording the sub’s net income on C’s books using the equity method. You must post entries to the appropriate accounts for the payment of the dividends in C’s and S’s accounts and recording the sub’s net income on C’s books using the equity method. This will change some of the balances above. . (Show entries in general journal and/or T Account format.)Prepare consolidated financial statements for the year ending December 31, 2010, using a consolidation worksheet showing the eliminations, if any. Prepare a consolidated balance sheet, income statement and statement of retained earnings.

UNIT 4 POST PROBLEM 1 On December 31, 200X P Corporation paid $300,000 cash for 80% of thecommon stock of S Company which becomes a subsidiary. Followinginformation is shown prior to the acquisition being recorded: P CompanyAssets Liabilities and EquityCash 580,000 Liabilities 90,000Inventories 60,000 Plant 340,000 Common Stock, $5pv 100,000 Paid in Capital 200,000 Retained Earnings 590,000 Total 980,000 Total 980,000 S CompanyAssets Liabilities and EquityInventories 20,000 Liabilities 30,000Other assets 40,000 Long Term Debt 50,000Plant 140,000 Common Stock, $10pv 40,000 Paid in Capital 20,000 Retained Earnings 60,000 Total 200,000 Total 200,000 S market values are: Plant $250,000 Inventory $50,000 1. Prepare the entries in journal format to record the acquisitionand post to the general edger accounts. 2. Prepare a consolidation workpaper. 3. Prepare consolidated balance sheet. ____________________________________UNIT 4 POST PROBLEM 2Following are trial balances of Conglomerate and Sub Company as ofDecember 31, 2010. Conglomerate Sub Cash $1,440,000 $ 120,000Inventories 60,000 40,000Investment in S 560,000 Building 400,000 280,000Equipment 120,000 180,000Accounts Payable (180,000) (120,000)Common Stock (1,800,000) (100,000)Additional Paid in Capital (250,000) (300,000) Retained Earnings (120,000) (60,000)Sales (1,100,000) (300,000)Cost of Goods Sold 700,000 200,000Operating Expenses 170,000 60,000Other information:Conglomerate purchased 90% of Sub Company on December 31, 2009 for $560,000. The totals above are for one year after the purchase.Differences between identifiable net assets of Sub Company on December 31, 2009 (the date of purchase) were: Fair Value Book Value DifferenceBuilding 300,000 280,000 20,000 (20 year life)Equipment 200,000 180,000 20,000 (10 year life)Goodwill created on the date of purchase was $122,222. On December 31, 2010 Sub Company paid $10,000 in dividends.Requirements:No entries have been made on either C or S’s books for dividends paid in 2010 and recording the sub’s net income on C’s books using the equity method. You must post entries to the appropriate accounts for the payment of the dividends in C’s and S’s accounts and recording the sub’s net income on C’s books using the equity method. This will change some of the balances above. . (Show entries in general journal and/or T Account format.)Prepare consolidated financial statements for the year ending December 31, 2010, using a consolidation worksheet showing the eliminations, if any. Prepare a consolidated balance sheet, income statement and statement of retained earnings.

UNIT 4 POST PROBLEM 1 On December 31, 200X P Corporation paid $300,000 cash for 80% of thecommon stock of S Company which becomes a subsidiary. Followinginformation is shown prior to the acquisition being recorded: P CompanyAssets Liabilities and EquityCash 580,000 Liabilities 90,000Inventories 60,000 Plant 340,000 Common Stock, $5pv 100,000 Paid in Capital 200,000 Retained Earnings 590,000 Total 980,000 Total 980,000 S CompanyAssets Liabilities and EquityInventories 20,000 Liabilities 30,000Other assets 40,000 Long Term Debt 50,000Plant 140,000 Common Stock, $10pv 40,000 Paid in Capital 20,000 Retained Earnings 60,000 Total 200,000 Total 200,000 S market values are: Plant $250,000 Inventory $50,000 1. Prepare the entries in journal format to record the acquisitionand post to the general edger accounts. 2. Prepare a consolidation workpaper. 3. Prepare consolidated balance sheet. ____________________________________UNIT 4 POST PROBLEM 2Following are trial balances of Conglomerate and Sub Company as ofDecember 31, 2010. Conglomerate Sub Cash $1,440,000 $ 120,000Inventories 60,000 40,000Investment in S 560,000 Building 400,000 280,000Equipment 120,000 180,000Accounts Payable (180,000) (120,000)Common Stock (1,800,000) (100,000)Additional Paid in Capital (250,000) (300,000) Retained Earnings (120,000) (60,000)Sales (1,100,000) (300,000)Cost of Goods Sold 700,000 200,000Operating Expenses 170,000 60,000Other information:Conglomerate purchased 90% of Sub Company on December 31, 2009 for $560,000. The totals above are for one year after the purchase.Differences between identifiable net assets of Sub Company on December 31, 2009 (the date of purchase) were: Fair Value Book Value DifferenceBuilding 300,000 280,000 20,000 (20 year life)Equipment 200,000 180,000 20,000 (10 year life)Goodwill created on the date of purchase was $122,222. On December 31, 2010 Sub Company paid $10,000 in dividends.Requirements:No entries have been made on either C or S’s books for dividends paid in 2010 and recording the sub’s net income on C’s books using the equity method. You must post entries to the appropriate accounts for the payment of the dividends in C’s and S’s accounts and recording the sub’s net income on C’s books using the equity method. This will change some of the balances above. . (Show entries in general journal and/or T Account format.)Prepare consolidated financial statements for the year ending December 31, 2010, using a consolidation worksheet showing the eliminations, if any. Prepare a consolidated balance sheet, income statement and statement of retained earnings.

UNIT 4 POST PROBLEM 1 On December 31, 200X P Corporation paid $300,000 cash for 80% of thecommon stock of S Company which becomes a subsidiary. Followinginformation is shown prior to the acquisition being recorded: P CompanyAssets Liabilities and EquityCash 580,000 Liabilities 90,000Inventories 60,000 Plant 340,000 Common Stock, $5pv 100,000 Paid in Capital 200,000 Retained Earnings 590,000 Total 980,000 Total 980,000 S CompanyAssets Liabilities and EquityInventories 20,000 Liabilities 30,000Other assets 40,000 Long Term Debt 50,000Plant 140,000 Common Stock, $10pv 40,000 Paid in Capital 20,000 Retained Earnings 60,000 Total 200,000 Total 200,000 S market values are: Plant $250,000 Inventory $50,000 1. Prepare the entries in journal format to record the acquisitionand post to the general edger accounts. 2. Prepare a consolidation workpaper. 3. Prepare consolidated balance sheet. ____________________________________UNIT 4 POST PROBLEM 2Following are trial balances of Conglomerate and Sub Company as ofDecember 31, 2010. Conglomerate Sub Cash $1,440,000 $ 120,000Inventories 60,000 40,000Investment in S 560,000 Building 400,000 280,000Equipment 120,000 180,000Accounts Payable (180,000) (120,000)Common Stock (1,800,000) (100,000)Additional Paid in Capital (250,000) (300,000) Retained Earnings (120,000) (60,000)Sales (1,100,000) (300,000)Cost of Goods Sold 700,000 200,000Operating Expenses 170,000 60,000Other information:Conglomerate purchased 90% of Sub Company on December 31, 2009 for $560,000. The totals above are for one year after the purchase.Differences between identifiable net assets of Sub Company on December 31, 2009 (the date of purchase) were: Fair Value Book Value DifferenceBuilding 300,000 280,000 20,000 (20 year life)Equipment 200,000 180,000 20,000 (10 year life)Goodwill created on the date of purchase was $122,222. On December 31, 2010 Sub Company paid $10,000 in dividends.Requirements:No entries have been made on either C or S’s books for dividends paid in 2010 and recording the sub’s net income on C’s books using the equity method. You must post entries to the appropriate accounts for the payment of the dividends in C’s and S’s accounts and recording the sub’s net income on C’s books using the equity method. This will change some of the balances above. . (Show entries in general journal and/or T Account format.)Prepare consolidated financial statements for the year ending December 31, 2010, using a consolidation worksheet showing the eliminations, if any. Prepare a consolidated balance sheet, income statement and statement of retained earnings.

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