REQUIREDDetermine the amounts that would appear in the consolidated financial statements of Pub Corporation and Sub for each of the following:1. Goodwill at December 31, 20192. Non-controlling interest share for 20193. Consolidated retained earnings at December 31, 20184. Consolidated retained earnings at December 31, 20195. Consolidated net income for 20196. Non-controlling interest at December 31, 20187. Non-controlling interest at December 31, 2019 On January 1, 2015, Pub Corporation made a significant acquisition, purchasing 75 percent of SubCorporation's outstanding voting stock for a total of $4,200,000. Sub Corporation's stockholders'equity at that time was made up of the following components (all values in thousands):Capital stock with a par value of $10:Additional paid-in capital:Retained earnings as of December 31, 2014:Total stockholders' equity:The surplus fair value of the net assets obtained from this acquisition was allocated as follows: 10percent to underappreciated inventory (which was subsequently sold in 2015), 40 percent tounderappreciated plant assets with a remaining useful life of eight years, and the remaining 50 percentto goodwill.Other assets netInvestment in Sub-75%Expenses (including cost of sales)DividendsCapital stock, $10 parAdditional paid-in capitalRetained earningsFast forward to December 31, 2019, and we have the comparative trial balances for both PubCorporation and Sub Corporation.Sales$2,000Income from Sub$1200$1500$4700Pub$5,8453,6405,285600$15370$4,0008502,6707380470$15370Sub$4500-800300$5600$2,00012001500900$5600

"Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Answered: On January 1, 2015, Pub Corporation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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REQUIRED

Determine the amounts that would appear in the consolidated financial statements of Pub Corporation and Sub for each of the following:
1. Goodwill at December 31, 2019

2. Non-controlling interest share for 2019

3. Consolidated retained earnings at December 31, 2018

4. Consolidated retained earnings at December 31, 2019

5. Consolidated net income for 2019

6. Non-controlling interest at December 31, 2018

7. Non-controlling interest at December 31, 2019

On January 1, 2015, Pub Corporation made a significant acquisition, purchasing 75 percent of Sub
Corporation's outstanding voting stock for a total of $4,200,000. Sub Corporation's stockholders'
equity at that time was made up of the following components (all values in thousands):
Capital stock with a par value of $10:
Additional paid-in capital:
Retained earnings as of December 31, 2014:
Total stockholders' equity:
The surplus fair value of the net assets obtained from this acquisition was allocated as follows: 10
percent to underappreciated inventory (which was subsequently sold in 2015), 40 percent to
underappreciated plant assets with a remaining useful life of eight years, and the remaining 50 percent
to goodwill.
Other assets net
Investment in Sub-75%
Expenses (including cost of sales)
Dividends
Capital stock, $10 par
Additional paid-in capital
Retained earnings
Fast forward to December 31, 2019, and we have the comparative trial balances for both Pub
Corporation and Sub Corporation.
Sales
$2,000
Income from Sub
$1200
$1500
$4700
Pub
$5,845
3,640
5,285
600
$15370
$4,000
850
2,670
7380
470
$15370
Sub
$4500
-
800
300
$5600
$2,000
1200
1500
900
$5600

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4. Consolidated retained earnings at December 31, 2019

5. Consolidated net income for 2019

6. Non-controlling interest at December 31, 2018

7. Non-controlling interest at December 31, 2019

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Kindly answer these questions related to the question

4. Consolidated retained earnings at December 31, 2019

5. Consolidated net income for 2019

6. Non-controlling interest at December 31, 2018

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Please answer these last few pertaining to the infomation above thanks.

Determine the amounts that would appear in the consolidated financial statements of Pub Corporation and Sub for each of the following:

4. Consolidated retained earnings at December 31, 2019
5. Consolidated net income for 2019
6. Non-controlling interest at December 31, 2018
7. Non-controlling interest at December 31, 2019

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