On January 1, 2019, Aronsen Company acquired 80 percent of Sledel Company's outstanding shares. Sledel had a net book value on that date of $630,000: common stock ($14 par value) of $280,000 and retained earnings of $350,000. Aronsen paid $640,000 for this Investment. The acquisition-date fair value of the 20 percent noncontrolling Interest was $160,000. The excess fair value over book value associated with the acquisition was used to increase land by $110,000 and to recognize copyrights (12-year remaining life) at $60,000. Subsequent to the acquisition, Aronsen applied the initial value method to its Investment account. In the 2019-2020 period, the subsidiary's retained earnings Increased by $180,000. During 2021, Sledel earned Income of $88,000 while declaring $28,000 in dividends. Also, at the beginning of 2021, Sledel Issued 5,000 new shares of common stock for $55 per share to finance the expansion of its corporate facilities. Aronsen purchased none of these additional shares and therefore recorded no entry.

On January 1, 2019, Aronsen Company acquired 80 percent of Sledel Company's outstanding shares. Sledel had a net book value on that date of $630,000: common stock ($14 par value) of $280,000 and retained earnings of $350,000. Aronsen paid $640,000 for this Investment. The acquisition-date fair value of the 20 percent noncontrolling Interest was $160,000. The excess fair value over book value associated with the acquisition was used to increase land by $110,000 and to recognize copyrights (12-year remaining life) at $60,000. Subsequent to the acquisition, Aronsen applied the initial value method to its Investment account. In the 2019-2020 period, the subsidiary's retained earnings Increased by $180,000. During 2021, Sledel earned Income of $88,000 while declaring $28,000 in dividends. Also, at the beginning of 2021, Sledel Issued 5,000 new shares of common stock for $55 per share to finance the expansion of its corporate facilities. Aronsen purchased none of these additional shares and therefore recorded no entry.

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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