Prophet Corporation acquired 75 percent of Seer Corporation's voting common stock on December 31, 20X4, for $390,000. At the date of combination, Seer reported the following: Assets Current Assets Long-Term Assets (net) Total Event 2 $ 220,000 420,000 At December 31, 20X4, the book values of Seer's net assets and liabilities approximated their fair values, except for buildings, which had a fair value of $80,000 more than book value, and inventories, which had a fair value of $36,000 more than book value. The fair value of the noncontrolling interest was determined to be $130,000 at that date. $ 640,000 Prophet Corporation wishes to prepare a consolidated balance sheet immediately following the business combination. Prepare the consolidation entry or entries needed to prepare a consolidated balance sheet at December 31, 20X4. Inventories Goodwill Buildings Common stock Retained earnings Investment in Seer Corporation Liabilities Current Liabilities Long-Term Liabilities Common Stock Retained Earnings Total Accounts $ 80,000 200,000 120,000 240,000 $ 640,000 Debit 120,000 240,000 36,000 74,000 Credit 360,000 80,000 30,000

Prophet Corporation acquired 75 percent of Seer Corporation's voting common stock on December 31, 20X4, for $390,000. At the date of combination, Seer reported the following: Assets Current Assets Long-Term Assets (net) Total Event 2 $ 220,000 420,000 At December 31, 20X4, the book values of Seer's net assets and liabilities approximated their fair values, except for buildings, which had a fair value of $80,000 more than book value, and inventories, which had a fair value of $36,000 more than book value. The fair value of the noncontrolling interest was determined to be $130,000 at that date. $ 640,000 Prophet Corporation wishes to prepare a consolidated balance sheet immediately following the business combination. Prepare the consolidation entry or entries needed to prepare a consolidated balance sheet at December 31, 20X4. Inventories Goodwill Buildings Common stock Retained earnings Investment in Seer Corporation Liabilities Current Liabilities Long-Term Liabilities Common Stock Retained Earnings Total Accounts $ 80,000 200,000 120,000 240,000 $ 640,000 Debit 120,000 240,000 36,000 74,000 Credit 360,000 80,000 30,000

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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