Truman Atlanta (762,300) $(522,000) 332,000 Revenues Operating expenses Income of subsidiary 2$ 494,000 (56,700) Net income 2$ (325,000) 2$ (190,000) (853,000) (325,000) 160,000 (587,000) Retained earnings, 1/1/21 Net income (above) $ 2$ (190,000) Dividends declared 70,000 Retained earnings, 12/31/21 $(1,018,000) $ (707,000) 305,525 867,475 456,000 796,000 Current assets 2$ 2$ 453,000 Investment in Atlanta Land 276,000 702,000 Buildings $ 2,425,000 $ (907,000) (95,000) (405,000) (1,018,000) $ 1,431,000 $ (404,000) (300,000) (20,000) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/21 (707,000) $(1,431,000) Total liabilities and stockholders' equity $(2,425,000) .What is the excess fair-value assigned to patent and goodwill? .How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests? .How did Truman derive the Investment in Atlanta account balance at the end of 2021? . Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2021. At year-end, there were no intra-entity receivables or payables.

Truman Atlanta (762,300) $(522,000) 332,000 Revenues Operating expenses Income of subsidiary 2$ 494,000 (56,700) Net income 2$ (325,000) 2$ (190,000) (853,000) (325,000) 160,000 (587,000) Retained earnings, 1/1/21 Net income (above) $ 2$ (190,000) Dividends declared 70,000 Retained earnings, 12/31/21 $(1,018,000) $ (707,000) 305,525 867,475 456,000 796,000 Current assets 2$ 2$ 453,000 Investment in Atlanta Land 276,000 702,000 Buildings $ 2,425,000 $ (907,000) (95,000) (405,000) (1,018,000) $ 1,431,000 $ (404,000) (300,000) (20,000) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/21 (707,000) $(1,431,000) Total liabilities and stockholders' equity $(2,425,000) .What is the excess fair-value assigned to patent and goodwill? .How did Truman allocate the goodwill from the acquisition across the controlling and noncontrolling interests? .How did Truman derive the Investment in Atlanta account balance at the end of 2021? . Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2021. At year-end, there were no intra-entity receivables or payables.

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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