Consolidation of statements: The result of parent company as well as all of its subsidiaries financial position is reflected in the consolidated statements. It is beneficial for creditors and owners of the parent company to know the outcome of the operations of parent company and its subsidiaries. The Equity method is used to calculate or assess the profits earned by investments in other companies. To calculate : The consolidated Income statement, retained earnings and Balance sheet of the parent company and subsidiary Sandin Company.

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Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.6.3P

To determine

Introduction:

Consolidation of statements:

The result of parent company as well as all of its subsidiaries financial position is reflected in the consolidated statements. It is beneficial for creditors and owners of the parent company to know the outcome of the operations of parent company and its subsidiaries. The Equity method is used to calculate or assess the profits earned by investments in other companies.

To calculate: The consolidated Income statement, retained earnings and Balance sheet of the parent company and subsidiary Sandin Company.

Expert Solution & Answer

Answer to Problem 3.6.3P

The total assets and total liabilities and stockholder’s equity is $1147500. The retained earnings of controlling interest are $567000 and of non-controlling interest is $200.

Explanation of Solution

1. Consolidated Income statement

Perscott Company and subsidiary Sandin Company
Consolidated Income statement
For year Ended December 31, 2016
Particular	Amount
Sales	$480000
Less : Cost of Goods sold	$229000
Gross profit	$251000
Less : Expenses ($120000+$45000+$4000 )	$169000
Consolidated Net income	$82000
Distributed to non-controlling interest	$4200
Distributed to controlling interest	$77800

2. Retained Earnings statement

P Company and Subsidiary S Company
Retained Earnings Statement
For year Ended December 31 2016
Particulars	Non-controlling interest	Controlling
Retained earnings Jan 1 2016	($3000)	$499800
Add : Consolidated net income	$4200	$77800
Less : dividends declared	($1000)	($10000)
Retained Earnings Dec 31 2016	$200	$567000

3. Consolidated Balance Sheet

Prescott company and Subsidiary Sandin company
Consolidated Balance sheet
For the year ended December 31 2016
Assets	Amount	Amount
Current Assets:-		$295000
Property Plant and Equip
Land		$225000
Building (net)	$980000
Account Depreciation	($455000)	$525000
Goodwill		$102500
Total assets		$1147500
Liability and Shareholders’ Equity
Liabilities		$308000

Common stock ($3 par)	$200000
Retained Earnings	$567600
Non-controlling interest	$71900	$839500
Total Liabilities and stockholders’ Equity		$1147500

4. Worksheet for consolidated financial statements

P Company and subsidiary S Company

Worksheet for consolidated Financial statements

For Year ended December 31 2016

Particulars

Trial balance

Eliminations and Adjustments

Consolidated Income Statement

Non-controlling Interest

Controlling Ret earnings

Conso Balance Sheet

Prescott

Sandin

Debit

Credit

$295000

Current Assets

$180000

$115000

$225000

Land

$150000

$75000

$980000

Buildings

$590000

$350000

C1

$40000

($455000)

Acc Dep-Bldgs

($265000)

($182000)

(A)

$8000

Investment in S co.

$294000

-

B2

$4000

B1

$20000

EL

$164000

D

$114000

Goodwill

-

C2

$102500

Liabilities

($175000)

($133000)

($308000)

Common stock

($200,000)

($200000)

R/E Co P

($503000)

A

$3200

($499800)

Comm Stock

($100000)

EL

$80000

($20000)

Paid in cap

($120000)

EL

$96000

($24000)

RE co S

$15000

A

$800

EL

$12000

($24700)

(NCI)

$28500

Sales

($360000)

($120000)

($480000)

Cost of Goods sold

$179000

$50000

$229000

Expenses

$120000

$45000

A

$4000

$169000

Subsidiary inc

($20000)

B1

$20000

Dividends declared

$10000

$5000

B2

$4000

$1000

Total

$0

$350500

-

Consolidated net income

($82000)

To Non controlling interest

$4200

To controlling interest

($77800)

Total Non controlling interest

($71900)

Retained earnings controlling interest Dec 31 2016

($567600)

In the above worksheet,

A − Depreciation of the building for current as well as prior period.

B1 − Elimination of income of the subsidiary company against the investment account.

B2 − Eliminating dividend

C1 − Building value

C2 − Goodwill (working #4)

D or NCI − Non controlling interest and excess cost has been distributed on the basis of the determination and distribution of excess schedule

EL − Eliminating the subsidiary equity account against the investment

Workings:

1. Fair value of subsidiary company has to be calculated with the help of controlling interest i.e. 80% and purchase consideration i.e. $270,000. = Purchase considerationControlling interest×100%

= 27000080%×100%

= $337,500

2. To calculate total equity we will combine common stock and paid in capital in excess of par and deduct the retained earnings from it since it is a deficit. Total Equity = $1,00,000+$1,20,000−$25,000 = $1,95,000

3. Fair value of net assets (excluding goodwill) = Total Equity + Building ( understated value)

= $1,95,000+$40,000= $2,35,000

4. Goodwill is calculated as = Fair value of subsidiary company – Fair value of net assets

= $3,37,500−$2,35,000=$102,000

5. Value Analysis Schedule

Value Analysis Schedule	Company Implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary	$337,500 (working#1)	$270000(337500×80%)	$67500(337500×20%)
Fair value of net assets excl Goodwill	$2,35,000 (Working #3)	$1,88,000 (2,35,000×80%)	$47000(235000×20%)
Goodwill	$102,000 (working#4)	$82000($102000×80%)	$20,500(102000×20%)

6. Determination and Distribution of excess schedule:-

Determination and distribution of excess schedule
Particulars	Company implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary (a)	$337500	$270000	$67500
Book value of interest acquired:
Common Stock	$100000
Paid in capital in excess of par	$120000
Retained Earnings	($25000)
Total Equity	$195000	$195000	$195000
Interest acquired		80%	20%
Book Value (b)		$156000	$39000
Excess of fair value over book value (a-b) = C	$142500	$114000	$28500
Adjustment of identifiable accounts	Adjustment	Life	Amortization per year	Worksheet key
Building	$40000	10 years	$4000	Debit (d1)
Goodwill	$102500	-	-	Debit (d2)
Total	$142500

7.Calculation of internally generated Net income:-Internally generated income = Sandin company sales −Cost of goods sold + Operating expenses=$120000−($50000+$45000)=$25000

8. Income distribution for Sandin company

Sandin company income distribution
Particular	Amount	Particular	Amount
Bldg Depre	$4000	Internally generated net income ( working #7)	25000
		Adjusted income	$21000
		Non controlling interest profit share in Subsidiary ($21000X20%)	$4200

9. Calculation of internally generated net income:

Internally generated income = Prescott company sales − Cost of goods sold+ Operating expenses=$360000−($179000+$120000)=$61000

10. Income distribution for Prescott Company

Prescott company income distribution
Particular	Amount	Particular	Amount
		Internally generated net income ( working #9)	$61000
		Non- controlling interest profit share in Subsidiary ($21000X80%)	$16800
		Controlling interest share	$77800

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Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.6.3P

To determine

Introduction:

Consolidation of statements:

The result of parent company as well as all of its subsidiaries financial position is reflected in the consolidated statements. It is beneficial for creditors and owners of the parent company to know the outcome of the operations of parent company and its subsidiaries. The Equity method is used to calculate or assess the profits earned by investments in other companies.

To calculate: The consolidated Income statement, retained earnings and Balance sheet of the parent company and subsidiary Sandin Company.

Expert Solution & Answer

Answer to Problem 3.6.3P

The total assets and total liabilities and stockholder’s equity is $1147500. The retained earnings of controlling interest are $567000 and of non-controlling interest is $200.

Explanation of Solution

1. Consolidated Income statement

Perscott Company and subsidiary Sandin Company
Consolidated Income statement
For year Ended December 31, 2016
Particular	Amount
Sales	$480000
Less : Cost of Goods sold	$229000
Gross profit	$251000
Less : Expenses ($120000+$45000+$4000 )	$169000
Consolidated Net income	$82000
Distributed to non-controlling interest	$4200
Distributed to controlling interest	$77800

2. Retained Earnings statement

P Company and Subsidiary S Company
Retained Earnings Statement
For year Ended December 31 2016
Particulars	Non-controlling interest	Controlling
Retained earnings Jan 1 2016	($3000)	$499800
Add : Consolidated net income	$4200	$77800
Less : dividends declared	($1000)	($10000)
Retained Earnings Dec 31 2016	$200	$567000

3. Consolidated Balance Sheet

Prescott company and Subsidiary Sandin company
Consolidated Balance sheet
For the year ended December 31 2016
Assets	Amount	Amount
Current Assets:-		$295000
Property Plant and Equip
Land		$225000
Building (net)	$980000
Account Depreciation	($455000)	$525000
Goodwill		$102500
Total assets		$1147500
Liability and Shareholders’ Equity
Liabilities		$308000

Common stock ($3 par)	$200000
Retained Earnings	$567600
Non-controlling interest	$71900	$839500
Total Liabilities and stockholders’ Equity		$1147500

4. Worksheet for consolidated financial statements

P Company and subsidiary S Company

Worksheet for consolidated Financial statements

For Year ended December 31 2016

Particulars

Trial balance

Eliminations and Adjustments

Consolidated Income Statement

Non-controlling Interest

Controlling Ret earnings

Conso Balance Sheet

Prescott

Sandin

Debit

Credit

$295000

Current Assets

$180000

$115000

$225000

Land

$150000

$75000

$980000

Buildings

$590000

$350000

C1

$40000

($455000)

Acc Dep-Bldgs

($265000)

($182000)

(A)

$8000

Investment in S co.

$294000

-

B2

$4000

B1

$20000

EL

$164000

D

$114000

Goodwill

-

C2

$102500

Liabilities

($175000)

($133000)

($308000)

Common stock

($200,000)

($200000)

R/E Co P

($503000)

A

$3200

($499800)

Comm Stock

($100000)

EL

$80000

($20000)

Paid in cap

($120000)

EL

$96000

($24000)

RE co S

$15000

A

$800

EL

$12000

($24700)

(NCI)

$28500

Sales

($360000)

($120000)

($480000)

Cost of Goods sold

$179000

$50000

$229000

Expenses

$120000

$45000

A

$4000

$169000

Subsidiary inc

($20000)

B1

$20000

Dividends declared

$10000

$5000

B2

$4000

$1000

Total

$0

$350500

-

Consolidated net income

($82000)

To Non controlling interest

$4200

To controlling interest

($77800)

Total Non controlling interest

($71900)

Retained earnings controlling interest Dec 31 2016

($567600)

In the above worksheet,

A − Depreciation of the building for current as well as prior period.

B1 − Elimination of income of the subsidiary company against the investment account.

B2 − Eliminating dividend

C1 − Building value

C2 − Goodwill (working #4)

D or NCI − Non controlling interest and excess cost has been distributed on the basis of the determination and distribution of excess schedule

EL − Eliminating the subsidiary equity account against the investment

Workings:

1. Fair value of subsidiary company has to be calculated with the help of controlling interest i.e. 80% and purchase consideration i.e. $270,000. = Purchase considerationControlling interest×100%

= 27000080%×100%

= $337,500

2. To calculate total equity we will combine common stock and paid in capital in excess of par and deduct the retained earnings from it since it is a deficit. Total Equity = $1,00,000+$1,20,000−$25,000 = $1,95,000

3. Fair value of net assets (excluding goodwill) = Total Equity + Building ( understated value)

= $1,95,000+$40,000= $2,35,000

4. Goodwill is calculated as = Fair value of subsidiary company – Fair value of net assets

= $3,37,500−$2,35,000=$102,000

5. Value Analysis Schedule

Value Analysis Schedule	Company Implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary	$337,500 (working#1)	$270000(337500×80%)	$67500(337500×20%)
Fair value of net assets excl Goodwill	$2,35,000 (Working #3)	$1,88,000 (2,35,000×80%)	$47000(235000×20%)
Goodwill	$102,000 (working#4)	$82000($102000×80%)	$20,500(102000×20%)

6. Determination and Distribution of excess schedule:-

Determination and distribution of excess schedule
Particulars	Company implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary (a)	$337500	$270000	$67500
Book value of interest acquired:
Common Stock	$100000
Paid in capital in excess of par	$120000
Retained Earnings	($25000)
Total Equity	$195000	$195000	$195000
Interest acquired		80%	20%
Book Value (b)		$156000	$39000
Excess of fair value over book value (a-b) = C	$142500	$114000	$28500
Adjustment of identifiable accounts	Adjustment	Life	Amortization per year	Worksheet key
Building	$40000	10 years	$4000	Debit (d1)
Goodwill	$102500	-	-	Debit (d2)
Total	$142500

7.Calculation of internally generated Net income:-Internally generated income = Sandin company sales −Cost of goods sold + Operating expenses=$120000−($50000+$45000)=$25000

8. Income distribution for Sandin company

Sandin company income distribution
Particular	Amount	Particular	Amount
Bldg Depre	$4000	Internally generated net income ( working #7)	25000
		Adjusted income	$21000
		Non controlling interest profit share in Subsidiary ($21000X20%)	$4200

9. Calculation of internally generated net income:

Internally generated income = Prescott company sales − Cost of goods sold+ Operating expenses=$360000−($179000+$120000)=$61000

10. Income distribution for Prescott Company

Prescott company income distribution
Particular	Amount	Particular	Amount
		Internally generated net income ( working #9)	$61000
		Non- controlling interest profit share in Subsidiary ($21000X80%)	$16800
		Controlling interest share	$77800

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.6.3P

To determine

Introduction:

Consolidation of statements:

The result of parent company as well as all of its subsidiaries financial position is reflected in the consolidated statements. It is beneficial for creditors and owners of the parent company to know the outcome of the operations of parent company and its subsidiaries. The Equity method is used to calculate or assess the profits earned by investments in other companies.

To calculate: The consolidated Income statement, retained earnings and Balance sheet of the parent company and subsidiary Sandin Company.

Expert Solution & Answer

Answer to Problem 3.6.3P

The total assets and total liabilities and stockholder’s equity is $1147500. The retained earnings of controlling interest are $567000 and of non-controlling interest is $200.

Explanation of Solution

1. Consolidated Income statement

Perscott Company and subsidiary Sandin Company
Consolidated Income statement
For year Ended December 31, 2016
Particular	Amount
Sales	$480000
Less : Cost of Goods sold	$229000
Gross profit	$251000
Less : Expenses ($120000+$45000+$4000 )	$169000
Consolidated Net income	$82000
Distributed to non-controlling interest	$4200
Distributed to controlling interest	$77800

2. Retained Earnings statement

P Company and Subsidiary S Company
Retained Earnings Statement
For year Ended December 31 2016
Particulars	Non-controlling interest	Controlling
Retained earnings Jan 1 2016	($3000)	$499800
Add : Consolidated net income	$4200	$77800
Less : dividends declared	($1000)	($10000)
Retained Earnings Dec 31 2016	$200	$567000

3. Consolidated Balance Sheet

Prescott company and Subsidiary Sandin company
Consolidated Balance sheet
For the year ended December 31 2016
Assets	Amount	Amount
Current Assets:-		$295000
Property Plant and Equip
Land		$225000
Building (net)	$980000
Account Depreciation	($455000)	$525000
Goodwill		$102500
Total assets		$1147500
Liability and Shareholders’ Equity
Liabilities		$308000

Common stock ($3 par)	$200000
Retained Earnings	$567600
Non-controlling interest	$71900	$839500
Total Liabilities and stockholders’ Equity		$1147500

4. Worksheet for consolidated financial statements

P Company and subsidiary S Company

Worksheet for consolidated Financial statements

For Year ended December 31 2016

Particulars

Trial balance

Eliminations and Adjustments

Consolidated Income Statement

Non-controlling Interest

Controlling Ret earnings

Conso Balance Sheet

Prescott

Sandin

Debit

Credit

$295000

Current Assets

$180000

$115000

$225000

Land

$150000

$75000

$980000

Buildings

$590000

$350000

C1

$40000

($455000)

Acc Dep-Bldgs

($265000)

($182000)

(A)

$8000

Investment in S co.

$294000

-

B2

$4000

B1

$20000

EL

$164000

D

$114000

Goodwill

-

C2

$102500

Liabilities

($175000)

($133000)

($308000)

Common stock

($200,000)

($200000)

R/E Co P

($503000)

A

$3200

($499800)

Comm Stock

($100000)

EL

$80000

($20000)

Paid in cap

($120000)

EL

$96000

($24000)

RE co S

$15000

A

$800

EL

$12000

($24700)

(NCI)

$28500

Sales

($360000)

($120000)

($480000)

Cost of Goods sold

$179000

$50000

$229000

Expenses

$120000

$45000

A

$4000

$169000

Subsidiary inc

($20000)

B1

$20000

Dividends declared

$10000

$5000

B2

$4000

$1000

Total

$0

$350500

-

Consolidated net income

($82000)

To Non controlling interest

$4200

To controlling interest

($77800)

Total Non controlling interest

($71900)

Retained earnings controlling interest Dec 31 2016

($567600)

In the above worksheet,

A − Depreciation of the building for current as well as prior period.

B1 − Elimination of income of the subsidiary company against the investment account.

B2 − Eliminating dividend

C1 − Building value

C2 − Goodwill (working #4)

D or NCI − Non controlling interest and excess cost has been distributed on the basis of the determination and distribution of excess schedule

EL − Eliminating the subsidiary equity account against the investment

Workings:

1. Fair value of subsidiary company has to be calculated with the help of controlling interest i.e. 80% and purchase consideration i.e. $270,000. = Purchase considerationControlling interest×100%

= 27000080%×100%

= $337,500

2. To calculate total equity we will combine common stock and paid in capital in excess of par and deduct the retained earnings from it since it is a deficit. Total Equity = $1,00,000+$1,20,000−$25,000 = $1,95,000

3. Fair value of net assets (excluding goodwill) = Total Equity + Building ( understated value)

= $1,95,000+$40,000= $2,35,000

4. Goodwill is calculated as = Fair value of subsidiary company – Fair value of net assets

= $3,37,500−$2,35,000=$102,000

5. Value Analysis Schedule

Value Analysis Schedule	Company Implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary	$337,500 (working#1)	$270000(337500×80%)	$67500(337500×20%)
Fair value of net assets excl Goodwill	$2,35,000 (Working #3)	$1,88,000 (2,35,000×80%)	$47000(235000×20%)
Goodwill	$102,000 (working#4)	$82000($102000×80%)	$20,500(102000×20%)

6. Determination and Distribution of excess schedule:-

Determination and distribution of excess schedule
Particulars	Company implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary (a)	$337500	$270000	$67500
Book value of interest acquired:
Common Stock	$100000
Paid in capital in excess of par	$120000
Retained Earnings	($25000)
Total Equity	$195000	$195000	$195000
Interest acquired		80%	20%
Book Value (b)		$156000	$39000
Excess of fair value over book value (a-b) = C	$142500	$114000	$28500
Adjustment of identifiable accounts	Adjustment	Life	Amortization per year	Worksheet key
Building	$40000	10 years	$4000	Debit (d1)
Goodwill	$102500	-	-	Debit (d2)
Total	$142500

7.Calculation of internally generated Net income:-Internally generated income = Sandin company sales −Cost of goods sold + Operating expenses=$120000−($50000+$45000)=$25000

8. Income distribution for Sandin company

Sandin company income distribution
Particular	Amount	Particular	Amount
Bldg Depre	$4000	Internally generated net income ( working #7)	25000
		Adjusted income	$21000
		Non controlling interest profit share in Subsidiary ($21000X20%)	$4200

9. Calculation of internally generated net income:

Internally generated income = Prescott company sales − Cost of goods sold+ Operating expenses=$360000−($179000+$120000)=$61000

10. Income distribution for Prescott Company

Prescott company income distribution
Particular	Amount	Particular	Amount
		Internally generated net income ( working #9)	$61000
		Non- controlling interest profit share in Subsidiary ($21000X80%)	$16800
		Controlling interest share	$77800

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.6.3P

To determine

Introduction:

Consolidation of statements:

The result of parent company as well as all of its subsidiaries financial position is reflected in the consolidated statements. It is beneficial for creditors and owners of the parent company to know the outcome of the operations of parent company and its subsidiaries. The Equity method is used to calculate or assess the profits earned by investments in other companies.

To calculate: The consolidated Income statement, retained earnings and Balance sheet of the parent company and subsidiary Sandin Company.

Expert Solution & Answer

Answer to Problem 3.6.3P

The total assets and total liabilities and stockholder’s equity is $1147500. The retained earnings of controlling interest are $567000 and of non-controlling interest is $200.

Explanation of Solution

1. Consolidated Income statement

Perscott Company and subsidiary Sandin Company
Consolidated Income statement
For year Ended December 31, 2016
Particular	Amount
Sales	$480000
Less : Cost of Goods sold	$229000
Gross profit	$251000
Less : Expenses ($120000+$45000+$4000 )	$169000
Consolidated Net income	$82000
Distributed to non-controlling interest	$4200
Distributed to controlling interest	$77800

2. Retained Earnings statement

P Company and Subsidiary S Company
Retained Earnings Statement
For year Ended December 31 2016
Particulars	Non-controlling interest	Controlling
Retained earnings Jan 1 2016	($3000)	$499800
Add : Consolidated net income	$4200	$77800
Less : dividends declared	($1000)	($10000)
Retained Earnings Dec 31 2016	$200	$567000

3. Consolidated Balance Sheet

Prescott company and Subsidiary Sandin company
Consolidated Balance sheet
For the year ended December 31 2016
Assets	Amount	Amount
Current Assets:-		$295000
Property Plant and Equip
Land		$225000
Building (net)	$980000
Account Depreciation	($455000)	$525000
Goodwill		$102500
Total assets		$1147500
Liability and Shareholders’ Equity
Liabilities		$308000

Common stock ($3 par)	$200000
Retained Earnings	$567600
Non-controlling interest	$71900	$839500
Total Liabilities and stockholders’ Equity		$1147500

4. Worksheet for consolidated financial statements

P Company and subsidiary S Company

Worksheet for consolidated Financial statements

For Year ended December 31 2016

Particulars

Trial balance

Eliminations and Adjustments

Consolidated Income Statement

Non-controlling Interest

Controlling Ret earnings

Conso Balance Sheet

Prescott

Sandin

Debit

Credit

$295000

Current Assets

$180000

$115000

$225000

Land

$150000

$75000

$980000

Buildings

$590000

$350000

C1

$40000

($455000)

Acc Dep-Bldgs

($265000)

($182000)

(A)

$8000

Investment in S co.

$294000

-

B2

$4000

B1

$20000

EL

$164000

D

$114000

Goodwill

-

C2

$102500

Liabilities

($175000)

($133000)

($308000)

Common stock

($200,000)

($200000)

R/E Co P

($503000)

A

$3200

($499800)

Comm Stock

($100000)

EL

$80000

($20000)

Paid in cap

($120000)

EL

$96000

($24000)

RE co S

$15000

A

$800

EL

$12000

($24700)

(NCI)

$28500

Sales

($360000)

($120000)

($480000)

Cost of Goods sold

$179000

$50000

$229000

Expenses

$120000

$45000

A

$4000

$169000

Subsidiary inc

($20000)

B1

$20000

Dividends declared

$10000

$5000

B2

$4000

$1000

Total

$0

$350500

-

Consolidated net income

($82000)

To Non controlling interest

$4200

To controlling interest

($77800)

Total Non controlling interest

($71900)

Retained earnings controlling interest Dec 31 2016

($567600)

In the above worksheet,

A − Depreciation of the building for current as well as prior period.

B1 − Elimination of income of the subsidiary company against the investment account.

B2 − Eliminating dividend

C1 − Building value

C2 − Goodwill (working #4)

D or NCI − Non controlling interest and excess cost has been distributed on the basis of the determination and distribution of excess schedule

EL − Eliminating the subsidiary equity account against the investment

Workings:

1. Fair value of subsidiary company has to be calculated with the help of controlling interest i.e. 80% and purchase consideration i.e. $270,000. = Purchase considerationControlling interest×100%

= 27000080%×100%

= $337,500

2. To calculate total equity we will combine common stock and paid in capital in excess of par and deduct the retained earnings from it since it is a deficit. Total Equity = $1,00,000+$1,20,000−$25,000 = $1,95,000

3. Fair value of net assets (excluding goodwill) = Total Equity + Building ( understated value)

= $1,95,000+$40,000= $2,35,000

4. Goodwill is calculated as = Fair value of subsidiary company – Fair value of net assets

= $3,37,500−$2,35,000=$102,000

5. Value Analysis Schedule

Value Analysis Schedule	Company Implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary	$337,500 (working#1)	$270000(337500×80%)	$67500(337500×20%)
Fair value of net assets excl Goodwill	$2,35,000 (Working #3)	$1,88,000 (2,35,000×80%)	$47000(235000×20%)
Goodwill	$102,000 (working#4)	$82000($102000×80%)	$20,500(102000×20%)

6. Determination and Distribution of excess schedule:-

Determination and distribution of excess schedule
Particulars	Company implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary (a)	$337500	$270000	$67500
Book value of interest acquired:
Common Stock	$100000
Paid in capital in excess of par	$120000
Retained Earnings	($25000)
Total Equity	$195000	$195000	$195000
Interest acquired		80%	20%
Book Value (b)		$156000	$39000
Excess of fair value over book value (a-b) = C	$142500	$114000	$28500
Adjustment of identifiable accounts	Adjustment	Life	Amortization per year	Worksheet key
Building	$40000	10 years	$4000	Debit (d1)
Goodwill	$102500	-	-	Debit (d2)
Total	$142500

7.Calculation of internally generated Net income:-Internally generated income = Sandin company sales −Cost of goods sold + Operating expenses=$120000−($50000+$45000)=$25000

8. Income distribution for Sandin company

Sandin company income distribution
Particular	Amount	Particular	Amount
Bldg Depre	$4000	Internally generated net income ( working #7)	25000
		Adjusted income	$21000
		Non controlling interest profit share in Subsidiary ($21000X20%)	$4200

9. Calculation of internally generated net income:

Internally generated income = Prescott company sales − Cost of goods sold+ Operating expenses=$360000−($179000+$120000)=$61000

10. Income distribution for Prescott Company

Prescott company income distribution
Particular	Amount	Particular	Amount
		Internally generated net income ( working #9)	$61000
		Non- controlling interest profit share in Subsidiary ($21000X80%)	$16800
		Controlling interest share	$77800

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Answer 5

Chapter 3, Problem 3.6.3P

To determine

Introduction:

Consolidation of statements:

The result of parent company as well as all of its subsidiaries financial position is reflected in the consolidated statements. It is beneficial for creditors and owners of the parent company to know the outcome of the operations of parent company and its subsidiaries. The Equity method is used to calculate or assess the profits earned by investments in other companies.

To calculate: The consolidated Income statement, retained earnings and Balance sheet of the parent company and subsidiary Sandin Company.

Expert Solution & Answer

Answer to Problem 3.6.3P

The total assets and total liabilities and stockholder’s equity is $1147500. The retained earnings of controlling interest are $567000 and of non-controlling interest is $200.

Explanation of Solution

1. Consolidated Income statement

Perscott Company and subsidiary Sandin Company
Consolidated Income statement
For year Ended December 31, 2016
Particular	Amount
Sales	$480000
Less : Cost of Goods sold	$229000
Gross profit	$251000
Less : Expenses ($120000+$45000+$4000 )	$169000
Consolidated Net income	$82000
Distributed to non-controlling interest	$4200
Distributed to controlling interest	$77800

2. Retained Earnings statement

P Company and Subsidiary S Company
Retained Earnings Statement
For year Ended December 31 2016
Particulars	Non-controlling interest	Controlling
Retained earnings Jan 1 2016	($3000)	$499800
Add : Consolidated net income	$4200	$77800
Less : dividends declared	($1000)	($10000)
Retained Earnings Dec 31 2016	$200	$567000

3. Consolidated Balance Sheet

Prescott company and Subsidiary Sandin company
Consolidated Balance sheet
For the year ended December 31 2016
Assets	Amount	Amount
Current Assets:-		$295000
Property Plant and Equip
Land		$225000
Building (net)	$980000
Account Depreciation	($455000)	$525000
Goodwill		$102500
Total assets		$1147500
Liability and Shareholders’ Equity
Liabilities		$308000

Common stock ($3 par)	$200000
Retained Earnings	$567600
Non-controlling interest	$71900	$839500
Total Liabilities and stockholders’ Equity		$1147500

4. Worksheet for consolidated financial statements

P Company and subsidiary S Company

Worksheet for consolidated Financial statements

For Year ended December 31 2016

Particulars

Trial balance

Eliminations and Adjustments

Consolidated Income Statement

Non-controlling Interest

Controlling Ret earnings

Conso Balance Sheet

Prescott

Sandin

Debit

Credit

$295000

Current Assets

$180000

$115000

$225000

Land

$150000

$75000

$980000

Buildings

$590000

$350000

C1

$40000

($455000)

Acc Dep-Bldgs

($265000)

($182000)

(A)

$8000

Investment in S co.

$294000

-

B2

$4000

B1

$20000

EL

$164000

D

$114000

Goodwill

-

C2

$102500

Liabilities

($175000)

($133000)

($308000)

Common stock

($200,000)

($200000)

R/E Co P

($503000)

A

$3200

($499800)

Comm Stock

($100000)

EL

$80000

($20000)

Paid in cap

($120000)

EL

$96000

($24000)

RE co S

$15000

A

$800

EL

$12000

($24700)

(NCI)

$28500

Sales

($360000)

($120000)

($480000)

Cost of Goods sold

$179000

$50000

$229000

Expenses

$120000

$45000

A

$4000

$169000

Subsidiary inc

($20000)

B1

$20000

Dividends declared

$10000

$5000

B2

$4000

$1000

Total

$0

$350500

-

Consolidated net income

($82000)

To Non controlling interest

$4200

To controlling interest

($77800)

Total Non controlling interest

($71900)

Retained earnings controlling interest Dec 31 2016

($567600)

In the above worksheet,

A − Depreciation of the building for current as well as prior period.

B1 − Elimination of income of the subsidiary company against the investment account.

B2 − Eliminating dividend

C1 − Building value

C2 − Goodwill (working #4)

D or NCI − Non controlling interest and excess cost has been distributed on the basis of the determination and distribution of excess schedule

EL − Eliminating the subsidiary equity account against the investment

Workings:

1. Fair value of subsidiary company has to be calculated with the help of controlling interest i.e. 80% and purchase consideration i.e. $270,000. = Purchase considerationControlling interest×100%

= 27000080%×100%

= $337,500

2. To calculate total equity we will combine common stock and paid in capital in excess of par and deduct the retained earnings from it since it is a deficit. Total Equity = $1,00,000+$1,20,000−$25,000 = $1,95,000

3. Fair value of net assets (excluding goodwill) = Total Equity + Building ( understated value)

= $1,95,000+$40,000= $2,35,000

4. Goodwill is calculated as = Fair value of subsidiary company – Fair value of net assets

= $3,37,500−$2,35,000=$102,000

5. Value Analysis Schedule

Value Analysis Schedule	Company Implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary	$337,500 (working#1)	$270000(337500×80%)	$67500(337500×20%)
Fair value of net assets excl Goodwill	$2,35,000 (Working #3)	$1,88,000 (2,35,000×80%)	$47000(235000×20%)
Goodwill	$102,000 (working#4)	$82000($102000×80%)	$20,500(102000×20%)

6. Determination and Distribution of excess schedule:-

Determination and distribution of excess schedule
Particulars	Company implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary (a)	$337500	$270000	$67500
Book value of interest acquired:
Common Stock	$100000
Paid in capital in excess of par	$120000
Retained Earnings	($25000)
Total Equity	$195000	$195000	$195000
Interest acquired		80%	20%
Book Value (b)		$156000	$39000
Excess of fair value over book value (a-b) = C	$142500	$114000	$28500
Adjustment of identifiable accounts	Adjustment	Life	Amortization per year	Worksheet key
Building	$40000	10 years	$4000	Debit (d1)
Goodwill	$102500	-	-	Debit (d2)
Total	$142500

7.Calculation of internally generated Net income:-Internally generated income = Sandin company sales −Cost of goods sold + Operating expenses=$120000−($50000+$45000)=$25000

8. Income distribution for Sandin company

Sandin company income distribution
Particular	Amount	Particular	Amount
Bldg Depre	$4000	Internally generated net income ( working #7)	25000
		Adjusted income	$21000
		Non controlling interest profit share in Subsidiary ($21000X20%)	$4200

9. Calculation of internally generated net income:

Internally generated income = Prescott company sales − Cost of goods sold+ Operating expenses=$360000−($179000+$120000)=$61000

10. Income distribution for Prescott Company

Prescott company income distribution
Particular	Amount	Particular	Amount
		Internally generated net income ( working #9)	$61000
		Non- controlling interest profit share in Subsidiary ($21000X80%)	$16800
		Controlling interest share	$77800

Answer 6

Chapter 3, Problem 3.6.3P

To determine

Introduction:

Consolidation of statements:

The result of parent company as well as all of its subsidiaries financial position is reflected in the consolidated statements. It is beneficial for creditors and owners of the parent company to know the outcome of the operations of parent company and its subsidiaries. The Equity method is used to calculate or assess the profits earned by investments in other companies.

To calculate: The consolidated Income statement, retained earnings and Balance sheet of the parent company and subsidiary Sandin Company.

Expert Solution & Answer

Answer to Problem 3.6.3P

The total assets and total liabilities and stockholder’s equity is $1147500. The retained earnings of controlling interest are $567000 and of non-controlling interest is $200.

Explanation of Solution

1. Consolidated Income statement

Perscott Company and subsidiary Sandin Company
Consolidated Income statement
For year Ended December 31, 2016
Particular	Amount
Sales	$480000
Less : Cost of Goods sold	$229000
Gross profit	$251000
Less : Expenses ($120000+$45000+$4000 )	$169000
Consolidated Net income	$82000
Distributed to non-controlling interest	$4200
Distributed to controlling interest	$77800

2. Retained Earnings statement

P Company and Subsidiary S Company
Retained Earnings Statement
For year Ended December 31 2016
Particulars	Non-controlling interest	Controlling
Retained earnings Jan 1 2016	($3000)	$499800
Add : Consolidated net income	$4200	$77800
Less : dividends declared	($1000)	($10000)
Retained Earnings Dec 31 2016	$200	$567000

3. Consolidated Balance Sheet

Prescott company and Subsidiary Sandin company
Consolidated Balance sheet
For the year ended December 31 2016
Assets	Amount	Amount
Current Assets:-		$295000
Property Plant and Equip
Land		$225000
Building (net)	$980000
Account Depreciation	($455000)	$525000
Goodwill		$102500
Total assets		$1147500
Liability and Shareholders’ Equity
Liabilities		$308000

Common stock ($3 par)	$200000
Retained Earnings	$567600
Non-controlling interest	$71900	$839500
Total Liabilities and stockholders’ Equity		$1147500

4. Worksheet for consolidated financial statements

P Company and subsidiary S Company

Worksheet for consolidated Financial statements

For Year ended December 31 2016

Particulars

Trial balance

Eliminations and Adjustments

Consolidated Income Statement

Non-controlling Interest

Controlling Ret earnings

Conso Balance Sheet

Prescott

Sandin

Debit

Credit

$295000

Current Assets

$180000

$115000

$225000

Land

$150000

$75000

$980000

Buildings

$590000

$350000

C1

$40000

($455000)

Acc Dep-Bldgs

($265000)

($182000)

(A)

$8000

Investment in S co.

$294000

-

B2

$4000

B1

$20000

EL

$164000

D

$114000

Goodwill

-

C2

$102500

Liabilities

($175000)

($133000)

($308000)

Common stock

($200,000)

($200000)

R/E Co P

($503000)

A

$3200

($499800)

Comm Stock

($100000)

EL

$80000

($20000)

Paid in cap

($120000)

EL

$96000

($24000)

RE co S

$15000

A

$800

EL

$12000

($24700)

(NCI)

$28500

Sales

($360000)

($120000)

($480000)

Cost of Goods sold

$179000

$50000

$229000

Expenses

$120000

$45000

A

$4000

$169000

Subsidiary inc

($20000)

B1

$20000

Dividends declared

$10000

$5000

B2

$4000

$1000

Total

$0

$350500

-

Consolidated net income

($82000)

To Non controlling interest

$4200

To controlling interest

($77800)

Total Non controlling interest

($71900)

Retained earnings controlling interest Dec 31 2016

($567600)

In the above worksheet,

A − Depreciation of the building for current as well as prior period.

B1 − Elimination of income of the subsidiary company against the investment account.

B2 − Eliminating dividend

C1 − Building value

C2 − Goodwill (working #4)

D or NCI − Non controlling interest and excess cost has been distributed on the basis of the determination and distribution of excess schedule

EL − Eliminating the subsidiary equity account against the investment

Workings:

1. Fair value of subsidiary company has to be calculated with the help of controlling interest i.e. 80% and purchase consideration i.e. $270,000. = Purchase considerationControlling interest×100%

= 27000080%×100%

= $337,500

2. To calculate total equity we will combine common stock and paid in capital in excess of par and deduct the retained earnings from it since it is a deficit. Total Equity = $1,00,000+$1,20,000−$25,000 = $1,95,000

3. Fair value of net assets (excluding goodwill) = Total Equity + Building ( understated value)

= $1,95,000+$40,000= $2,35,000

4. Goodwill is calculated as = Fair value of subsidiary company – Fair value of net assets

= $3,37,500−$2,35,000=$102,000

5. Value Analysis Schedule

Value Analysis Schedule	Company Implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary	$337,500 (working#1)	$270000(337500×80%)	$67500(337500×20%)
Fair value of net assets excl Goodwill	$2,35,000 (Working #3)	$1,88,000 (2,35,000×80%)	$47000(235000×20%)
Goodwill	$102,000 (working#4)	$82000($102000×80%)	$20,500(102000×20%)

6. Determination and Distribution of excess schedule:-

Determination and distribution of excess schedule
Particulars	Company implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary (a)	$337500	$270000	$67500
Book value of interest acquired:
Common Stock	$100000
Paid in capital in excess of par	$120000
Retained Earnings	($25000)
Total Equity	$195000	$195000	$195000
Interest acquired		80%	20%
Book Value (b)		$156000	$39000
Excess of fair value over book value (a-b) = C	$142500	$114000	$28500
Adjustment of identifiable accounts	Adjustment	Life	Amortization per year	Worksheet key
Building	$40000	10 years	$4000	Debit (d1)
Goodwill	$102500	-	-	Debit (d2)
Total	$142500

7.Calculation of internally generated Net income:-Internally generated income = Sandin company sales −Cost of goods sold + Operating expenses=$120000−($50000+$45000)=$25000

8. Income distribution for Sandin company

Sandin company income distribution
Particular	Amount	Particular	Amount
Bldg Depre	$4000	Internally generated net income ( working #7)	25000
		Adjusted income	$21000
		Non controlling interest profit share in Subsidiary ($21000X20%)	$4200

9. Calculation of internally generated net income:

Internally generated income = Prescott company sales − Cost of goods sold+ Operating expenses=$360000−($179000+$120000)=$61000

10. Income distribution for Prescott Company

Prescott company income distribution
Particular	Amount	Particular	Amount
		Internally generated net income ( working #9)	$61000
		Non- controlling interest profit share in Subsidiary ($21000X80%)	$16800
		Controlling interest share	$77800

Answer 7

Chapter 3, Problem 3.6.3P

To determine

Introduction:

Consolidation of statements:

The result of parent company as well as all of its subsidiaries financial position is reflected in the consolidated statements. It is beneficial for creditors and owners of the parent company to know the outcome of the operations of parent company and its subsidiaries. The Equity method is used to calculate or assess the profits earned by investments in other companies.

To calculate: The consolidated Income statement, retained earnings and Balance sheet of the parent company and subsidiary Sandin Company.

Answer 8

Expert Solution & Answer

Answer to Problem 3.6.3P

The total assets and total liabilities and stockholder’s equity is $1147500. The retained earnings of controlling interest are $567000 and of non-controlling interest is $200.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

1. Consolidated Income statement

Perscott Company and subsidiary Sandin Company
Consolidated Income statement
For year Ended December 31, 2016
Particular	Amount
Sales	$480000
Less : Cost of Goods sold	$229000
Gross profit	$251000
Less : Expenses ($120000+$45000+$4000 )	$169000
Consolidated Net income	$82000
Distributed to non-controlling interest	$4200
Distributed to controlling interest	$77800

2. Retained Earnings statement

P Company and Subsidiary S Company
Retained Earnings Statement
For year Ended December 31 2016
Particulars	Non-controlling interest	Controlling
Retained earnings Jan 1 2016	($3000)	$499800
Add : Consolidated net income	$4200	$77800
Less : dividends declared	($1000)	($10000)
Retained Earnings Dec 31 2016	$200	$567000

3. Consolidated Balance Sheet

Prescott company and Subsidiary Sandin company
Consolidated Balance sheet
For the year ended December 31 2016
Assets	Amount	Amount
Current Assets:-		$295000
Property Plant and Equip
Land		$225000
Building (net)	$980000
Account Depreciation	($455000)	$525000
Goodwill		$102500
Total assets		$1147500
Liability and Shareholders’ Equity
Liabilities		$308000

Common stock ($3 par)	$200000
Retained Earnings	$567600
Non-controlling interest	$71900	$839500
Total Liabilities and stockholders’ Equity		$1147500

4. Worksheet for consolidated financial statements

P Company and subsidiary S Company

Worksheet for consolidated Financial statements

For Year ended December 31 2016

Particulars

Trial balance

Eliminations and Adjustments

Consolidated Income Statement

Non-controlling Interest

Controlling Ret earnings

Conso Balance Sheet

Prescott

Sandin

Debit

Credit

$295000

Current Assets

$180000

$115000

$225000

Land

$150000

$75000

$980000

Buildings

$590000

$350000

C1

$40000

($455000)

Acc Dep-Bldgs

($265000)

($182000)

(A)

$8000

Investment in S co.

$294000

-

B2

$4000

B1

$20000

EL

$164000

D

$114000

Goodwill

-

C2

$102500

Liabilities

($175000)

($133000)

($308000)

Common stock

($200,000)

($200000)

R/E Co P

($503000)

A

$3200

($499800)

Comm Stock

($100000)

EL

$80000

($20000)

Paid in cap

($120000)

EL

$96000

($24000)

RE co S

$15000

A

$800

EL

$12000

($24700)

(NCI)

$28500

Sales

($360000)

($120000)

($480000)

Cost of Goods sold

$179000

$50000

$229000

Expenses

$120000

$45000

A

$4000

$169000

Subsidiary inc

($20000)

B1

$20000

Dividends declared

$10000

$5000

B2

$4000

$1000

Total

$0

$350500

-

Consolidated net income

($82000)

To Non controlling interest

$4200

To controlling interest

($77800)

Total Non controlling interest

($71900)

Retained earnings controlling interest Dec 31 2016

($567600)

In the above worksheet,

A − Depreciation of the building for current as well as prior period.

B1 − Elimination of income of the subsidiary company against the investment account.

B2 − Eliminating dividend

C1 − Building value

C2 − Goodwill (working #4)

D or NCI − Non controlling interest and excess cost has been distributed on the basis of the determination and distribution of excess schedule

EL − Eliminating the subsidiary equity account against the investment

Workings:

1. Fair value of subsidiary company has to be calculated with the help of controlling interest i.e. 80% and purchase consideration i.e. $270,000. = Purchase considerationControlling interest×100%

= 27000080%×100%

= $337,500

2. To calculate total equity we will combine common stock and paid in capital in excess of par and deduct the retained earnings from it since it is a deficit. Total Equity = $1,00,000+$1,20,000−$25,000 = $1,95,000

3. Fair value of net assets (excluding goodwill) = Total Equity + Building ( understated value)

= $1,95,000+$40,000= $2,35,000

4. Goodwill is calculated as = Fair value of subsidiary company – Fair value of net assets

= $3,37,500−$2,35,000=$102,000

5. Value Analysis Schedule

Value Analysis Schedule	Company Implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary	$337,500 (working#1)	$270000(337500×80%)	$67500(337500×20%)
Fair value of net assets excl Goodwill	$2,35,000 (Working #3)	$1,88,000 (2,35,000×80%)	$47000(235000×20%)
Goodwill	$102,000 (working#4)	$82000($102000×80%)	$20,500(102000×20%)

6. Determination and Distribution of excess schedule:-

Determination and distribution of excess schedule
Particulars	Company implied fair value	Parent (80%)	Non controlling interest value (20%)
Fair value of subsidiary (a)	$337500	$270000	$67500
Book value of interest acquired:
Common Stock	$100000
Paid in capital in excess of par	$120000
Retained Earnings	($25000)
Total Equity	$195000	$195000	$195000
Interest acquired		80%	20%
Book Value (b)		$156000	$39000
Excess of fair value over book value (a-b) = C	$142500	$114000	$28500
Adjustment of identifiable accounts	Adjustment	Life	Amortization per year	Worksheet key
Building	$40000	10 years	$4000	Debit (d1)
Goodwill	$102500	-	-	Debit (d2)
Total	$142500

7.Calculation of internally generated Net income:-Internally generated income = Sandin company sales −Cost of goods sold + Operating expenses=$120000−($50000+$45000)=$25000

8. Income distribution for Sandin company

Sandin company income distribution
Particular	Amount	Particular	Amount
Bldg Depre	$4000	Internally generated net income ( working #7)	25000
		Adjusted income	$21000
		Non controlling interest profit share in Subsidiary ($21000X20%)	$4200

9. Calculation of internally generated net income:

Internally generated income = Prescott company sales − Cost of goods sold+ Operating expenses=$360000−($179000+$120000)=$61000

10. Income distribution for Prescott Company

Prescott company income distribution
Particular	Amount	Particular	Amount
		Internally generated net income ( working #9)	$61000
		Non- controlling interest profit share in Subsidiary ($21000X80%)	$16800
		Controlling interest share	$77800

Answer 12

Ch. 3 - Prob. 1UTI Ch. 3 - Prob. 2UTI Ch. 3 - Prob. 3UTI Ch. 3 - Prob. 4UTI Ch. 3 - Prob. 5UTI Ch. 3 - Prob. 6UTI Ch. 3 - Prob. 7UTI Ch. 3 - Prob. 1E Ch. 3 - Prob. 2E Ch. 3 - Prob. 3.1E

Concept explainers

Answer to Problem 3.6.3P

Explanation of Solution

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Chapter 3 Solutions