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(Solved) qattachments_d2318f1327b2b18d502a2d270e93f35206ab7515.docx # 1 The following are preliminary financial statements for Black Co. and Blue Co. for the...


Please complete the attached in excel with formulas and explanation 

qattachments_d2318f1327b2b18d502a2d270e93f35206ab7515.docx
# 1 The following are preliminary financial statements for Black Co. and Blue Co. for the year ending
December 31, 2013 prior to Black's acquisition of Blue. On December 31, 2013 (subsequent to the preceding statements), Black exchanged 10,000 shares
of its $10 par value common stock for all of the outstanding shares of Blue. Black's stock on that
date has a fair value of $60 per share. Black was willing to issue 10,000 shares of stock because
Blue's land was appraised at $204,000. Black also paid $14,000 to several attorneys and
accountants who assisted in creating this combination.
Required:
Assuming that these two companies retained their separate legal identities, prepare a
consolidation worksheet as of December 31, 2013 after the acquisition transaction is completed. qattachments_d2318f1327b2b18d502a2d270e93f35206ab7515.docx # 2 Pritchett Company recently acquired three businesses, recognizing goodwill in each
acquisition. Destin has allocated its acquired goodwill to its three reporting units:
Apple, Banana, and Carrot. Pritchett provides the following information in performing
the 2013 annual review for impairment: How much goodwill impairment should Pritchett report for 2013? # 3. qattachments_d2318f1327b2b18d502a2d270e93f35206ab7515.docx McLaughlin, Inc. acquires 70 percent of Ellis Corporation on September 1, 2014, and an
additional 10 percent on November 1, 2015. Annual amortization of $8,400 attributed to the
controlling interest relates to the first acquisition. Ellis reports the following figures for 2015: Without regard for this investment, McLaughlin earns $480,000 in net income ($840,000
revenues less $360,000 expenses; incurred evenly through the year) during 2015.
Required: Prepare a schedule of consolidated net income and apportionment to non-controlling
and controlling interests for 2015. .

 


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