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Description
Pam Corporation acquired an 80 percent interest in Sun Corporation on January 1, 2017. Financial statements of Pam and Sun Corporations for the year 2017 are provided in next page (in thousands):
REQUIRED:
1- Prepare worksheet entries. Only the information provided in the financial statements is available; accordingly, your solution will require some standard assumptions. Sun owned unrecorded patents having a fair value of 582,400 with a useful life of 10 years.
|
Pam |
80% Sun |
Adjustments and Eliminations |
Consolidated Statements |
||
|
Debits |
Credits |
||||
|
Income Statement |
|||||
|
Sales |
2080 |
520 |
|||
|
Income from Sun |
101.504 |
||||
|
Cost of goods sold |
(1300) |
(260) |
|||
|
Other expenses |
(388) |
(104) |
|||
|
Retained Earnings Statement |
|||||
|
Begg Retained earnings |
1023.36 |
218.4 |
|||
|
Dividends |
(260) |
(83,2) |
|||
|
Ret earnings 31/12 |
|||||
|
Balance Sheet Statement |
|||||
|
Cash |
1175.44 |
378.8 |
|||
|
Div receiv from Sun |
28.8 |
||||
|
Inventories |
494 |
52 |
|||
|
Note receiv from Pop |
26 |
||||
|
Equipment—net |
1560 |
708 |
|||
|
Investment in Sun |
1066.624 |
||||
|
Patent |
|||||
|
Total assets |
4324.864 |
1164.8 |
|||
|
Accounts payable |
442 |
57.6 |
|||
|
Note payable to Sun |
26 |
||||
|
Dividends payable |
36 |
||||
|
Capital stock, $10 par |
2600 |
780 |
|||
|
Retained earnings |
1256.864 |
291.2 |
|||
|
Total equities |
|||||
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