| On January 1, 2016, John made two acquisitions as follows: | ||||||||
| Carissa Inc.: John purchased 60% of Carissa Inc. for cash of $210,000. The NCI interests were proportional to CI. | ||||||||
| Carissa Inc. assets and liabilities were stated at fair value EXCEPT inventory (fair value $80,000) and | ||||||||
| Building (fair value $140,000) | ||||||||
| Christine Inc.: John purchased 80% of Christine Inc. for cash of $320,000. The NCI interests were proportional to CI. | ||||||||
| Christine Inc. assets and liabilities were stated at fair value EXCEPT Christine had unrecorded patents of $30,000, | ||||||||
| Building fair value of $250,000 and Inventory fair value of $90,000. | ||||||||
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ASSIGNMENT |
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| 1. Prepare the Parent acquisition method computation of differential and goodwill for both acquisitions | ||||||||
| 2. Prepare the Parent journal entries to record the acquisitions | ||||||||
| 3. Prepare the consolidation worksheet at completion of the acquisitions (obviously you need to do part 3) | ||||||||
| 4. Prepare the consolidation/elimination/reclassification entries needed to complete the worksheet | ||||||||
| 5. Prepare a final consolidated balance sheet in good format (like a public company annual report) | ||||||||
| Note: answers to be submitted in both written format and excel used for consolidation. | ||||||||
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