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Case study Pop Corporation wind went interest in Sun Copy, 2011. Pop Sun Carinthew 2017 were page REQUIRED ore worries woman grein Newwwww you wird used Suntem Come the Pound Sun 1 2017 31 Dec 2017 Advanced financial accounting 2020-2021 Case study 2 Pop Corporation acquired an 80 percent interest in Sun Corporation on January 1, 2017. Financial statements of Pop and Sun Corporations for the year 2017 are 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. 2. Complete the consolidation income statement for Pop and Sun at 31 of December 2017. 3. Complete the consolidation retained earnings for Pop and Sun at 31 of December 2017. 4. Complete the consolidation balance sheet for Pop and Sun at 31 of December 2017. Advanced financial accounting 2020-2021 Pam 80% Sun Adjustments and Consolidate Eliminations Debits Credits Statements Income Statement 4160 1040 203.008 (2600) (520) Sales Income from Sun Cost of goods sold Other expenses (776) (208) Retained Earnings Statement 2046.72 436.8 Begg Retained earnings (520) (166.4) Dividends Ret earnings 31/12 Balance Sheet Statement 2350.88 757.6 57.6 Cash Div receiv from Sun Inventories Note receiv from 988 104 52 Pop 1416 Buildings-net 3120 Investment in Sun 2133.248 Advanced financial accounting 2020-2021 Total assets Accounts payable Note payable to Sun Dividends payable 8649.728 884 52 2329.6 115.2 72 1560 Capital stock, $10 5200 par Retained earnings 2513.728 582.4 Total equities 8649.728 2329.6 Case study Pop Corporation wind went interest in Sun Copy, 2011. Pop Sun Carinthew 2017 were page REQUIRED ore worries woman grein Newwwww you wird used Suntem Come the Pound Sun 1 2017 31 Dec 2017 Advanced financial accounting 2020-2021 Case study 2 Pop Corporation acquired an 80 percent interest in Sun Corporation on January 1, 2017. Financial statements of Pop and Sun Corporations for the year 2017 are 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. 2. Complete the consolidation income statement for Pop and Sun at 31 of December 2017. 3. Complete the consolidation retained earnings for Pop and Sun at 31 of December 2017. 4. Complete the consolidation balance sheet for Pop and Sun at 31 of December 2017. Advanced financial accounting 2020-2021 Pam 80% Sun Adjustments and Consolidate Eliminations Debits Credits Statements Income Statement 4160 1040 203.008 (2600) (520) Sales Income from Sun Cost of goods sold Other expenses (776) (208) Retained Earnings Statement 2046.72 436.8 Begg Retained earnings (520) (166.4) Dividends Ret earnings 31/12 Balance Sheet Statement 2350.88 757.6 57.6 Cash Div receiv from Sun Inventories Note receiv from 988 104 52 Pop 1416 Buildings-net 3120 Investment in Sun 2133.248 Advanced financial accounting 2020-2021 Total assets Accounts payable Note payable to Sun Dividends payable 8649.728 884 52 2329.6 115.2 72 1560 Capital stock, $10 5200 par Retained earnings 2513.728 582.4 Total equities 8649.728 2329.6

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