Prepare a worksheet to consolidate these two companies as of December 31,2021 . (For accounts...
90.2K
Verified Solution
Question
Accounting



Prepare a worksheet to consolidate these two companies as of December 31,2021 . (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.90 per share on January 1 , 2020. The remaInIng 20 percent of Devine's shares also traded actlvely at $7.90 per share before and after Holtz's acquisition. An appralsal made on that date determIned that all book values approprlately reflected the falr values of Devine's underlying accounts except that a bullding with a 5-year future life was undervalued by $49,500 and a fully amortized trademark with an estlmated 10 -year remalnIng life had a $78,000 falr value. At the acquisition date, Devine reported common stock of $100,000 and a retained earnIngs balance of $343,500. Following are the separate financlal statements for the year ending December 31, 2021: At year-end, there were no Intra-entlty recelvables or payables. a. Prepare a worksheet to consolidate these two companles as of December 31, 2021. b. Prepare a 2021 consolidated Income statement for Holtz and Devine. c. If Instead the noncontrolling Interest shares of DevIne had traded for $5.71 surrounding Holtz's acquisition date, what Is the Impact on goodwill? Complete this question by entering your answers in the tabs below. Prepare a 2021 consolidated income statement for Holtz and Devine. (Enter all amounts as positive values.) Complete this question by entering your answers in the tabs below. If instead the noncontrolling interest shares of Devine had traded for $5.71 surrounding Holtz's acquisition date, what is the impact on goodwill
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.