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The following pertains to Paylor (P) and Swift (S): On...

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Accounting

The following pertains to Paylor (P) and Swift (S):
On January 1,2023, P purchased 25% of S common shares for $50,000.
On April 1,2023, P purchased 50% of S common shares for $100,000. On this date, the fair value of
Ss net assets was $175,000. Included in the fair value of S net assets was a building with a remaining
useful life of 5 years (fair value $30,000 higher than book value) and a goodwill asset related to the
S acquisition of Taylor Inc. (book value and fair value of $15,000) which occurred in 1989.
The following intercompany transactions occurred in 2023:
-On July 1, S sold P a parcel of land for $50,000. The land had a net book value of $20,000.
- S sold P $100,000 worth of inventory. $40,000 remains unsold as at December 31,2023.
Additional information about P and S income is as:
- Cost of goods sold is equal to 70% of revenue
-S earns net income evenly throughout the year. Ss net income in 2023 was $30,000
- S declared dividends of $10,000 on January 15,2023 and $18,000 on December 15,2023.
-P uses the partial goodwill approach to measure non-controlling interest (NCI).
Required: Complete the table below (extra lines are provided):
image

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