Consolidation Worksheet f

Consolidation Worksheet for the Year Ending Dec
(Equity Method)
Parrot
Sun
Income Statement
Revenues
1,500,000
400,000
-COGS
700,000
232,000
-Amort. Expense
120,000
32,000
-Depreciation Expense
Net Income
80,000
600,000
36,000
100,000
Statement of RE
RE 1/1/2017
Net Income
Dividends declared
RE 12/31/2017
840,000
600,000
120,000
1,320,000
380,000
100,000
40,000
440,000
Balance Sheet
Current Assets
Investment in Sun
Trademarks
Patents
Net Equipment
Goodwill
Total assets
Liabilities
Common Stock
APIC – Common
RE 12/31/2017
NCI
Total Liabilities and SE
1,040,000
?
600,000
370,000
250,000
0
?
980,000
640,000
120,000
1,320,000
0
?
?
0
?
?
?
0
0
?
200,000
20,000
380,000
0
?
heet for the Year Ending Dec 31st 2017
Consolidation Entries
Parrot obtains 80% of the outstandi
Parrott acquires this stock for $800,
on Dec 31st 2017 are shown below:
Consolidated Totals
Current Assets
Trademarks
Patents
Net Equipment
Liabilities
Prepare the Consolidation Workshe
ns 80% of the outstanding common stock of Sun Company on Dec 31st 2017.
ires this stock for $800,000 cash. Sun company’s asset and liability balances
2017 are shown below:
Book Values
Fair Values
320,000
320,000
200,000
220,000
320,000
450,000
180,000
150,000
420,000
420,000
Consolidation Worksheet for the year ending Dec 31st 2017