Business, 30.10.2019 20:31 1963038660
On january 1, beckman, inc., acquires 60 percent of the outstanding stock of calvin for $48,960. calvin co. has one recorded asset, a specialized production machine with a book value of $19,900 and no liabilities. the fair value of the machine is $68,400, and the remaining useful life is estimated to be 10 years. any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. calvin’s total acquisition date fair value is $81,600.
at the end of the year, calvin reports the following in its financial statements:
revenues $ 58,050 machine $ 17,910 common stock $ 10,000
expenses 22,050 other assets 23,090 retained earnings 31,000
net income $ 36,000 total assets $ 41,000 total equity $ 41,000
dividends paid $ 5,000
determine the amounts that beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, calvin’s machine (net of accumulated depreciation), and the process trade secret.
non-controlling interest in subsidary income:
total non-controling interest:
calvin's machine (net acc. depreciation):
Answers: 1
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On january 1, beckman, inc., acquires 60 percent of the outstanding stock of calvin for $48,960. cal...
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