Business, 18.02.2020 01:14 dimondqueen511

Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018:

Penske Stanza
Revenues $(770,000 ) $(448,000 )
Cost of goods sold 274,500 112,000
Depreciation expense 237,000 286,000
Investment income Not given 0
Dividends declared 80,000 60,000
Retained earnings,1/1/18 (700,000 ) (392,000 )
Current assets 596,000 574,000
Copyrights 988,000 504,500
Royalty agreements 690,000 1,138,000
Investment in Stanza Not given 0
Liabilities (524,000 ) (1,554,500 )
Common stock (600,000 ) ($20 par) (200,000 ) ($10 par)
Additional paid-in capital (150,000 ) (80,000 )

On January 1, 2018, Penske acquired all of Stanzas outstanding stock for $931,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition copyrights (with a six-year remaining life) have a $560,000 book value but a fair value of $620,000.

a. As of December 31, 2018, what is the consolidated copyrights balance.
b. For the year ending December 31,2013, what is consolidated net income?
c. As of December 31,2013, what is the consolidated retained earnings balance?
d. As of December 31,2013, what is the consolidated balance to be reportedfor goodwill?

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Following are selected account balances from Penske Company and Stanza Corporation as of December 31...

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