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P Corporation paid $420,000 for 70% of S Corporation’s $10 par common stock on December 31, 2013, when S Corporation’s stockholders’ equity was made up of $300,000 of Common Stock, $90,000 of Other Contributed Capital and $60,000 of Retained Earnings. S’s identifiable assets and liabilities reflected their fair values on December 31, 2013, except for S’s inventory which was undervalued by $60,000 and their land which was undervalued by $25,000. Balance sheets for P and S immediately after the business combination are presented in the partially completed work-paper below.
Eliminations
P
S
Debit
Credit
Noncontrolling Interest
Consolidated Balances
ASSETS
Cash
$40,000
$30,000
Accounts
receivable-net
30,000
45,000
Inventories
185,000
165,000
Land
45,000
120,000
Plant assets-
net
480,000
240,000
Investment in
S Corp.
420,000
Difference between implied and book value
Goodwill
Total Assets
$1,200,000
$600,000
EQUITIES
Current
liabilities
$170,000
$150,000
Capital stock
600,000
300,000
Additional paid-in capital
150,000
90,000
Retained earnings
280,000
60,000
Noncontrolling interest
Total Equities
$1,200,000
$600,000
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P Corporation paid $420,000 for 70% of S Corporation’s $10 par common stock on December 31, 2013, wh...
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