Contoh Pembahasan Soal Advanced Accounting 12th Chapter 4

Contoh Pembahasan Soal Advanced Accounting 12th Global Edition Karangan Floyd A Beams. Joseph H. Anthony

Bruce Bettinghaus. Kenneth A. Smith

Chapter 4. Consolidation Techniques and Procedures

P4-2(in thousands of $)

Preliminary computations
Purchase price for 80% interest acquired	$10,000,000
Implied fair value of Theo AB ($10,000,000 / 80%)	$12,500,000
Book value of Theo AB’s net assets	$10,000,000
Allocated to goodwill	$2,500,000d
Noncontrolling interest share:
20% of Theo AB net income ($150,000 x 20%)	$  300,000b
Beginning noncontrolling interest:
20% of Beginning implied fair value of Theo	$2,500,000c
($12,500,000 x 20%)

LIAM AB AND SUBSIDIARY CONSOLIDATION WORKPAPER FOR THE YEAR ENDED DECEMBER 31, 2014 (IN THOUSANDS)
	Liam AB	Theo AB	Adjustments and Eliminations		Consolidated Statements
			Debits	Credits
Income Statement
Sales	$ 67,000	$ 30,500			$ 97,500
Income from Theo AB	$ 1,200		a. 1,200
Cost of sales	-$ 42,000	-$ 25,000			-$ 67,000
Expenses	-$ 21,900	-$ 4,000			-$ 25,900
Noncontrolling interest share			b. 300		-$ 300
Controlling share of net income	$ 4,300	$ 1,500			$ 4,300
Retained Earnings Statement
Retained earnings - Liam AB	$ 11,600				$ 11,600
Retained earnings - Theo AB		$ 8,000	c. 8,000
Controlling share of net income	$ 4,300	$ 1,500			$ 4,300
Dividends	-$ 3,000	-$ 500		a. 400	-$ 3,000
				b. 100
Retained earnings - December 31	$ 12,900	$ 9,000			$ 12,900
Balance Sheet
Cash	$ 800	$ 600			$ 1,400
Accounts receivable-net	$ 1,300	$ 800			$ 2,100
Dividends receivable	$ 400			d. 400
Inventories	$ 2,600	$ 400			$ 3,000
Other current assets	$ 1,200	$ 1,800			$ 3,000
Land	$ 3,000	$ 4,200			$ 7,200
Buildings-net	$ 3,200	$ 3,600			$ 6,800
Equipment-net	$ 2,200	$ 2,400			$ 4,600
Investment in Theo AB	$ 10,800			a. 800
				c. 10,000
Goodwill			c. 2,500		$ 2,500
Total Assets	$ 25,500	$ 13,800			$ 30,600
Accounts payable	$ 1,000	$ 400			$ 1,400
Dividends payable	$ 2,500	$ 500	d. 400		$ 2,600
Notes payable	$ 4,100	$ 1,900			$ 6,000
Capital Stock, $10 par	$ 5,000	$ 2,000	c. 2,000		$ 5,000
Retained earnings	$ 12,900	$ 9,000			$ 12,900
	$ 25,500	$ 13,800
Noncontrolling interest January 1				c. 2,500
Noncontrolling interest December 31				b. 200	$ 2,700
Total liabilities and equities					$ 30,600

P4-4

Pal Corporation and Subsidiary

Consolidation Workpapers

for the year ended December 31, 2011

(in thousands)

	Pal	Sun 75%	Adjustments and Eliminations		Consolidated Statements
Income Statement Sales	$1,600	$400			$2,000
Income from Sun	72		a  72
Cost of sales	1,000*	200*			1,200*
Other expenses	388*	104*			492*
Consolidated NI					$ 308
Noncontrollingshare			c  24		24*
Controlling share of NI	$  284	$ 96			$ 284
Retained Earnings Retained earnings —Pal	$  720				$720
Retained earnings —Sun		$136	b 136
Controlling share of NI	284ü	96ü			284
Dividends	200*	64*		a  48
				c  16	200*
Retained earnings – Dec 31	$  804	$168			$804
Balance Sheet Cash	$ 236	$ 60			$ 296
Accounts receivable	320	80			400
Dividends receivable   from Sun	24			e  24
Inventories	380	40			420
Note receivable from Pal		20		d  20
Land	260	120			380
Buildings —net	680	320			1,000
Equipment —net	520	200			720
Investment in Sun	744			a  24 b 720
Goodwill	______	____	b 224		224
	$3,164	$840			$3,440
Accounts payable	$ 340	$ 40			$ 380
Note payable to Sun	20		d  20
Dividends payable		32	e  24		8
Capital stock, $10 par	2,000	600	b 600		2,000
Retained earnings	804ü	168ü			804
	$3,164	$840
Noncontrolling interest January 1				b 240
Noncontrolling interest December 31			__________	c   8	248
			1,100	1,100	$3,440

*  Deduct

P4-4(continued)

Supporting Calculations

Sun’s value at acquisition:
Book value at December 31, 2011	$768
Less: 2011 Net income	(96)
Add: 2011 Dividends	64
Book value on January 1, 2011	$736
Purchase price of Pal’s 75% share	$720
Implied fair value of Sun ($720 / 75%)	$960
Sun’s book value	736
Excess allocated to Goodwill	$224
Noncontrolling interest (25% x $960)	$240

Sun’s Adjusted Income

Sun’s net income	$96
Less: Amortization of Goodwill	(0)
Sun’s adjusted income	$96
Pal’s 75% share	$72
Noncontrolling interest 25% share	$24

P4-7

Preliminary computations

Allocation of excess fair value over book value

Cost of 70% interest January 1	$490,000
Implied fair value of Sol ($490,000 / 70%)	$700,000
Book value of Sol	(600,000)
Excess fair value over book value	$100,000
Excess allocated
Undervalued inventory items sold in 2011	$  5,000
Undervalued buildings (7 year life)	14,000
Undervalued equipment (3 year life)	21,000
Remainder to goodwill	60,000
Excess fair value over book value	$100,000
Calculation of income from Sol
Sol’s reported net income	$100,000
Less: Undervalued inventories sold in 2011	(5,000)
Less: Depreciation on building ($14,000/7 years)	(2,000)
Less: Depreciation on equipment ($21,000/3 years)	(7,000)
Adjusted income from Sol	$ 86,000
Par’s 70% controlling share	$ 60,200
30% Noncontrolling interest share	$ 25,800

Workpaper entries for 2011

a	Income from Sol	60,200
	Dividends (Sol)		35,000
	Investment in Sol		25,200
b	Capital stock (Sol)	500,000
	Retained earnings (Sol) - January 1	100,000
	Unamortized excess	100,000
	Investment in Sol		490,000
	Noncontrolling interest - January 1		210,000
c	Cost of sales (for inventory items)	5,000
	Buildings —net	14,000
	Equipment —net	21,000
	Goodwill	60,000
	Unamortized excess		100,000
d	Depreciation expense	2,000
	Buildings —net		2,000
e	Depreciation expense	7,000
	Equipment —net		7,000
f	Noncontrolling Interest Share	25,800
	Dividends —Sol		15,000
	Noncontrolling Interest		10,800
g	Accounts payable	10,000
	Accounts receivable		10,000
h	Dividends payable	14,000
	Dividends receivable		14,000

P4-7 (continued)

Par Corporation and Subsidiary

Consolidation Workpapers

for the year ended December 31, 2011

(in thousands)

	Par	Sol 70%	Adjustments and Eliminations		Consolidated Statements
Income Statement Sales	$  800	$ 700			$1,500
Income from Sol	60.2		a  60.2
Gain on equipment	10				10
Cost of sales	300*	400*	c   5		705*
Depreciation expense	155*	60*	d   2		224*
			e   7
Other expenses	160*	140*			300*
Consolidated NI					$  281
Noncontrollingshare	________	_____	f  25.8		25.8*
Controlling share of NI	$  255.2	$ 100			$  255.2
Retained Earnings Retained earnings —Par	$  300				$  300
Retained earnings —Sol		$ 100	b 100
Controlling share of NI	255.2ü	100ü			255.2
Dividends	200*	50*		a  35
				f  15	200*
Retained earnings – Dec 31	$  355.2	$ 150			$  355.2
Balance Sheet Cash	$   96	$  60			$  156
Accounts receivable	100	70		g  10	160
Dividends receivable	14			h  14
Inventories	150	100			250
Other current assets	70	30			100
Land	50	100			150
Buildings —net	140	160	c  14	d   2	312
Equipment —net	570	330	c  21	e   7	914
Investment in Sol	515.2			a  25.2 b 490
Goodwill			c  60		60
Unamortized excess	________	_____	b 100	c 100	______
	$1,705.2	$ 850			$2,102
Accounts payable	$  200	$  85	g  10		$  275
Dividends payable	100	20	h  14		106
Other liabilities	50	95			145
Capital stock, $10 par	1,000	500	b 500		1,000
Retained earnings	355.2ü	150ü			355.2
	$1,705.2	$ 850
Noncontrolling interest January 1				b 210
Noncontrolling interest December 31                 _________				f  10.8	220.8
			919	919	$2,102

*  Deduct

P4-9

Pas Corporation and Subsidiary

Consolidation Workpapers

for the year ended December 31, 2011

(in thousands)

	Pas	80% Sel	Adjustments and Eliminations		Consolidated Statements
Income Statement Sales	$ 400	$ 220			$ 620
Income from Sel	34		a  34
Cost of sales	160*	80*	b  25		265*
Depreciation expense	80*	40*	d  10		130*
Other expenses	51*	20*	g   2.5		73.5*
Consolidated NI					$ 151.5
Noncontrollingshare			c   8.5		8.5*
Controlling share of NI	$ 143	$  80			$ 143
Retained Earnings Retained earnings —Pas	$ 150				$ 150
Retained earnings —Sel		$ 100	b 100
Controlling share of NI	143ü	80ü			143
Dividends	80*	40*		a  32
				c   8	80*
Retained earnings – Dec 31	$ 213	$ 140			$ 213
Balance Sheet Cash	$   59	$  60			$  119
Trade receivables —net	56	80		e   8	128
Dividends receivable	16			f  16
Inventories	80	60			140
Land	30	60			90
Buildings —net	130	140			270
Equipment —net	400	200	b  50	d  10	640
Investment in Sel	422			a   2 b 420
Patents	______	_____	b  50	g   2.5	47.5
	$1,193	$ 600			$1,434.5
Accounts payable	$   80	$ 100	e   8		$  172
Dividends payable	200	20	f  16		204
Other liabilities	100	40			140
Capital stock	600	300	b 300		600
Retained earnings	213ü	140ü			213
	$1,193	$ 600
Noncontrolling interest January 1				b 105
Noncontrolling interest December 31			_________	c    .5	105.5
			604	604	$1,434.5

*  Deduct

P4-9 (continued)

Supporting computations

Investment cost January 1, 2011	$420,000
Implied fair value of Sel ($420,000 / 80%)	$525,000
Book value of Sel	400,000
Excess fair value over book value	$125,000
Excess allocated:
Undervalued inventory	$ 25,000
Undervalued equipment	50,000
Remainder to patents	50,000
Excess fair value over book value	$125,000

P4-12

Preliminary computations

Investment cost	$480,000
Implied fair value Sci ($480,000 / 80%)	$600,000
Book value of Sci	450,000
Excess fair value over book value	$150,000
Allocation of differential
Plant assets	$100,000
Goodwill	50,000
Excess fair value over book value	$150,000
Amortization
Plant assets $100,000/4 years = $25,000 per year
Investment account balance at December 31, 2012
Underlying book value	$580,000
Add: Unamortized excess allocated to plant assets
($100,000 - $50,000depreciation)	50,000
Add: Unamortized goodwill	50,000
Fair value of Sci at December 31	$680,000
Investment account balance at December 31 (80%)	$544,000
Noncontrolling interest at December 31 (20%)	$136,000

      The investment account balance is overstated at $560,000 for

      the $16,000 dividend receivable.

Solution P4-12 (continued)

Pat Corporation and Subsidiary

Consolidation Workpapers

for the year ended December 31, 2012

(in thousands)

	Pat	Sci 80%	Adjustments and Eliminations		Consolidated Statements
Income Statement Sales	$1,800	$ 600			$2,400
Income from Sci	76		c  76
Cost of sales	1,200*	300*			1,500*
Operating expense	380*	180*	e  25		585*
Consolidated NI					$  315
Noncontrollingshare	______	_____	f 19		19*
Controlling share of NI	$296	$ 120			$  296
Retained Earnings Retained earnings — Pat	$ 244				$  244
Retained earnings — Sci		$  100	d 100
Controlling share of NI	296ü	120ü			296
Dividends	200*	40*		c  32
				f   8	200*
Retained earnings – Dec 31	$ 340	$  180			$  340
Balance Sheet Cash	$   12	$  30	a  40		$   82
Accounts receivable	52	40		h  10	82
Inventories	164	120			284
Advance to Sci	40			a  40
Other current assets	160	10			170
Land	320	60			380
Plant assets — net	680	460	d  75	e  25	1,190
Investment in Sci	560			b  16 c  44 d 500
Dividends receivable			b  16	g  16
Goodwill	______	_____	d  50		50
	$1,988	$ 720			$2,238
Accounts payable	$   48	$  30	h  10		$   68
Dividends payable		20	g  16		4
Other liabilities	200	90			290
Capital stock	1,400	400	d 400		1,400
Retained earnings	340ü	180ü			340
	$1,988	$ 720
Noncontrolling interest January 1				d  125
Noncontrolling interest December 31			_______	f   11	136
			827	827	$2,238

*  Deduct

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