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Prepare   the corresponding consolidating worksheets based on the following facts.              Companies   involved: Parent and Sub.       Date   of acquisition:  Jan. 1, 20X3       Date   of the worksheets you must prepare: December 31,  20X4          ” 20X5          ” 20X6     Percentage   of common shares of S owned by P   75%   Price   paid by P        $ 5,700,000               At   the time of acquisition these were some values concerning S:     Common   stock         $ 950,000    Aditional   paid-in capital       $ 950,000    Retained   earnings       $ 627,000        Years    FMV-BV   Inventories   <1     $ 760,000    Other   current assets  <1     $ 285,000    Plant   & equipment, remaining life:  8      $ 1,900,000    Land         $ 1,330,000    Long   term liabilities; remaining life: 5     $ 285,000    Intangibles   amortization:   6                  Intercompany   transactions:             20X3 20X4 20X5 20X6   Upstream inventory sales          –   $ 142,500   $ 121,125   $ 129,604    % in ending   inventory          –  7.50% 9.00% 10.80%   Gross profit   rate on sales          –  37.50% 45.00% 54.00%                       Upstream   building sale, Dec. 31                   Sold for             $ 1,900,000        Book value at   time of sale            $ 760,000        Remaining   life:        10                                % of S bonds   purchased by P, Jan. 1             55%     Price paid              $ 1,551,104      BV at that   date              $ 1,534,930      Remaining   life:       5           Maturity value   of acquired bonds              $ 1,567,500                

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  Required:  

           1. Complete the worksheets for 20X4-6.  

         2. Show how the Controlling and   Non-controlling shares of Income from S were arrived at in X5 and X6.      

3. In separate schedules for year ends X5 and   X6, reconcile the Investment account with S’s stockholders’ equity.    

4.   In separate schedules for year ends X5 and X6, reconcile the ending   Noncontrolling Interest with S’s stockholders’equity.     .         
 
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