Business, 21.03.2020 09:35 mariahbugg7

On January 1, 2013, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Strong's stock. Of this payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Strong's books by $35,000. Any remaining excess was attributable to goodwill which has not been impaired.

As of December 31, 2013, before preparing the consolidated worksheet, the financial statements appeared as follows:

During 2013, Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of this purchase had been paid for by Strong by the end of the year. 60% of these goods were still in the company's possession on December 31, 2013.

1. What is the total of consolidated revenues?

2. What is the total of consolidated operating expenses?

3. What is the total of consolidated cost of goods sold? 184,800 (not sure how to get)

4. What is the consolidated total of non-controlling interest appearing in the balance sheet? 120,400 (not sure how to get)

5. What is the consolidated total for equipment (net) at December 31, 2013?

6. What is the consolidated total for inventory at December 31, 2013?

Answers: 2

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On January 1, 2013, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp....

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