PNU Financial Accounting Excel Spreadsheet

Posted on | by CWP

Description

Pam Corporation acquired an 80 percent interest in Sun Corporation on January 1, 2017. Financial statements of Pam and Sun Corporations for the year 2017 are provided in next page (in thousands):REQUIRED:1- Prepare worksheet entries. Only the information provided in the financial statements is available; accordingly, your solution will require some standard assumptions. Sun owned unrecorded patents having a fair value of 582,400 with a useful life of 10 years.
Pam80% SunAdjustments andEliminationsConsolidatedStatementsDebitsCreditsIncome StatementSales2080520Income from Sun101.504Cost of goods sold(1300)(260)Other expenses(388)(104)Retained Earnings StatementBegg Retained earnings1023.36218.4Dividends(260)(83,2)Ret earnings 31/12Balance Sheet StatementCash1175.44378.8Div receiv from Sun28.8Inventories49452Note receiv from Pop26Equipment—net1560708Investment in Sun1066.624PatentTotal assets4324.8641164.8Accounts payable44257.6Note payable to Sun26Dividends payable 36Capital stock, $10 par2600780Retained earnings1256.864291.2Total equities

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