10 Nov Problem 1On January 1, 2011, Carlisle, Inc. acquir
Problem 1On January 1, 2011, Carlisle, Inc. acquired 100% of Tid-Bit, Inc. At the time of the acquisition, land and equipment were undervalued by $57,300 and $78,000, respectively. It was determined the equipment had a 10-year useful life. In addition, goodwill of $48,000 was identified.The financial statements information for both Carlisle and Tid-Bit as of December 31, 2015, are provided in the Assessment 2 Template. An intra-company receivable/payable reported on the financial statements documentation indicates that Tid-Bit owes Carlisle $12,500.Use the Assessment 2 Template to prepare a consolidation worksheet for Carlisle and Tid-Bit for the year ending December 31, 2015. Problem 2Shark Company purchased 70% interest in Fish Company on July 1, 2014. Consideration for the transaction was $791,875 cash. At the time of the purchase, the remaining shares of Fish (30% percent) were owned by various parties worth $339,375.At the time of the acquisition, the excess of $124,500 was allocated to the patent not recorded on Fish’s financial records. The patent is expected to a have remaining life of 5 years. All other excess was allocated to goodwill.Use the Assessment 2 Template to prepare a consolidation worksheet for Shark and Fish for the year ending December 31, 2014.Notes for the completion of the worksheet: Fish’s income was earned evenly throughout the year. Fish pays dividends on a quarterly basis. There is no significant change in the trading price in Fish’s stock.
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