M Acc 446 c 7.25 & 26 X K- O eztomheducation.com/hm.tpx? 0.2961795335838234 1484026401530 House Corporation has been operating profitably since its aeation in 1960, At the beginning of 2012, acquired a 70 percent in Wason Company. Arthe acquisition date, House prepared the following allocation schedule: 766,500 Consideration transferred for 70 percent interest in Wilson 328.500 Fair value of the 30% noncontrolling interest $1,095.000 Wilson business fair value 744.000 Wilson book value 351,000 Excess fair value over book value Assignments to adjust Wilson’s assets to fair value: 82,000 To buildings (20-year lie) (27.400) To equipment (4-year life) 83,000 137.600 To franchises (10 year life) 213.400 To goodwill (ndefinite life) House regularly buys inventory from Wilson at a markup of 25 percent more than cost House’s purchases during 2012 and 2013 and related ending inventory balances follow. Retained Intra-Entity Intra-Entity Inventory-End of Year Year (at transfer price) 2012 $120,000 40.000 60,000 2013 150,000 On January 1, 2014, House and Wilson acted together as co-acquirers of 80 percent of Cuddy Company’s outstanding common stock. The total price of these shares was $312,800, indicating neither goodwill nor other specific fair-value allocations. Each company put up one-half of the consideration transferred. During 2014, House acquired additional inventory from Wilson at a price of $284.000. Of this merchandise, 45 percent is stil held at year-end. House Wilson Cuddy O Ask me anything e Show transcribed image text M Acc 446 c 7.25 & 26 X K- O eztomheducation.com/hm.tpx? 0.2961795335838234 1484026401530 House Corporation has been operating profitably since its aeation in 1960, At the beginning of 2012, acquired a 70 percent in Wason Company. Arthe acquisition date, House prepared the following allocation schedule: 766,500 Consideration transferred for 70 percent interest in Wilson 328.500 Fair value of the 30% noncontrolling interest $1,095.000 Wilson business fair value 744.000 Wilson book value 351,000 Excess fair value over book value Assignments to adjust Wilson’s assets to fair value: 82,000 To buildings (20-year lie) (27.400) To equipment (4-year life) 83,000 137.600 To franchises (10 year life) 213.400 To goodwill (ndefinite life) House regularly buys inventory from Wilson at a markup of 25 percent more than cost House’s purchases during 2012 and 2013 and related ending inventory balances follow. Retained Intra-Entity Intra-Entity Inventory-End of Year Year (at transfer price) 2012 $120,000 40.000 60,000 2013 150,000 On January 1, 2014, House and Wilson acted together as co-acquirers of 80 percent of Cuddy Company’s outstanding common stock. The total price of these shares was $312,800, indicating neither goodwill nor other specific fair-value allocations. Each company put up one-half of the consideration transferred. During 2014, House acquired additional inventory from Wilson at a price of $284.000. Of this merchandise, 45 percent is stil held at year-end. House Wilson Cuddy O Ask me anything e
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