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ACC 405 Advanced Accounting Assignment - Southern New Hampshire University, USA
Question - Pie Corporation acquired 70 percent of Slice Company's common stock on December 31, 20X5, at underlying book value. The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the non-controlling interest was equal to 30 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5:
Debit
Credit
Cash
$29,000
Accounts Receivable
64,450
Inventory
91,400
Buildings and Equipment (net)
204,000
Cost of Goods Sold
106,900
Depreciation Expense
24,500
Other Operating Expenses
30,620
Dividends Declared
15,100
Accounts Payable
$33,560
Notes Payable
118,000
Common Stock
90,600
Retained Earnings
133,500
Sales
190,310
Total
$565,970
Required -
a. How much did Pie pay to purchase its shares of Slice?
b. If Pie reported income of $144,750 from its separate operations for 20X5, what amount of consolidated net income will be reported for 20X5?
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