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Calculate total goodwill and its allocation to controlling

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Reference no: EM131751612

Pennant Corporation acquired 80 percent of Saylor Company's common stock for $12,000,000 in cash. At the date of acquisition, Saylor's $3,000,000 of reported net assets were fairly stated, expect land was undervalued by $200,000 and unrecorded in-process R&D was valued at $1,500,000. The estimated fair value of the noncontrolling interest is $2,600,000 at the acquisition date.

Required

a. Calculate total goodwill and its allocation to the controlling and noncontrolling interests.

b. Prepare the working paper eliminating entries needed to consolidate Pennant and Saylor at the date of acquisition.

Reference no: EM131751612

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