Reference no: EM131787418

Create a December 31, 2011 three-part consolidation Excel spreadsheet workpaper based on the information given below

Your spreadsheet should be similar to Figure 5-7 p 218 of our 9th ediion textbook

For your consolidation workpaper Excel spreadsheet, you should

1 -- prepare necessary December 31, 2011 eliminating entries, separate from the worksheet include all necessary support work for your eliminating entry amounts

Determine any goodwill or gain on acquisition and any identifiable net asset differentials related to the original acquisition of Schwinn common stock

2 -- determine the missing amounts from the given trial balances

3 -- create the appropriate columns and rows in the colsolidation workpaper

4 -- import trial balance data pulled from the given trial balances, do NOT copy numbers

5 -- create appopriate formulas for any numerical calculations do NOT copy totals from other sources

6 -- import the eliminating entry data into the worksheet, do NOT copy numbers with references to the eliminating entry from which the data was imported

7 -- create appropriate formulas for the balances in the consolidation column

INFORMATION:

Pinarello Inc. buys 70% of Schwinn Inc. common stock on January 1, 2011 for $520,000

The fair value of Schwinn net assets equals the book values except for

Inventory with a fair value $30,000 more than book value

Inventory costs are recorded on a FIFO basis

Equipment with a fair value $110,000 more than book value

Equipment has a remaining life of 10 years

The noncontrolling interest in the fair value of net assets = $222,000