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Problem
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $59,232. Calvin Co. has one recorded asset, a specialized production machine with a book value of $19,500 and no liabilities. The fair value of the machine is $87,000, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair value is $98,720.
At the end of the year, Calvin reports the following in its financial statements:
Revenues
65,550
Machine
17,550
Common stock
10,000
Expenses
26,100
Other assets
26,900
Retained earnings
34,450
Net income
39,450
Total assets
44,450
Total equity
Dividends paid
5,000
Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret.
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