Reference no: EM132783867
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $47,604. Calvin Co. has one recorded asset, a specialized production machine with a book value of $13,500 and no liabilities. The fair value of the machine is $65,500, 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 $79,340.
At the end of the year, Calvin reports the following in its financial statements:
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Revenues
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$ 64,950
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Machine
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$ 12,150
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Common stock
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$ 13,500
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Expenses
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29,100
__-
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Other assets
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32,200
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Retained earnings
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30,850
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Net income
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$ 35,850
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Total assets
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$ 44,350
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Total equity
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$ 44,350
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Dividends paid
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$ 5,000
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Problem 1: Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income. non-controlling interest. Calvin's machine (net of accumulated depreciation), and the process trade secret.
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