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Question - On January 1, 2019 S acquires 70% of S for $490,000 cash. The remaining 30% of S's shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was undervalued in the company's financial records by $30,000. This patent had a five-year remaining life. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and non-controlling interests. S earns net income and declares cash dividends as follows:
Year
Net Income
Dividends
2019
75,000
39,000
2020
96,000
44,000
2021
110,000
60,000
Required - Assuming P has applied the equity method, make the needed consolidation entries as of December 31, 2021.
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