Reference no: EM131219455
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $62, 964. Calvin Co. has one recorded assets, a specialized production machine with a book value of $14,000 and no liabilities. The fair value of the machine is $93, 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 $104,940.
At the end of the year, Calvin reports the following in its financial statements.
Revenues $61,800 Machine $12,600 Common stock $10,000
Expenses 21,000 Other assets 33,200 Retained earnings 35,800
Net income $40,800 Total assets $45,800 Total equity $45,800
Dividends $ 5,000
Determine the amount 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.
Amount
Noncontrolling interest in subsidiary income
Total noncontrolling interest
Calvin's machine (net accumulated depreciation)
Process trade secret
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