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On January 1 2009, Plymouth Corporation acpuired 80% of the outstanding voting stock of Sander Company in exchange for $1,200,000 cash. At that time, although Sander's book value was $925,000, Plymouth assessed sander's total bussiness fair value at $1,500,000. Since that time, Sander has niether issued nor reacquired any shares of its own stock. The book value of Sanders individual assets and liabilities approximated their aquisition-date fair values except for the patent account, which was undervalued by $350,000. The undervalued patents had a 5year remaining life at the aquisition date. Any remaining excess fair value was attributed to goodwill. No goodwill impairements have occured. Sanders regularly sella inventory to Plymouth. Bellow are details of the intra entity inventory sales for the past three years:
Year Intra Intra Entity End Gross profit rate entity Sales inv At transfer price on Intra entity Inv trans
Seperate financial statements for these two companies as of December 31. 2011, Follow: Plymouth Sanders
a. Prepare a schedual that calculates the equity in Earnings of Sanders account balance. b. Prepare a worksheet to arrive at consolidated figures for external reporting purposes
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