Reference no: EM132420368
Juxtapose Corp. and Penultimate Corp. reported the following balance sheets at January 1, 2018.
Jux Pen
Current assets $30,000 $15,000
PPE 55,000 25,000
Total assets $85,000 $40,000
Current liabilities $20,000 $10,000
Long-term debt 20,000 5,000
Equity 45,000 25,000
Total L+E $85,000 $40,000
On January 2, 2018 Jux issued $36,000 of stock and used the proceeds to purchase 90% of Pen's common stock. The excess of the purchase price over Pen's book value of net assets was allocated 60% to inventory and 40% to goodwill.
Required:
a. Compute Goodwill and NCI (Non-controlling interest)
b. Prepare the consolidated B/S.
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