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Power Company owns 90 percent of Pleasantdale Dairy’s stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts.
Power Company
Pleasantdale Dairy
Assets
Cash & Receivables
$
141,000
84,000
Inventory
214,000
104,000
Land
81,000
55,000
Buildings & Equipment (net)
396,000
229,000
Investment in Pleasantdale Stock
258,300
Total Assets
1,090,300
472,000
Liabilities & Stockholders’ Equity
Current Payables
65,000
36,000
Long-Term Liabilities
271,300
169,000
Common Stock
382,000
Retained Earnings
372,000
202,000
Total Liabilities & Stockholders’ Equity
The fair value of the noncontrolling interest at the date of acquisition was determined to be $28,700. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $14,000 plus $1,000 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.
Required:
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