Reference no: EM13507148
Question :
On December 31, 2013, Nanotech Company invests $20,000 in SoftPlus, a variable interestentity. In contractual agreements completed on that date, PanTech established itself as theprimary beneficiary of SoftPlus. Previously, PanTech had no equity interest in SoftPlus. Immediately after PanTech's investment, SoftPlus presents the following balance sheet:
Cash $ 20,000 Long-term debt $120,000
Marketing software 140,000 Non-controlling interest 60,000
Computer equipment 40,000 PanTech equity interest 20,000
Total assets $200,000 Total liabilities and equity 200,000
Each of the above amounts represents an assessed fair value at December 31, 2013, except forthe marketing software.
a. If the marketing software was undervalued by $20,000, what amounts for SoftPlus wouldappear in PanTech's December 31, 2013, consolidated financial statements?
b. If the marketing software was overvalued by $20,000, what amounts for SoftPlus wouldappear in PanTech's December 31, 2013, consolidated financial statements?
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