Purpose the allocations schedule

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Reference no: EM1310815

Allocations schedule and S&A consolidation journal entry.

On January 1, 2009, Pampas Company acquired 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock. The consideration transferred by Pampas was $1,200,000 for the common and $124,000 for the preferred. Any excess acquisition-date fair value over book value is considered patents and amortized over 10 years. The capital structure of Smith immediately prior to the acquisition is:

Common stock, $10 par value	$500,000
Preferred Stock, 6% cumulative, $10 par value	$300,000
Additional paid-in capital	$200,000
Retained earnings	$500,000
Total Stockholders' Equity	$1,500,000.00

Prepare the allocations schedule and the S&A consolidation journal entry for the December 31, 2009 consolidation worksheet.

Reference no: EM1310815

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