What percentage of skyler shares were purchased by blue

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Reference no: EM131794640

Problem - Incomplete Data

Blue Corporation acquired controlling ownership of Skyler Corporation on December 31, 20X3, and a consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date follow:

BLUE CORPORATION AND SKYLER CORPORATION Balance Sheet Data December 31, 20X3

 

Item

Blue

Corporation

Skyler

Corporation

Consolidated

Entity

Cash 

$63,650

$35,000

$98,650

Accounts Receivable 

98,000

?

148,000

Inventory 

105,000

80,000

195,000

Buildings and Equipment 

400,000

340,000

780,000

Less: Accumulated Depreciation 

(215,000)

(140,000)

(355,000)

Investment in Skyler Corporation Stock 

?


-

Goodwill 



9,000

Total Assets 

$620,000

$380,000

$875,650





Accounts Payable 

$115,000

$46,000

$146,000

Wages Payable 

?

?

94,000

Notes Payable 

200,000

110,000

310,000

Common Stock 

120,000

75,000

?

Retained Earnings 

115,000

125,000

?

Noncontrolling Interest 



90,650

Total Liabilities and Equities 

?

$380,000

$875,650

During 20X3, Blue provided engineering services to Skyler and has not yet been paid for them. There were no other receivables or payables between Blue and Skyler at December 31, 20X3.

Required -

a. What is the amount of unpaid engineering services at December 31, 20X3, on work done by Blue for Skyler?

b. What balance in accounts receivable did Skyler report at December 31, 20X3?

c. What amounts of wages payable did Blue and Skyler report at December 31, 20X3?

d. What was the fair value of Skyler as a whole at the date of acquisition?

e. What percentage of Skyler's shares were purchased by Blue?

f. What amounts of capital stock and retained earnings must be reported in the consolidated balance sheet?

Reference no: EM131794640

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