Pruin Corporation Acquired All of the Voting Stock of Satto

question 20

Essay

Pruin Corporation acquired all of the voting stock of Satto Corporation on January 1, 2016, for $210,000 when Satto had common stock of $150,000 and retained earnings of $24,000. The excess of implied over book value was allocated $9,000 to inventories that were sold in 2016, $12,000 to equipment with a 4-year remaining useful life under the straight-line method, and the remainder to goodwill.
Financial statements for Pruitt and Satto Corporations at the end of the fiscal year ended December 31, 2017 (two years after acquisition), appear in the first two columns of the partially completed consolidated statements workpaper. Pruin Corp. has accounted for its investment in Satto using the partial equity method of accounting.
Required:
Complete the consolidated statements workpaper for Pruin Corporation and Satto Corporation for December 31, 2017.
Pruin Corporation and Satto Corporation
Consolidated Statements Workpaper
at December 31, 2017

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Definitions:

Shays's Rebellion

A 1786-1787 armed uprising in western Massachusetts led by Daniel Shays, stemming from discontent with high taxes and economic injustices, which highlighted the weaknesses of the Articles of Confederation.

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The act of removing and replacing a government or its leaders, typically through force or illegal means.

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The motivation that drives individuals and entities to act in pursuit of their own financial gain, often considered a fundamental economic principle.

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The art and science of designing and constructing buildings and other physical structures to provide shelter, space, and aesthetic appeal.