Several Years Ago Polar Inc Polar Sold a Building to Icecap on January 1, 2012

question 118

Essay

Several years ago Polar Inc. acquired an 80% interest in Icecap Co. The book values of Icecap's asset and liability accounts at that time were considered to be equal to their fair values. Polar's acquisition value corresponded to the underlying book value of Icecap so that no allocations or goodwill resulted from the transaction.
The following selected account balances were from the individual financial records of these two companies as of December 31, 2013: $\begin{array}{lrrr}&\text { Polar } & \text { Icecap } \\&\text { Inc. } & \text { Co. }\\\text { Sales } & \$ 896,000 & \$ 504,000 \\\text { Cost of goods sold } & 406,000 & 276,000 \\\text { Operating expenses } & 210,000 & 147,000 \\\text { Retained earnings, 1/1/13 } & 1,036,000 & 252,000 \\\text { Inventory } & 484,000 & 154,000 \\\text { Buildings (net) } & 501,000 & 220,000 \\\text { Investment income } & \text { not given } &\end{array}$ Polar sold a building to Icecap on January 1, 2012 for $112,000, although the book value of this asset was only $70,000 on that date. The building had a five-year remaining useful life and was to be depreciated using the straight-line method with no salvage value.
Required:
For the consolidated financial statements for 2013, determine the balances that would appear for the following accounts: (1) Buildings (net), (2) Operating expenses, and (3) Non-controlling Interest in Subsidiary's Net Income.

Recognize the importance of environmental factors and community infrastructure in disease prevention.

Understand the historical development of public health initiatives and their impact on community health.

Analyze the role of government and non-governmental organizations in the advancement of public health.

Identify key figures and their contributions to public health and nursing.

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Definitions:

Researchers

Individuals who conduct systematic investigations to establish facts or reach new conclusions in various fields of study.

Correlation Coefficient

A statistical measure that describes the size and direction of a relationship between two variables, ranging from -1 to +1.

Value Range

The spectrum of values within which data, measurements, or variables can fall, in various contexts such as mathematics, statistics, and computer programming.

Brain Structure

The physical organization and composition of the brain, including its various parts and connections.