Supernova Company Had the Following Summarized Balance Sheet on December

question 34

Essay

Supernova Company had the following summarized balance sheet on December 31, 20X1:
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The fair value of the inventory and property and plant is $600,000 and $850,000, respectively.
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Required:
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a.Assume that Redstar Corporation purchases 100% of the common stock of Supernova Company for $1,800,000.What value will be assigned to the following accounts of the Supernova Company when preparing a consolidated balance sheet on December 31, 2016?
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(1)
Inventory
_________
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(2)
Property and plant
_________
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(3)
Goodwill
_________
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(4)
Non-controlling interest
_________
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b.Prepare a valuation schedule
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c.Prepare a supporting determination and distribution of excess schedule.?

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