Can you please help me answer this problem?Pawl Corporation acquired 90% of Snab Corporation on January 1, 2020 for $72,000 cash when Snab's stockholders' equity consisted of $30,000 of Capital Stock and $30,000 of Retained Earnings. The difference between the fair value of Pawl's assets and liabilities and the book value was allocated to a plant asset with a remaining 10-year straight-line life that was overvalued on the books by $5,000. The remainder was attributable to goodwill. The separate company statements for Pawl and Snab appear in the first two columns of the partially completed consolidation working papers.Required:Complete the consolidation working papers for Pawl and Snab for the year 2020. Show work. EliminationsConsol-РawiSnabDebitCreditidatedINCOME STATEMENTSales60,000$22,000Income of Snab3,510Cost of SalesDepreciationExpenseotherExpensesNoncontrollingInterest Share(13,000) |9,500)2,000)3,000)( 23,000) |6,100)Net incomeRetainedEarnings 1/1Add:Net incomeLess:DividendsRetainedEarnings 12/31BALANCE SHEETСазhAccountsReceivable-net25,510$ 3,40025,000$30,00025,5103,400( 15,000) (3,000)35,510$30,40026,520$ 7,00022,00010,000Inventories20,00014,000LandEquipment andBuildings-netInvestment inSnab CorporationGoodwill27,00042,00070,00038,00072,810TOTAL ASSETSLIAB. & EQUITYAccounts payable sCapitalStockRetainedEarningsNoncontrollingInterestS 238,330 $111,00032,820$50,600170,00030,00035,51030,400TOTAL LIAB. &EQUITY238,330$111,000

Can you please help me answer this problem? Pawl Corporation acquired 90% of Snab Corporation on January 1, 2020 for $72,000 cash when Snab's stockholders' equity consisted of $30,000 of Capital Stock and $30,000 of Retained Earnings. The difference between the fair value of Pawl's assets and liabilities and the book value was allocated to a plant asset with a remaining 10-year straight-line life that was overvalued on the books by $5,000. The remainder was attributable to goodwill. The separate company statements for Pawl and Snab appear in the first two columns of the partially completed consolidation working papers. Required: Complete the consolidation working papers for Pawl and Snab for the year 2020.

Can you please help me answer this problem? Pawl Corporation acquired 90% of Snab Corporation on January 1, 2020 for $72,000 cash when Snab's stockholders' equity consisted of $30,000 of Capital Stock and $30,000 of Retained Earnings. The difference between the fair value of Pawl's assets and liabilities and the book value was allocated to a plant asset with a remaining 10-year straight-line life that was overvalued on the books by $5,000. The remainder was attributable to goodwill. The separate company statements for Pawl and Snab appear in the first two columns of the partially completed consolidation working papers. Required: Complete the consolidation working papers for Pawl and Snab for the year 2020.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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