On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $58,884. Calvin Co. has one recorded asset, aspecialized production machine with a book value of $15,100 and no liabilities. The fair value of the machine is $88,100, and theremaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secretwith an estimated future life of 4 years. Calvin's total acquisition date fair value is $98,140.At the end of the year, Calvin reports the following in its financial statements:$ 65,55029,250MachineOther assets$ 13,59032,810Common stockRetained earnings$ 15,10031, 300$ 46,400RevenuesExpensesNet income$ 36,300Total assets$ 46,400Total equityDividends paid$ 5,000Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest insubsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret.AmountNoncontrolling interest in subsidiary incomeTotal noncontrolling interestCalvin's machine (net accumulated depreciation)Process trade secret

Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret. Amount Noncontrolling interest in subsidiary income Total noncontrolling interest Calvin's machine (net accumulated depreciation) Process trade secret

Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret. Amount Noncontrolling interest in subsidiary income Total noncontrolling interest Calvin's machine (net accumulated depreciation) Process trade secret

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations

Section: Chapter Questions

Problem 35P

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