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On January 1, 2009, Father Company acquired an 80 percent interest in Sun Company for $425,000. The acquisition-date fair value of the 20 percent noncontrolling interest's ownership shares was $102,500. Also as of that date, Sun reported total stockholders' equity of $400,000: $100,000 in common stock and $300,000 in retained earnings. In setting the acquisition price, Father appraised four accounts at values different from the balances reported within Sun's financial records.
As of December 31, 2013, the trial balances of these two companies are as follows: Father Sun Company Company Debits
Credits
Included in these figures is a $20,000 debt that Sun owes to the parent company. No goodwill impairments have occurred since the Sun Company acquisition. Required a. Determine consolidated totals for Father Company and Sun Company for the year 2013. b. Prepare worksheet entries to consolidate the trial balances of Father Company and Sun Company for the year 2013. c. Assume instead that the acquisition-date fair value of the noncontrolling interest was $112,500. What balances in the December 31, 2013, consolidated statements would change?
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