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Fort Bend Company contributes cash of $250,000 and Costal Bend Company contributes net assets of $250,000 to create Victoria Company on January 2011. Fort Bend and Costal Bend each received a 50% equity interest in Victoria. Victoria's financial statements for the first year of operations are as follows:
Victoria Company
Before making any accounting entries related to its investment in Victoria, Fort Bend Company's financial statement for the year ended December 31, 2011 are as follows:
Fort Bend Company
Required:
(1) Restate Fort Bend's 2011 financial statements to properly account for its investment in Victoria Company under 1) the proportionate consolidation method, and 2) the equity method.
(2) Calculate and compare the following ratios for Fort Bend Company under the two different methods for accounting for its investment in Victoria Company: 1)profit margin (net income/revenues), and 2) debt to equity (total liabilities / total stockholders' equity)
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