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Nama: Nurahma Amalia NIM: 20200070042 Kelas: AK20A

The document provides consolidated financial statements for Pen Corporation and its 90% owned subsidiary Syn Company for the year ended December 31, 2012. It includes additional information on Pen's acquisition of Syn stock in 2011 and the fair value adjustment of Syn's land and unrecorded patents. Students are asked to prepare a working paper of the consolidated balance sheet, income statement, and statement of retained earnings for Pen Corporation and Syn Company as of December 31, 2012.

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217 views

Nama: Nurahma Amalia NIM: 20200070042 Kelas: AK20A

The document provides consolidated financial statements for Pen Corporation and its 90% owned subsidiary Syn Company for the year ended December 31, 2012. It includes additional information on Pen's acquisition of Syn stock in 2011 and the fair value adjustment of Syn's land and unrecorded patents. Students are asked to prepare a working paper of the consolidated balance sheet, income statement, and statement of retained earnings for Pen Corporation and Syn Company as of December 31, 2012.

Uploaded by

edit andrae
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Nama : Nurahma Amalia

NIM : 20200070042

Kelas : AK20A

TUGAS

Separate company financial statements for Pen Corporation and its subsidiary, Syn Company,
at and for the year ended December 31, 2012, are summarized as follows (in thousands):

ADDITIONAL INFORMATION
1. Pen Corporation acquired 13,500 shares of Syn Company stock for $15 per share on January
1, 2011, when Syn’s stockholders’ equity consisted of $150,000 capital stock and $15,000
retained earnings.
2. Syn Company’s land was undervalued when Pen acquired its interest, and accordingly,
$20,000 of the fair value/book value differential was assigned to land. Any remaining
differential is assigned to unrecorded patents with a 10-year remaining life.
3. Syn Company owes Pen $5,000 on account, and Pen owes Syn $5,000 on a note payable.

SOAL :
BUAT KERTAS KERJA KONSOLIDASI DARI PEN CORPORATION DAN SUBSIDIARY
UNTUK AKHIR TAHUN 31 DESEMBER 2012.

Answer:
Ownership percentage 13,500/15,000 shares = 90%
Investment cost (13,500 shares  $15) $202,500
Implied fair value of Syn ($202,500 / 90%) $225,000
Book value of Syn 165,000
Excess fair value over book value $ 60,000

Excess allocated to Land $ 20,000


Remainder to patents 40,000
Excess fair value over book value $ 60,000

Income from Syn


Syn’s reported net income $ 24,000
Less: Patent amortization (4,000)
Syn’s adjusted income $ 20,000
Pen’s share of Syn’s income (90%) $ 18,000
Noncontrolling interest share (10%) $ 2,000

Investment in Syn December 31, 2012


Cost January 1, 2011 $202,500
Pen’s share of the change in Syn’s retained
($42,000 - $15,000)  90% earnings 24,300
Less: Pen’s share (90%) of Patent amortization for 2 years (7,200)
Investment in Syn December 31 $219,600

Pen 90% Syn Adjustments and Consolidated


Eliminations Statement
Income Statement Sales $ 400 $ 100 $ 500
Income from Syn 18 a 18
Cost of sales 250* 50* 300*
Other expenses 100.6* 26* c4 130.6*
Consolidated NI $ 69.4
Noncontrolling share g2 2*
Controlling share of NI $ 67.4 $ 24 $ 67.4
Retained Earnings $ 177 $ 177
Retained earnings — Pen
Retained earnings — Syn $ 34 b 34
Net income 67.4 24 67.4
Dividends 50* 16* a 14.4
g 1.6 50*
Retained earnings – Dec $ 194.4 $ 42 $ 194.4
31

Balance Sheet Cash $ 18 $ 15 $ 33


Accounts receivable 80 20 f5 95
Dividends receivable-- 7.2 d 7.2
Syn
Inventories 95 10 105
Note receivable — Pen 5 e5
Investment in Syn 219.6 a 3.6
b 216
Land 65 30 b 20 115
Buildings — net 170 80 250
Equipment — net 130 50 180
Patents b 36 c4 32
$ 784.8 $ 210 $ 810
Accounts payable $ 85.4 $ 10 f5 $ 90.4
Note payable to Syn 5 e5
Dividends payable 8 d 7.2 .8
Capital stock 500 150 b 150 500
Retained earnings 194.4 42 194.4
$ 784.8 $ 210
Noncontrolling interest January 1 b 24
Noncontrolling interest December 31 g .4 24.4
281.2 281.2 $ 810

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