Answered Essay: Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 20X8, for $120,300. At that

Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 20X8, for $120,300. At that date, the fair value of Rollers buildings and equipment was $15,000 more than the book value Accumulated depreciation on this date was $31,000. Buildings and equipment are depreciated on a 5-year basis. Although goodwill is not amortized, Mills management concluded at December 31, 20X8, that goodwl involved in its acquisition of Roller shares had been impaired and the correct carrying value was $2,800. No additional impairment occurred in 20x9 Trial balance data for Mill and Roller on December 31, 20X9, are as follows Mill Corporation Roller Company Credit Credit Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Roller Co. Stock Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Subsidiary Debit Debit $ 55,500 89,000 101,000 53,000 363,000 134,800 143,000 30,000 20,000 7,000 18,000 34,000 $ 35,000 20,000 30,000 31,000 167,000 109,000 15,000 9,000 4,000 11,000 37,000 $ 161,000 45,000 10,000 133,000 187,000 166,300 295,000 51,000 $49,000 11,000 5,000 95,000 59,000 47,000 202,000 $1,048,300 $1,048,300 $ 468,000 468,000

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Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 20X8, for $120,300. At that date, the fair value of Rollers buildings and equipment was $15,000 more than the book value Accumulated depreciation on this date was $31,000. Buildings and equipment are depreciated on a 5-year basis. Although goodwill is not amortized, Mills management concluded at December 31, 20X8, that goodwl involved in its acquisition of Roller shares had been impaired and the correct carrying value was $2,800. No additional impairment occurred in 20×9 Trial balance data for Mill and Roller on December 31, 20X9, are as follows Mill Corporation Roller Company Credit Credit Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Roller Co. Stock Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Subsidiary Debit Debit $ 55,500 89,000 101,000 53,000 363,000 134,800 143,000 30,000 20,000 7,000 18,000 34,000 $ 35,000 20,000 30,000 31,000 167,000 109,000 15,000 9,000 4,000 11,000 37,000 $ 161,000 45,000 10,000 133,000 187,000 166,300 295,000 51,000 $49,000 11,000 5,000 95,000 59,000 47,000 202,000 $1,048,300 $1,048,300 $ 468,000 468,000

Expert Answer

 

Mill Corp Roller Corp. Elimination Entries Consolidated
Income Statement Debit Credit
Sales $295,000 $202,000 $497,000
Less:
Cost of Goods Sold -$143,000 -$109,000 -$252,000
Wage Expense -$30,000 -$15,000 -$45,000
Depreciation Expense -$20,000 -$9,000 $3,000 -$32,000
Interest Expense -$7,000 -$4,000 -$11,000
Other Expense -$18,000 -$11,000 -$29,000
Impairment Loss $700 -$700
Income from Roller Co. $51,000 $54,000 $3,700 $700
Net Income $128,000 $54,000 $57,700 $3,700 $128,000
Statement of Retained Earnings
Beginning Balance $166,300 $47,000 $47,000 $166,300
Net Income $128,000 $54,000 $57,700 $3,700 $128,000
Less: Dividends Declared -$34,000 -$37,000 $37,000 -$34,000
Ending Balance $260,300 $64,000 $104,700 $40,700 $260,300
Balance Sheet
Cash $55,500 $35,000 $90,500
Accounts Receivable $89,000 $20,000 $109,000
Inventory $101,000 $30,000 $131,000
Land $53,000 $31,000 $84,000
Building & Equipment $363,000 $167,000 $15,000 $515,000
Less: Accumulated Depreciation -$161,000 -$49,000 $31,000 $3,000 -$238,000
Investment in Roller Co. $134,800 $0 $0
Goodwill $2,800 $2,800
Total Assets $635,300 $234,000 $46,000 $3,000 $694,300
Accounts Payable $45,000 $11,000 $56,000
Wages Payable $10,000 $5,000 $15,000
Notes Payable $133,000 $95,000 $228,000
Common Stock $187,000 $59,000 $246,000
Retained Earnings $166,300 $47,000 $104,700 $40,700 $149,300
Total Liabilities & Equity $541,300 $217,000 $104,700 $40,700 $694,300
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