Persoff pursued the acquisition, in part, to utilize Sea Cliff’s technology and computer software. These items had fair values that differed from their values on Sea Cliff’s books as follows:
Sea Cliff’s remaining identifiable assets and liabilities had acquisition-date book values that closely approximated fair values. Since acquisition, no assets have been impaired. During the next three years, Sea Cliff reported the following income and dividends:
______________ Net Income ____________ Dividends
2016 ………….. $900,000 …………………. $150,000
2017 …………… 940,000 …………………… 150,000
2018 …………… 975,000 …………………… 150,000
December 31, 2018, financial statements for each company appear below. Parentheses indicate credit balances. Dividends declared were paid in the same period.
a. Construct Persoff’s acquisition-date fair-value allocation schedule for its investment in Sea Cliff.
b. Show how Persoff determined its Equity earnings in Sea Cliff balance for the year ended
December 31, 2018.
c. Show how Persoff determined its December 31, 2018, Investment in Sea Cliff balance.
d. Prepare a worksheet to determine the consolidated values to be reported on Persoff’s financial statements?
On January 3 2016 Persoff Corporation acquired all of the
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