Calculate the amount of the goodwill as of January 1
Order Instructions
Overview: For this assignment, you will compute entries for goodwill, investment, income that should be assigned to the noncontrolling interest, total
noncontrolling interest required for consolidation, gain or loss on the constructive retirement of bonds, and completion of the consolidation worksheet. You will
then present all consolidation entries that would appear in a three-part consolidation worksheet, as well as prepare and complete a three-part worksheet for the
preparation of consolidated financial statements.
Prompt: Review the Project One Scenario document. Then address the critical elements listed below by filling out this Excel worksheet. Most of the critical
elements align with a particular course outcome (shown in brackets).
I. Excel Workbook: In this section you will prepare computations, consolidation entries, and a consolidation worksheet for the preparation of consolidated
financial statements for 20X7. Do not round your intermediate calculations. Round your final answer to the nearest whole dollar. If no entry is required
for a transaction/event, select “No journal entry required” in the first account field. In regard to the three-part worksheet for the preparation of
consolidated financial statements, values in the first two columns (the “parent” and “subsidiary” balances) that are to be deducted should be indicated
with a minus sign, while all values in the “Consolidation Entries” columns should be entered as positive values. For accounts where multiple adjusting
entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit
entries into one amount and enter this amount in the credit column of the worksheet.
A. Calculate the amount of the goodwill as of January 1, 20X7. [ACC-405-01]
B. Calculate the balance of investment Posey has in the Stargell Stock account as of January 1, 20X7. [ACC-405-01]
C. Calculate the income that should be assigned to the noncontrolling interest in the 20X7 consolidated income statement. [ACC-405-01]
D. Calculate the total noncontrolling interest as of December 31, 20X6. [ACC-405-01]
E. Calculate the gain or loss on the constructive retirement of Stargell’s bonds that should appear in the 20X7 consolidated income statement.
[ACC-405-01]
F. Present all consolidation entries that would appear in a three-part consolidation worksheet as of December 31, 20X7. [ACC-405-02]
G. Prepare and complete a three-part worksheet for the preparation of consolidated financial statements for 20X7. [ACC-405-02]
Rubric
Guidelines for Submission: Your assignment must be submitted using the provided Excel worksheet. Be sure to make revisions to your final project based on the
feedback you receive from your instructor on this milestone.
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