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Supernova Company Had the Following Summarized Balance Sheet on December

Question 31

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Supernova Company had the following summarized balance sheet on December 31, 20X1:
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Supernova Company had the following summarized balance sheet on December 31, 20X1: ? ?    The fair value of the inventory and property and plant is $600,000 and $850,000, respectively. ? Required: ?  a.Assume that Redstar Corporation purchases 100% of the common stock of Supernova Company for $1,800,000.What value will be assigned to the following accounts of the Supernova Company when preparing a consolidated balance sheet on December 31, 2016? ? ? ? (1) Inventory _________ ? ? (2) Property and plant _________ ? ? (3) Goodwill _________ ? ? (4) Non-controlling interest _________ ? ? ? b.Prepare a valuation schedule ? ? c.Prepare a supporting determination and distribution of excess schedule.? The fair value of the inventory and property and plant is $600,000 and $850,000, respectively.
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Required:
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a.Assume that Redstar Corporation purchases 100% of the common stock of Supernova Company for $1,800,000.What value will be assigned to the following accounts of the Supernova Company when preparing a consolidated balance sheet on December 31, 2016?
?
?
?
(1)
Inventory
_________
?
?
(2)
Property and plant
_________
?
?
(3)
Goodwill
_________
?
?
(4)
Non-controlling interest
_________
?
?
?
b.Prepare a valuation schedule
?
?
c.Prepare a supporting determination and distribution of excess schedule.?

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