Amortization expense 275,000?? 11,000?? Interest expense 27,500?? 7,000?? Equity in income of San Marco ????(121,500) ???????–0–?? Net income $????(437,000) $??(215,000) Retained earnings, 1/1 $?(2,625,000) $??(395,000) Net income (437,000) (215,000) Dividends declared ????350,000?? ????25,000?? Retained earnings, 12/31 $?(2,712,000) $??(585,000) Current assets $???1,204,000?? $????430,000?? Investment in San Marco 1,854,000?? –0–?? Buildings and equipment 931,000?? 863,000?? Copyrights ????950,000?? ???107,000?? Total assets $???4,939,000?? $??1,400,000?? Accounts payable $????(485,000) $??(200,000) Notes payable (542,000) (155,000) Common stock (900,000) (400,000) Additional paid-in capital (300,000) (60,000) Retained earnings, 12/31 ?(2,712,000) ???(585,000) Total liabilities and equities $?(4,939,000) $(1,400,000) a.At year-end, there were no intra-entity receivables or payables.Determine the consolidated balances for this business combination as of December 31, 2018. b.If instead the noncontrolling interest’s acquisition-date fair value is assessed at $167,500, what changes would be evident in the consolidated statements? only have to do A
Amortization expense 275,000?? 11,000?? Interest expense 27,500?? 7,000?? Equity in income of San Marco ????
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