Granulosus Co. purchased 60 percent of the voting shares of Losillas Corp. on July 15, 2017, at that day’s book value. On that date, the fair value of uncontrollable interest was equal to 35 per cent.
Losillas Corp.’s book value The permanent accounts of the companies as of December 31, 2022, contained the following balance sheets:
Granulosus Company
Losillas Corporation
Cash and Accounts Receivable
$236,000
$74,000
Inventory
68,700
38,600
Land
310,000
87,000
Buildings and Equipment
618,300
204,400
Investment in Losillas Corporation shares
250,000
________
$ 1,483,000
$ 404,000
Accumulated depreciation
$212,400
$76,000
Accounts Payable
350,000
32,500
Notes Payable
385,000
81,500
Joint Actions
161,600
132,000
Retained Earnings
374,000
82,000
$ 1,483,000
$ 404,000
On January 1, 2018, Granulosus paid $236,500 in the purchase of equipment with an estimated useful life of 10 years
The equipment was depreciated using the straight-line depreciation method with no residual value.
Losillas Corp. purchased equipment from Granulosus Co. on December 31, 2020, for $98,600. Assume that Losillas Corp. did not change the remaining life of the equipment.
October 16, 2021, Losillas Corp. sold land to Granulosus, which it had purchased for a cost of $124,000 on March 22, 2018, for a price of $68,000. Assume that Granulosus Co. uses the fully adjusted equity method.
1. Prepare a consolidated Balance Sheet as of December 31, 2022.
1. Prepare the Consolidated Balance Sheet as of December 31, 2022
Consolidated Entries
Granulosus Company
Losillas Corporation
Dr
Cr
Consolidated
Cash and Accounts Receivable
$236,000
$74,000
Inventory
68,700
38,600
Land
310,000
87,000
Buildings and Equipment
618,300
204,400
Investment in Losillas Corporation shares
250,000
________
Total Assets
$ 1,483,000
$ 404,000
$0
$0
$0
Accumulated depreciation
212,400
76,000
Accounts Payable
350,000
32,500
Notes Payable
385,000
81,500
Joint Actions
161,600
132,000
Retained Earnings
374,000
82,000
Total Liabilities and Capital
$1,483,000
$404,000
$0
$0
$0
Granulosus Company y Subsidiaria
Consolidated Balance Sheet
12/31/2022
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