Consolidated FS

Consolidated Financial Statements• prepared from separate financial

statements of acquiring (parent) and acquired (subsidiaries) companies using consolidation worksheet procedure

• present assets and liabilities of two companies as if they were single accounting entity

• required whenever stock held by acquiring company gives it controlling interest in acquired company

Controlling Interest• when one company owns, directly or

indirectly, over 50% of outstanding voting shares of another company

• gives parent company ability to establish subsidiary’s operating and financial policies and to direct subsidiary’s economic activities as if they were the economic activities of one of their branches or divisions

Direct vs. Indirect Ownership

Company A Company A

Company Y

Company Z

Direct Ownership of Co. Z by Co. A

owns shares in owns shares in

owns shares in

Indirect Ownership of Co. Z by Co. A

Company Z

Noncontrolling Interest

• any voting shares of acquired company that acquiring company does not purchase

• holders of such shares called noncontrolling interest

• consolidation procedure necessary to produce consolidated financial statements

Criteria for ConsolidationPercentage of Outstanding Voting Stock Acquired

20% 50% 100%0%

1. Level of economic influence

Nominal “Significant influence” Control

2. Financial statement presentation

Investment AccountSeparate Financial Statements

ConsolidatedFinancial Statements

Exceptions to > 50% Consolidation Rules

• not required when control is likely to be temporary – parent anticipates selling subsidiary’s stock to reduce

ownership below 50%

• not required when control does not rest with majority stockholders – subsidiary involved in bankruptcy is controlled by court-

appointed trustee

– subsidiary located outside United States and availability of assets and net income restricted by foreign governments

Consolidation Procedure• required whenever business combination by

acquisition of stock results in an investment in stock account on records of acquiring company (Type III and IV business combinations)

• never required when business combinations by acquisition of net assets (Type I and II business combinations)

• not required when business combination by acquisition of stock and stock of acquired company liquidated

Diagram for Analysis of Valuation Differential

for Purchase Combination

AcquisitionCost

Fair Value ofIdentifiable NetAssets Acquired

Book Value of Net Assets

Acquired

GoodwillRevaluationIncrement

Valuation Differential

Owned X%

Steps in Consolidation Worksheet Procedure at Date of AcquisitionWithout Noncontrolling Interest

• enter separate balance sheets of parent and subsidiary

• prepare consolidation worksheet adjustments– eliminate subsidiary owners’ equity (1a)

– recognize revaluation increments and decrements (1b)

– recognize goodwill (1c)

• complete consolidated column• prepare consolidated balance sheet from worksheet

On January 1, 20X1, P Company purchased all of the common stock of S Company for $150,000. The balance sheets of both companies immediately after the acquisition on January 1, 20X1 are presented below:

P Company S Company Assets

Cash $ 33,500 $ 10,000 Accounts receivable, net 100,000 27,500 Inventory 175,000 40,000 Investment in S Co. 150,000 Land 200,000 35,000 Building and equipment, net 325,000 80,000 Patent 7,500 Total assets $ 983,500 $200,000

Liabilities and Stockholders’ Equity Accounts payable $ 125,000 $ 26,925 Bonds payable, net 483,500 78,075 Common stock ($30 par value) 150,000 50,000 Retained earnings 225,000 45,000 Total liabilities and Stockholders’ Equity $ 983,500 $200,000

Selected information on S Company as of January 1, 20X1 follows:

Current Value Book Value Remaining Life Inventory $42,500 $40,000 1 year Land 50,000 35,000 Indefinite Equipment 45,000 20,000 10 years Patent -0- 7,500 3 years

Steps in Consolidation Worksheet Procedure at Date of Acquisition

Separate Consolidation Adjustments ConsolidatedFinancial Statements 100% Financial

P Company S Company Ref. Dr. Ref. Cr. StatementsAssets

Cash 33,500 10,000 43,500 Accounts receivable 100,000 27,500 (1b) (1b) 127,500 Inventory 175,000 40,000 (1b) (1b) 215,000 Investment in S Co. 150,000 (1a) 150,000

(1b)(1c)

Land 200,000 35,000 (1b) (1b) 235,000 Building & equip., net 325,000 80,000 (1b) (1b) 405,000 Patent 7,500 (1b) (1b) 7,500 Goodwill (1c) - Total assets 983,500 200,000 1,183,500

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 Total liab. & SE 983,500 200,000 - - 1,183,500

- - - -

Standard Consolidation Worksheet Adjustments at Date of Acquisition

1a) Common stock of subsidiary * % owned X,XXX Paid-in capital of subsidiary * % owned X,XXX Retained earnings of subsidiary * % owned X,XXX Investment in subsidiary X,XXX to eliminate parent’s share of owners’ equity of subsidiary 1b) Various asset and liability accounts * % owned X,XXX Various asset and liability accounts * % owned X,XXX Investment in subsidiary X,XXX to recognize parent’s share of revaluation increments and decrements 1c) Goodwill X,XXX Investment in subsidiary X,XXX to recognize goodwill

1a) Common stock of subsidiary * % owned X,XXX Paid-in capital of subsidiary * % owned X,XXX Retained earnings of subsidiary * % owned X,XXX Investment in subsidiary X,XXX to eliminate parent’s share of owners’ equity of subsidiary

Separate Consolidation Adjustments ConsolidatedFinancial Statements 100% Financial Should

P Company S Company Ref. Dr. Ref. Cr. Statements BeAssets

Cash 33,500 10,000 43,500 Accounts receivable 100,000 27,500 (1b) (1b) 127,500 Inventory 175,000 40,000 (1b) (1b) 215,000 Investment in S Co. 150,000 (1a) 150,000 0

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 0Total liab. & SE 983,500 200,000 - - 1,183,500

- - - -

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 0Total liab. & SE 983,500 200,000 - - 1,183,500

- - - -

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 - 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 0Total liab. & SE 983,500 200,000 50,000 - 1,133,500

- - 50,000 50,000

Cash 33,500 10,000 43,500 Accounts receivable 100,000 27,500 (1b) (1b) 127,500 Inventory 175,000 40,000 (1b) (1b) 215,000 Investment in S Company 150,000 (1a) 150,000 0

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 - 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 - 0Total liab. & SE 983,500 200,000 95,000 - 1,088,500

- - 95,000 95,000

P Co. S Co. Ref. Dr. Ref. Cr. Statements BeAssets

Cash 33,500 10,000 43,500 Accounts receivable 100,000 27,500 (1b) (1b) 127,500 Inventory 175,000 40,000 (1b) (1b) 215,000 Investment in S Co. 150,000 (1a) 95,000 55,000 0

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 - 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 - 0Total liab. & SE 983,500 200,000 95,000 95,000 1,088,500

- - - -

P Company and Consolidated Subsidiary

Supporting Calculations – 1/1/X1 1a) $50,000 * 100% = $50,000 (P’s Share of S’s Common Stock)

$45,000 * 100% = $45,000 (P’s Share of S’s Beg. Retained Earnings)

Supporting Calculations – 1/1/X1 Revaluation increment (decrement) on date of acquisition (DOA) =

(FV of identifiable net assets on DOA – BV of identifiable net assets on DOA) * % owned

1b) ($42,500 - $40,000) * 100% = $2,500 (P's Share of S’s Inventory Revaluation Increment at Date of Acquisition)

($50,000 - $35,000) * 100% = $15,000 (P's Share of S’s Land Revaluation Increment at Date of Acquisition)

($45,000 - $20,000) * 100% = $25,000 (P's Share of S’s Equipment Revaluation Increment at Date of Acquisition)

($-0- - $7,500) * 100% = ($7,500) (P's Share of S’s Patent Revaluation Decrement at Date of Acquisition)

AC FMV * % BV * %

GW RI(D)=2,500+15,000+25,000-7,500=35,000

150,000 130,000 = 95,000+35,000 95,000 = (50,000+45,000)*100%

1b) Various asset and liability accounts * % owned X,XXX Various asset and liability accounts * % owned X,XXX Investment in subsidiary X,XXX to recognize parent’s share of revaluation increments and decrements

(1b)(1c)

- - - -

Separate Consolidation Adjustments ConsolFinancial Statements 100% Financial Should

Cash 33,500 10,000 43,500 Accounts receivable 100,000 27,500 (1b) (1b) 127,500 Inventory 175,000 40,000 (1b) 2,500 (1b) 217,500 Investment in S Co. 150,000 (1a) 95,000 55,000 0

(1b)(1c)

Land 200,000 35,000 (1b) 15,000 (1b) 250,000 Building & equip., net 325,000 80,000 (1b) 25,000 (1b) 430,000 Patent 7,500 (1b) (1b) 7,500 - Goodwill (1c) - Total assets 983,500 200,000 1,123,500

- - 35,000 35,000

Separate Consolidation Adjustments ConsolFinancial Statements 100% Financial Should

(1b) 35,000 (1c)

Land 200,000 35,000 (1b) 15,000 (1b) 250,000 Building & equip., net 325,000 80,000 (1b) 25,000 (1b) 430,000 Patent 7,500 (1b) (1b) 7,500 - Goodwill (1c) - Total assets 983,500 200,000 1,088,500

- - - -

Supporting Calculations – 1/1/X1 1c) AC FMV * % BV * %

GW=150,000–130,000 = 20,000RI(D)=2,500+15,000+25,000-7,500=35,000

150,000 130,000 = 95,000+35,000 95,000 = (50,000+45,000)*100%

$20,000 (Goodwill at Date of Acquisition)

1c) Goodwill X,XXX Investment in subsidiary X,XXX to recognize goodwill

(1b) 35,000 (1c)

Land 200,000 35,000 (1b) 15,000 (1b) 250,000 Building & equip., net 325,000 80,000 (1b) 25,000 (1b) 430,000 Patent 7,500 (1b) (1b) 7,500 - Goodwill (1c) 20,000 20,000 Total assets 983,500 200,000 1,108,500

- - 20,000 20,000

Cash 33,500 10,000 43,500 Accounts receivable 100,000 27,500 (1b) (1b) 127,500 Inventory 175,000 40,000 (1b) 2,500 (1b) 217,500 Investment in S Co. 150,000 (1a) 95,000 - 0

(1b) 35,000 (1c) 20,000

- - - -

(1b) 35,000 (1c) 20,000

- - - -

• complete minority interest column• complete consolidated column• prepare consolidated balance sheet from worksheet

With Noncontrolling Interest

On January 1, 20X1, P Company purchased 80% of the common stock of S Company. The balance sheets of both companies immediately after the acquisition on January 1, 20X1 are presented below:

P Company S Company Assets

Cash $ 63,500 $ 10,000 Accounts receivable, net 100,000 27,500 Inventory 175,000 40,000 Investment in S Co. 120,000 Land 200,000 35,000 Building and equipment, net 325,000 80,000 Patent 7,500 Total assets $ 983,500 $200,000

Liabilities and Stockholders’ Equity Accounts payable $ 125,000 $ 26,925 Bonds payable, net 483,500 78,075 Common stock ($30 par value) 150,000 50,000 Retained earnings 225,000 45,000 Total liabilities and Stockholders’ Equity $ 983,500 $200,000

Selected information on S Company as of January 1, 20X1 follows:

Current Value Book Value Remaining Life Inventory $42,500 $40,000 1 year Land 50,000 35,000 Indefinite Equipment 45,000 20,000 10 years Patent -0- 7,500 3 years

Separate Consolidation Adjustments 20% ConsolidatedFinancial Statements 80% Minority Financial

P Co. S Co. Ref. Dr. Ref. Cr. Interest StatementsAssets Dr (Cr)

Cash 63,500 10,000 73,500 Accounts receivable 100,000 27,500 (1b) (1b) 127,500 Inventory 175,000 40,000 (1b) (1b) 215,000 Investment in S Co. 120,000 (1a) 120,000

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 Minority interest - - Total liab. & SE 983,500 200,000 - - - 1,183,500

- - - -

1a) Common stock of subsidiary * % owned X,XXX Paid-in capital of subsidiary * % owned X,XXX Retained earnings of subsidiary * % owned X,XXX Investment in subsidiary X,XXX to eliminate parent’s share of owners’ equity of subsidiary 1b) Various asset and liability accounts * % owned X,XXX Various asset and liability accounts * % owned X,XXX Investment in subsidiary X,XXX to recognize parent’s share of revaluation increments and decrements 1c) Goodwill X,XXX Investment in subsidiary X,XXX to recognize goodwill

Separate Consolidation Adjustments 20% Consol.Financial Statements 80% Minority Financial Should

P Co. S Co. Ref. Dr. Ref. Cr. Interest State BeAssets

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 0Minority interest - - Total liab. & SE 983,500 200,000 - - - 1,183,500

- - - - 0

1a) Common stock of subsidiary * % owned X,XXX Paid-in capital of subsidiary * % owned X,XXX Retained earnings of subsidiary * % owned X,XXX Investment in subsidiary X,XXX to eliminate parent’s share of owners’ equity of subsidiary

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 50,000 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 0Minority interest - - Total liab. & SE 983,500 200,000 - - - 1,183,500

- - - - 0

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 40,000 10,000 - 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 0Minority interest (10,000) 10,000 Total liab. & SE 983,500 200,000 40,000 - - 1,143,500

- - 40,000 40,000 0

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 40,000 10,000 - 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 45,000 0Minority interest (10,000) 10,000 Total liab. & SE 983,500 200,000 40,000 - - 1,143,500

- - 40,000 40,000 0

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 40,000 10,000 - 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 36,000 9,000 - 0Minority interest (19,000) 19,000 Total liab. & SE 983,500 200,000 76,000 - - 1,107,500

- - 76,000 76,000 0

(1b)(1c)

Liabilities & S.E.Accounts payable 125,000 26,925 (1b) (1b) 151,925 Bonds payable, net 483,500 78,075 561,575 Common stock: P Company 150,000 150,000 S Company 50,000 (1a) 40,000 10,000 - 0Retained earnings: P Company 225,000 225,000 S Company 45,000 (1a) 36,000 9,000 - 0Minority interest (19,000) 19,000 Total liab. & SE 983,500 200,000 76,000 76,000 - 1,107,500

- - - - 0

Supporting Calculations – 1/1/X1 (1a) $50,000 * 80% = $40,000 (P’s Share of S’s Common Stock)

$50,000 * 20% = $10,000 (Minority Interest in S’s Common Stock)

$45,000 * 80% = $36,000 (P’s Share of S’s Beg. Retained Earnings)

$45,000 * 20% = $9,000 (Minority Interest in S’s Beg. Retained Earnings)

1b) Various asset and liability accounts * % owned X,XXX Various asset and liability accounts * % owned X,XXX Investment in subsidiary X,XXX to recognize parent’s share of revaluation increments and decrements

Supporting Calculations – 1/1/X1 Revaluation increment (decrement) on date of acquisition (DOA) =

(FV of asset on DOA – BV of asset on DOA) * % owned

(1b) ($42,500 - $40,000) * 80% = $2,000 (P's Share of S’s Inventory Revaluation Increment at Date of Acquisition)

($50,000 - $35,000) * 80% = $12,000 (P's Share of S’s Land Revaluation Increment at Date of Acquisition)

($45,000 - $20,000) * 80% = $20,000 (P's Share of S’s Equipment Revaluation Increment at Date of Acquisition)

($-0- - $7,500) * 80% = ($6,000) (P's Share of S’s Patent Revaluation Decrement at Date of Acquisition)

AC FMV * % BV * %

GW RI(D)=2,000+12,000+20,000-6,000=28,000

120,000 104,000 = 76,000+28,000 76,000 = (50,000+45,000)*80%

(1b) 28,000 (1c)

Land 200,000 35,000 (1b) 12,000 (1b) 247,000 Building & equip., net 325,000 80,000 (1b) 20,000 (1b) 425,000 Patent 7,500 (1b) (1b) 6,000 1,500 Goodwill (1c) - Total assets 983,500 200,000 1,107,500

- - - - 0

1c) Goodwill X,XXX Investment in subsidiary X,XXX to recognize goodwill

Supporting Calculations – 1/1/X1 (1c) AC FMV * % BV * %

GW=120,000–104,000 = 16,000RI(D)=2,000+12,000+20,000-6,000=28,000

120,000 104,000 = 76,000+28,000 76,000 = (50,000+45,000)*80%

$16,000 (Goodwill at Date of Acquisition)

(1b) 28,000 (1c) 16,000

Land 200,000 35,000 (1b) 12,000 (1b) 247,000 Building & equip., net 325,000 80,000 (1b) 20,000 (1b) 425,000 Patent 7,500 (1b) (1b) 6,000 1,500 Goodwill (1c) 16,000 16,000 Total assets 983,500 200,000 1,107,500

- - - - 0

(1b) 28,000 (1c) 16,000

Land 200,000 35,000 (1b) 12,000 (1b) 247,000 Building & equip., net 325,000 80,000 (1b) 20,000 (1b) 425,000 Patent 7,500 (1b) (1b) 6,000 1,500 Goodwill (1c) 16,000 16,000 Total assets 983,500 200,000 1,107,500

- - - - 0

Consolidated FS

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