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    Consolidated balances; consolidated financial statements

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    Attached is a spreadsheet I created with Bowen and Duncan's financial statements for year ended Dec. 31, 2009.

    Bowen acquired 60% of Duncan on April 1, 2009, for $526,000. On that date, equipment (with a 5 year life) was overvalued by $30,000. Also on that date, the fair value of the 40% noncontrolling interest was $300,000. Duncan earned income evenly during the year but received the entire dividend on Nov 1, 2009.

    Determine the consolidated balance for each of the following accounts as of Dec 31, 2009:

    Equipment (net)
    Common Stock
    Buildings (net)
    Dividends paid.

    See the spreadsheet attached. Please help!

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    Solution Summary

    The expert examines consolidated balances and consolidated financial statements for Bowen and Duncan.