question archive On January 1, 2011, Pinnead Incorporated paid $299,895 for an 78% interest in Shalle Company
On January 1, 2011, Pinnead Incorporated paid $299,895 for an 78% interest in Shalle Company
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On January 1, 2011, Pinnead Incorporated paid $299,895 for an 78% interest in Shalle Company. .1 At that time, Shalle's total book value was $299,000. Patents were undervalued in the amount of $10,000. Patents had a 3-year remaining useful life, and any remaining excess value was attributed to goodwill. The income statements for the year ended December 31, 2011 of Pinnead and Shalle are summarized below Use The Implied Methods for this as please Shalle Pinnead $300,000 $800,000 Sales 78,400 Income from Shalle (100,000) (100,000) Cost of sales (30.000) (70.000) Depreciation (70,000) (130,000) Other Expenses $100,000 $578,400 Net Income
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