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Hug Company (year end December 31st) acquires 80% of Corpuz Company for $560,000 cashon July 1, 2014. Corpuz reported common stock of $280,000 and retained earnings of $220,000on that date. Patent (remaining life 2 years) was undervalued by $30,000, Equipment (remaininglife 5 years) was undervalued by $80,000 and Buildings (remaining life 8 years) wereundervalued by $40,000. Any excess consideration transferred over fair value was attributed togoodwill with an indefinite life. However, at December 31, 2016 it was determined that goodwillhad been impaired by $6,000. Corpuz earns income and pays dividends as follows:Net income – full yearNet income – last 6 monthsDividends – issued August2014$100,000$60,000$40,0002015$130,0002016$150,000$60,000$60,000Hug uses the acquisition method and the full equity method for its investments.Assignment:1. Prepare all journal entries on Hug’s accounting records to account for the activity ofCorpuz for each year of ownership (2014, 2015, and 2016). This should include theacquisition.2. Prepare the consolidation/elimination/reclassification entries on the consolidationworksheet at July 1, 2014, December 31, 2014, December 31, 2015 and December 31,2016.3. Compute Hug’s general ledger “investment in Corpuz” at July 1, 2014, December 31,2014, December 31, 2015 and December 31, 2016. Show in T account format4. Compute the amount Hug records as “Income from Corpuz” for the years endedDecember 31, 2014, December 31, 2015, and December 31, 20165. Compute the Non-controlling interest in the Net Income of Corpuz at December 31, 2014December 31, 2015 and December 31, 2016. Show in T account format6. Compute the Non-Controlling Interest in Net Assets (consolidated balance sheet) inCorpuz at July 1, 2014, December 31, 2014, December 31, 2015 and December 31,2016. Show in T account format.

Hug Company (year end December 31st) acquires 80% of Corpuz Company for $560,000 cashon July 1, 2014. Corpuz reported common stock of $280,000 and retained earnings of $220,000on that date. Patent (remaining life 2 years) was undervalued by $30,000, Equipment (remaininglife 5 years) was undervalued by $80,000 and Buildings (remaining life 8 years) wereundervalued by $40,000. Any excess consideration transferred over fair value was attributed togoodwill with an indefinite life. However, at December 31, 2016 it was determined that goodwillhad been impaired by $6,000. Corpuz earns income and pays dividends as follows:Net income – full yearNet income – last 6 monthsDividends – issued August2014$100,000$60,000$40,0002015$130,0002016$150,000$60,000$60,000Hug uses the acquisition method and the full equity method for its investments.Assignment:1. Prepare all journal entries on Hug’s accounting records to account for the activity ofCorpuz for each year of ownership (2014, 2015, and 2016). This should include theacquisition.2. Prepare the consolidation/elimination/reclassification entries on the consolidationworksheet at July 1, 2014, December 31, 2014, December 31, 2015 and December 31,2016.3. Compute Hug’s general ledger “investment in Corpuz” at July 1, 2014, December 31,2014, December 31, 2015 and December 31, 2016. Show in T account format4. Compute the amount Hug records as “Income from Corpuz” for the years endedDecember 31, 2014, December 31, 2015, and December 31, 20165. Compute the Non-controlling interest in the Net Income of Corpuz at December 31, 2014December 31, 2015 and December 31, 2016. Show in T account format6. Compute the Non-Controlling Interest in Net Assets (consolidated balance sheet) inCorpuz at July 1, 2014, December 31, 2014, December 31, 2015 and December 31,2016. Show in T account format.

Hug Company (year end December 31st) acquires 80% of Corpuz Company for $560,000 cashon July 1, 2014. Corpuz reported common stock of $280,000 and retained earnings of $220,000on that date. Patent (remaining life 2 years) was undervalued by $30,000, Equipment (remaininglife 5 years) was undervalued by $80,000 and Buildings (remaining life 8 years) wereundervalued by $40,000. Any excess consideration transferred over fair value was attributed togoodwill with an indefinite life. However, at December 31, 2016 it was determined that goodwillhad been impaired by $6,000. Corpuz earns income and pays dividends as follows:Net income – full yearNet income – last 6 monthsDividends – issued August2014$100,000$60,000$40,0002015$130,0002016$150,000$60,000$60,000Hug uses the acquisition method and the full equity method for its investments.Assignment:1. Prepare all journal entries on Hug’s accounting records to account for the activity ofCorpuz for each year of ownership (2014, 2015, and 2016). This should include theacquisition.2. Prepare the consolidation/elimination/reclassification entries on the consolidationworksheet at July 1, 2014, December 31, 2014, December 31, 2015 and December 31,2016.3. Compute Hug’s general ledger “investment in Corpuz” at July 1, 2014, December 31,2014, December 31, 2015 and December 31, 2016. Show in T account format4. Compute the amount Hug records as “Income from Corpuz” for the years endedDecember 31, 2014, December 31, 2015, and December 31, 20165. Compute the Non-controlling interest in the Net Income of Corpuz at December 31, 2014December 31, 2015 and December 31, 2016. Show in T account format6. Compute the Non-Controlling Interest in Net Assets (consolidated balance sheet) inCorpuz at July 1, 2014, December 31, 2014, December 31, 2015 and December 31,2016. Show in T account format.

Hug Company (year end December 31st) acquires 80% of Corpuz Company for $560,000 cashon July 1, 2014. Corpuz reported common stock of $280,000 and retained earnings of $220,000on that date. Patent (remaining life 2 years) was undervalued by $30,000, Equipment (remaininglife 5 years) was undervalued by $80,000 and Buildings (remaining life 8 years) wereundervalued by $40,000. Any excess consideration transferred over fair value was attributed togoodwill with an indefinite life. However, at December 31, 2016 it was determined that goodwillhad been impaired by $6,000. Corpuz earns income and pays dividends as follows:Net income – full yearNet income – last 6 monthsDividends – issued August2014$100,000$60,000$40,0002015$130,0002016$150,000$60,000$60,000Hug uses the acquisition method and the full equity method for its investments.Assignment:1. Prepare all journal entries on Hug’s accounting records to account for the activity ofCorpuz for each year of ownership (2014, 2015, and 2016). This should include theacquisition.2. Prepare the consolidation/elimination/reclassification entries on the consolidationworksheet at July 1, 2014, December 31, 2014, December 31, 2015 and December 31,2016.3. Compute Hug’s general ledger “investment in Corpuz” at July 1, 2014, December 31,2014, December 31, 2015 and December 31, 2016. Show in T account format4. Compute the amount Hug records as “Income from Corpuz” for the years endedDecember 31, 2014, December 31, 2015, and December 31, 20165. Compute the Non-controlling interest in the Net Income of Corpuz at December 31, 2014December 31, 2015 and December 31, 2016. Show in T account format6. Compute the Non-Controlling Interest in Net Assets (consolidated balance sheet) inCorpuz at July 1, 2014, December 31, 2014, December 31, 2015 and December 31,2016. Show in T account format.

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