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CONSOLIDATION CASE 2 SPRING 2024 Duck Corporation acquired 70 percent of...

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Accounting

CONSOLIDATION CASE 2
SPRING 2024
Duck Corporation acquired 70 percent of the outstanding voting shares of Goose, Inc. on January 1t4 : 2022 which it held as a subsidiary. Duck paid a total of $1,610 in cash for these shares. This payment represents the proportionate share of the fair value of Goose. On January 1"t,2022, Goose's book value was $1,400 and alt recorded assets and liabilities had fair values equal to their book values except equipment, with a 5-year remaining life, that was under-valued on the company accounting records by $200. Also Goose's newly developed patent, with an estimated life of 10-vears, was assessed to have a fair value of $400 although it was not recorded an the books.
Adjusted Trial Balances as of December 31,2023? were as follows:
\table[[Debits],[Current Assets,,$1,020
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