The Holtz Corporation acquired percent of the outstanding voting shares of Devine, Inc., for $ per share on January The remaining percent of Devine's shares also traded actively at $ per share before and after Holtz's acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine's underlying accounts except that a building with a year future life was undervalued by $ and a fully amortized trademark with an estimated year remaining life had a $ fair value. At the acquisition date, Devine reported common stock of $ and a retained earnings balance of $
Following are the separate financial statements for the year ending December :
At yearend, there were no intraentity receivables or payables.
a Prepare a worksheet to consolidate these two companies as of December
b Prepare a consolidated income statement for Holtz and Devine.
c If instead the noncontrolling interest shares of Devine had traded for $ surrounding Holtz's acquisition date, what is the impact on goodwill?
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