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Homework answers / question archive / On January 1, Beckman, Inc

On January 1, Beckman, Inc

Accounting

On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $47,220. Calvin Co. has one recorded asset, a specialized production machine with a book value of $16,000 and no liabilities. The fair value of the machine is $68,500, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair value is $78,700. 
At the end of the year, Calvin reports the following in its financial statements: 
Revenues $ 65,250 Machine $ 14,400 Common stock $ 16,000 Expenses 30,150 Other assets 31,700 Retained earnings 30,100 
Net income $35,100 Total assets $46,100 Total equity $46,100 
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Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin's machine (net of accumulated depreciation), and the process trade secret. 
0 Answer is complete but not entirely correct. 
Amount Noncontrolling interest in subsidiary income $ 10,9200 Total noncontrolling interest $ 32,9200 Calvin's machine (net accumulated depreciation) $ 61,6500 Process trade secret $ 7,6500 
 

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