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I am having trouble with goodwill associated with this problem. Especially in entry R of the CERON method. I can not get my fiqures to match.
Required:
a. Calculate the total goodwill originally recognized for this acquisition, and its allocation to the controlling interest and the noncontrolling interest.
b. Calculate 2017 quity in net income of Stefanel, reported on Panerai's book, and noncontrolling interest in consolidated net income, reported on the 2017 consolidated income statement.
c. Using the CERON method, prepare the entries needed for the consolidation working paper.
d. Prepare and complete the consolidation working paper needed to consolidate the trial balances of Panerai and Stefanel at December 31, 2017. Be sure to label your adjusting/elimination entries with the appropriate letter (CERON).
e. Present, in good form, the consolidated statement of income and comprehensive income for 2017.
General Instructions:
Items a. through e. above must be prepared in Excel and cells that are the result of calculations must be defined by a formula. Do not simply use Excel as a typewriter. Failure to follow these instructions will result in the assignment not being graded. Please have a total for each column at the bottom of the column.
