The following are selected accounts and balances for Mergaronite Company and Hill, Inc., as of December 31, 2021. Several of Mergaronite's accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Mergaranite Hill $
Revenues (586,000) (252,000)
Cost of goods sold 272,000 92,000
Depreciation expense 108,000 42,000
Investment income NA NA
Retained earnings, 1/1/21 (898,000) (600,000)
Dividends declared 120,000 42,000
Current assets 220,000 694,000
Land 308,000 100,000
Buildings (net) 508,000 152,000
Equipment (net) 152,000 246,000
Liabilities (386,000) (310,000)
Common stock (290,000) (38,000)
Additional paid-in capital $ (60,000) (914,000)
Assume that Mergaronite acquired Hill on January 1, 2017, by issuing 7,200 shares of common stock having a par value of $10 per share but a fair value of $100 each. On January 1, 2017, Hill's land was undervalued by $21,200, its buildings were overvalued by $31,600, and equipment was undervalued by $58,200. The buildings had a 10-year remaining life; the equipment had a 5-year remaining life. A customer list with an appraised value of $106,000 was developed internally by Hill and was estimated to have a 20- year remaining useful life.
a. Determine the December 31, 2021, consolidated totals for the following accounts:
b. In requirement (a), can the consolidated totals be determined without knowing which method the parent used to account for the subsidiary?
c. If the parent uses the equity method, what consolidation entries would be used on a 2021 worksheet?

a-1. Total Revenues = $838,000

a-2. Total Amortization Expense = $5,300

a-3. Total Building = $691,600

a-4. Total Depreciation Expense= $164,800

a-5. Total Additional paid in capital = $60,000

a-6. Total Customer list or Patent = $79,500

a-7. Total Cost of Goods sold = $364,000  

a-8. Total Common Stock = $290,000.

a-9. Total Equipment = 398,000

b, The parent company's method is irrelevant.

c. See part c of the attached excel file for the consolidation entries that would be used on a 2021 worksheet.

Explanation:

Note: This question is not complete as requirement a of the question is not complete. This is therefore provided before answering the question as follows:

a. Determine the December 31, 2021, consolidated totals for the following accounts:

Revenues

Amortization Expense

Building

Depreciation Expense

Additional paid in capital

Customer list

Cost of Goods sold

Common Stock

Equipment

The explanation of the answers is now provided as follows:

a. Determine the December 31, 2021, consolidated totals for the listed accounts.

Note: See part a of the attached excel file for the determination of the total.

b. In requirement (a), can the consolidated totals be determined without knowing which method the parent used to account for the subsidiary?

There are no reciprocal entries required because we are not dealing with the parent's company investment account. Earnings on equity and dividends are not to be adjusted. As a result, the parent company's method is irrelevant.

c. If the parent uses the equity method, what consolidation entries would be used on a 2021 worksheet?

Note: See part c of the attached excel file for the consolidation entries that would be used on a 2021 worksheet.

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