29 Jun 13. Refer to the Pawnee Company Scenar
uestion
Pawnee Company Scenario
Balance sheet information for Pawnee Company and its 90% owned subsidiary, Sioux Corporation, at December 31, 20X1 is summarized as follows:
………………
Current assets-net
Pawnee
Sioux
$
200,000
$ 50,000
Property, plant, and equipment-net..
1,000,000
600,000
Investment in Sioux……………..
558,000
$1,758,000
$650,000
==========
========
Current liabilities……………..
$
100,000
$ 30,000
Capital stock…………………..
800,000
400,000
Retained earnings……………….
858,000
220,000
$1,758,000
$650,000
==========
========
Pawnee acquired its interest in Sioux for cash at book value several years ago when Sioux’s assets and liabilities were equal to their fair values.
13. Refer to the Pawnee Company Scenario. Consolidated total assets of Pawnee and Sioux at December 31, 20X1 will be _______.
a. $1,785,000
b. $1,850,000
c. $2,343,000
d. $2,408,000
DIF
14. Refer to the Pawnee Company Scenario. The consolidated balance sheet of Pawnee and Sioux at December 31, 20X1 will show
a. Investment in Sioux, $558,000.
b. Capital stock, $800,000.
c. Retained earnings, $1,078,000.
d. Noncontrolling interest, $65,000.
15. Pahl Corporation owns a 60% interest in Sauer Corporation, acquired at book value equal to fair value at the beginning of 20X1. On December 20, 20X1 Sauer declares dividends of $80,000, and the dividends remain
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