Glant acquired all of Smal's common stock on January 1. 2017, in exchange for cash of $770,000. On that day, Small reported common stock of $170,000 and retained earnings of $400,000. At the acquisition date, $56,500 of the fair-value price was attributed to undervalued land while $81,000 was assigned to undervalued equipment having a 10 -year remaining life. The $62,500 unallocated portion of the acquisition-date excess fair value over book value was viewed as goodwill. Over the next few years, Glant applied the equity method to the recording of this investment. The following are individual financial statements for the year ending December 31, 2021, On that date, Small owes Giant $11,000. Small declared and paid dividends in the same period Credits are indicated by parentheses. 0. How was the $167900 Equity in Income of Small balance computed? b. Determine the totals to be reported by this business combination for the year ending December 31,2021. c. Prepare a consolidation worksheet for Giant and Small for the year ending December 31,2021 d. If Giant determined that the entire amount of goodwil from its investment in Small was impaired in 2021, what joumal entry would Giant make to record such impairment? Determine the totals to be reported by this business combination for the year ending December 31,2021 . (Input all amounts as positive values.) Prepare a consolidation worksheet for Giant and 5 mall for the year ending December 31, 2021. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Input all amounts as positive values.) If Giant determined that the entire amount of goodwill from its investment in Small was impaired in 2021, what journal entry would Giant make to record such impairment? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the loss on impairment of goodwill. Hote: Enter debits belorecrodits..

1. Glant acquired all of Smal's common stock on January 1. 2017, in exchange for cash of
$770,000. On that day, Small reported common stock of $170,000 and retained earnings of
$400,000. At the acquisition date, $56,500 of the fair-value price was attributed to undervalued
land while $81,000 was assigned to undervalued equipment having a 10 -year remaining life.
The $62,500 unallocated portion of the acquisition-date excess fair value over book value was
viewed as goodwill. Over the next few years, Glant applied the equity method to the recording of
this investment. The following are individual financial statements for the year ending December
31, 2021, On that date, Small owes Giant $11,000. Small declared and paid dividends in the
same period Credits are indicated by parentheses. 0. How was the $167900 Equity in Income of
Small balance computed? b. Determine the totals to be reported by this business combination for
the year ending December 31,2021. c. Prepare a consolidation worksheet for Giant and Small for
the year ending December 31,2021 d. If Giant determined that the entire amount of goodwil from
its investment in Small was impaired in 2021, what joumal entry would Giant make to record
such impairment?
Determine the totals to be reported by this business combination for the year ending December
31,2021 . (Input all amounts as positive values.)
Prepare a consolidation worksheet for Giant and 5 mall for the year ending December 31, 2021.
(For accounts where multiple consolidation entries are required, combine all debit entries into
one amount and enter this amount in the debit column of the worksheet. Similarly, combine all
credit entries into one amount and enter this amount in the credit column of the worksheet.
Amounts in the Debit and Credit columns should be entered as positive. Input all amounts as
positive values.)
If Giant determined that the entire amount of goodwill from its investment in Small was
impaired in 2021, what journal entry would Giant make to record such impairment? (If no entry
is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet Record the loss on impairment of goodwill. Hote: Enter debits
belorecrodits.