The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2021: Penske Stanza Revenues $

Excerpt
what is the consolidated copyrights balance? For the year ending December 31, 2021, what is consolidated net income? As of December 31, 2021, what is the consolidated retained earnings balance? As of December 31, 2021, what is the consolidated balance to be reported for goodwill?

The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2021: Penske Stanza Revenues $ (708,000 ) $ (632,000 ) Cost of goods sold 252,800 158,000 Depreciation expense 159,000 210,000 Investment income Not given 0 Dividends declared 80,000 60,000 Retained earnings, 1/1/21 (758,000 ) (206,000 ) Current assets 400,000 536,000 Copyrights 1,060,000 419,000 Royalty agreements 690,000 1,112,000 Investment in Stanza Not given 0 Liabilities (690,000 ) (1,377,000 ) Common stock (600,000 ) ($20 par) (200,000 ) ($10 par) Additional paid-in capital (150,000 ) (80,000 ) Note: Parentheses indicate a credit balance. On January 1, 2021, Penske acquired all of Stanza’s outstanding stock for $757,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (with a six-year remaining life) have a $510,000 book value but a fair value of $654,000. As of December 31, 2021, what is the consolidated copyrights balance? For the year ending December 31, 2021, what is consolidated net income? As of December 31, 2021, what is the consolidated retained earnings balance? As of December 31, 2021, what is the consolidated balance to be reported for goodwill?

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer