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1.

Apakah yang dimaksud dengan penggabungan usaha menurut aturan PSAK dan menurut PSAK
berapakah hal tersebut?
Jawaban :
Menurut PSAK 22 pengertian penggabungan usaha adalah “Penyatuan dua atau lebih perusahaan
yang terpisah menjadi satu entitas ekonomi karena satu perusahaan menyatu dengan perusahaan
lain atau memperoleh kendali atas aktiva dan operasi perusahaan lain”
2. Dalam sifat – sifat penggabungan usaha, Penggabungan perusahaan dengan produk atau jasa yang
tidak saling berhubungan dan bermacam-macam disebut sebagai integrasi?
Jawaban : Integrasi konglomerasi
3. Investasi dicatat pada biaya perolehan dan disesuaikan dengan keuntungan, kerugian, dan dividen
disebut metode?
Jawaban : Ekuitas
4. Asumsi apa saja yang akan timbul apabila terjadi ketiadaan bukti bahwa aktiva bersih dapat
diidentifikasi terlalu rendah?
Jawaban : Goodwill
5. PT Menanti (perusahaan induk) menguasai 80% saham PT Menunggu (perusahaan anak). Pada
periode akuntansi 2010, PT Menunggu saham Pmelaporkan laba sebesar Rp 120 juta, dan
pembagian hasil dividen sebesar Rp 30 juta. Laba PT Menanti sebagai hasil operasinya sendiri
adalah Rp 600 juta. Rekening investasi pada saham perusahaan anak dalam neraca PT Menanti
untuk menguasai 80% PT Menunggu adalah sebesar Rp 960 juta. Dengan metode ekuitas, maka
dalam neraca gabungan laba yang ditahan perusahaan induk akan bertambah sebesar ?
Jawaban :
Perhitungan : pada saat pengakuan laba perusahaan anak
jurnal yang dibuat adalah : Dr. Investasi saham perusahaan anak Rp 96
Cr. juta Laba perusahaaan anaka Rp 96 juta
(Laba sebagai hak induk : 80% x Rp 120 juta = Rp 96 juta)

Akibatnya jumlah laba ditahan perusahaan induk akan bertambabh sebesar Rp 600juta ( hasil
operasi sendiri) + Rp 96 juta (hak laba dari perusahaan anak) = Rp 696 juta.

6. Perusahaan induk memiliki 100% saham perusahaan anak per 1 januari 2011 pada harga
diatas nilai buku yang dimiliki sebesar Rp 50 juta akibat adanya goodwill. Pada tanggal
31/12/2014 kekayaan pemegang saham perusahaan anak adalah sebesar Rp 5 miliar dan
seluruh goodwill telah di-impar. Berapakah nilai investasi perusahaan induk dalam saham
perusahaan anak menurut metode ekuitas ?
Jawaban :

Perusahaan induk memiliki 100% saham perusahaan anak per 1 januari 2011 pada harga
diatas nilai buku = Rp 50.000.000 + 5.000.000.000 (kekayaan perusahaan induk pada
tanggal 31/12/2014 = Rp 5.050.000.000
7. Entitas induk menguasai 80% saham biasa entitas anak. Neraca individu entitas anak
menyajikan utang dividen sebesar Rp300 juta, dan neraca individu entitas induk menyajikan
utang dividen sebesar Rp500 juta. Berapakah utang dividen konsolidasi?
Jawaban :
Neraca individu entitas anak (Utang dividen) = Rp 300.000.000
Neraca individu entitas induk ( Utang dividen) = Rp 500.000.000
Rp 800.000.000
8. PT X membeli 100% saham PT Y pada tanggal 1 juli 2012. Tidak ada selisih investasi pada
tanggal akuisisi. Pada tanggal 31 desember 2014, jumlah kekayaan pemegang saham PT Y
senilai Rp 300 juta, yang terdiri dari modal saham sebesar Rp 250 juta dan Laba ditahan
sebesar Rp 50 juta. Diminta :
a. Berapa nilai investasi pada tanggal 31 Desember 2014 ?
b. Apabila laba PT Y pada tahun 2015 sebesar Rp 50 juta dan dividen diumumkan
sebesar Rp 20 juta, berpakah nilai investasi PT X tanggal 31 desember 2015 ?
c. Susunlah jurnal penyesuaian (adjusment) yang dilakukan PT X atas investasinya
pada 31 Desember ?

Jawaban :

a) nilai buku investee yang dimiliki ( 100% × Rp 300juta ) Rp300.000.000


selisih investasi dengan nilai buku -
nilai investasi Rp300.000.000

b) nilai buku investee Rp 300.000.000


Laba PT Y tahun 2015 50.000.000
Dividen (20.000.000)
Nilai investasi PT X tanggal 31 desember 2015 Rp 330.000.000

c) jurnal penyesuaian yang dilakukan PT X


Dr. investasi dalam saham Rp 50.000.000
Cr, pendapatan investasi Rp 50.000.000

9. Entitas induk menguasai 100% saham entitas anak per 1 januari 2012 pada harga diatas
nilai buku yang dimiliki Rp 100 juta yang disebabkan oleh goodwill. Goodwill diimpar Rp
50 juta pada tahun 2012. Laba bersih entitas induk tahun 2012 adalah Rp 1,2 miliar.
Pendapatan investasi induk tahun 2012 adalah Rp 650 juta. Maka, laba entitas adalah?
Jawaban :
Laba bersih entitas induk Rp 1.200.000.000
Pendapatan investasi induk Rp (650.000.000)
Laba individu induk Rp 550.000.000
Goodwill Rp (50.000.000)
Rp 500.000.000
Rp 1.200.000.000 – Rp 500.000.000 = Rp 700.000.000
10. Kompleksitas yang timbul jika perusahaan-perusahaan afiliasi saling memiliki saham satu sama
lain disebut?
Jawaban : Mutual Holding

11. Pada tanggal 31/12/2011 entitas induk mengumumkan dividen sebesar Rp 600 juta, dan
entitas anak yang saham biasanya dimiliki 90% oleh entitas induk mengumumkan dividen
sebesar Rp 200 juta. Berapakah saldo akun dividen yang muncul dalam laporan
konsolidasi?
Jawaban :
Akun dividen akan di eliminasi saat membuat laporan konsolidasi, dimana eliminasinya
adalah Rp. 600juta + Rp. 200 – Rp. 200juta = Rp. 600Juta.
12. Kekayaan pemegang saham entitas induk pada tanggal 31/12/2011 adalah Rp 5 miliar, yang
terdiri dari modal saham Rp3 miliar dan laba ditahan Rp 2 miliar. Kekayaan entitas anak
yang sahamnya dimiliki entitas induk sebesar 80% adalah Rp 2 miliar, yang terdiri dari
modal saham Rp 1 miliar, agio saham biasa Rp500 juta, dan laba ditahan Rp 500 juta.
Berapakah kekayaan pemegang saham yang tersaji dalam sisi ekuitas neraca konsolidasi
per 31/12/2011 berdasarkan PSAK 4 revisi 2009?
Jawaban :
Setelah melakukan eliminasi antar akaun diketahui bahwa ekuitas perusahaan induk
adalah :
Modal : Rp. 3 Miliar
Laba di tahan : Rp. 2 Miliar
Agio saham : Rp. 400 Juta (80% x Rp. 500 Juta)
Total Ekuitas : Rp. 5,4 Miliar

13. Suatu penggabungan usaha di mana sebuah perusahaan yang baru dibentuk untuk
mengambil alih aktiva dan operasi dua atau lebih entitas usaha yang terpisah, dan
entitas–entitas yang sebelumnya terpisah tersebut dibubarkan adalah?
Jawaban : Merger

14. Investasi dalam saham berhak suara yang memberikan kemampuan bagi investor
untuk menggunakan pengaruh yang signifikan terhadap kebijakan keuangan dan
operasi perusahaan investi harus dipertanggungjawabkan dengan akuntansi
metode ekuitas. Hal ini dijelaskan pada ?
Jawaban : PSAK No 15

15. PT A membeli seluruh saham PT B dengan harga Rp 2.400.000.000 pada tanggal 31


desember 2012. Jumlah kekayaan pemegang saham PT B pada tanggal tersebut adalah :

Modal saham ( 1 juta lembar ) Rp 2.000.000.000


Agio saham 600.000.000
Laba ditahan 400.000.000
TOTAL Rp 3.000.000.000
Selisih harga akuisisi dengan kekayaan entitas anak yang dimiliki disebabkan oleh diskon
pembelian.
 Neraca individu PT A dan B pada tanggal tersebut adalah :

Keterangan PT A PT B
Kas Rp 750.000.000 Rp 250.000.000
Piutang usaha 850.000.000 500.000.000
Persediaan 1.000.000.000 1.100.000.000
Bangunan dan peralatan 5.000.000.000 2.000.000.000
Akumulasi penyusutan ( 1.000.000.000) (500.000.000)
Tanah 3.100.000.000 1.250.000.000
Investasi dalam saham PT B 2.400.000.000
Total Aktiva Rp 12.100.000.000 Rp 4.600.000.000
Utang usaha Rp 1.500.000.000 Rp 600.000.000
Utang jangka panjang 3.000.000.000 1.000.000.000
Modal saham 6.000.000.000 2.000.000.000
Agio saham 600.000.000 600.000.000
Laba ditahan 1.000.000.000 400.000.000
Total pasiva Rp 12.100.000.000 Rp 4.600.000.000

Diminta : susunlah neraca konsolidasi PT A dan PT B per 31/12/2012.

Jawaban :

Jurnal
Modal saham Rp 2.000.000.000
Agio saham 600.000.000
Laba ditahan 400.000.000
Investasi dalam saham Rp 2.400.000.000
Diskon pembelian 600.000.000

keteragan PT A( Rp) PT B ( Rp) Eliminasi Neraca


Debit (Rp) Kredit ( Rp) konsolidasi
Kas 750.000.000 250.000.000 1.000.000.000
Piutang usaha 850.000.000 500.000.000 1.350.000.000
persediaan 1.000.000.000 1.100.000.000 2.100.000.000
Bangunan & 5.000.000.000 2.000.000.000 7.000.000.000
peralatan
Akumulasi (1.000.000.000) (500.000.000) (1.500.000.000)
penyusutan
Tanah 3.100.000.000 1.250.000.000 4.350.000.000
Investasi 2.400.000.000 - 2.400.000.000 -
saham PT B
Total aktiva 12.100.000.000 4.600.000.000 14.300.000.000

Utang usaha 1.500.000.000 600.000.000 2.100.000.000


Utang jangka 3.000.000.000 1.000.000.000 4.000.000.000
panjang
Modal saham 6.000.000.000 2.000.000.000 2.000.000.000 6.000.000.000
Agio saham 600.000.000 600.000.000 600.000.000 600.000.000
Laba ditahan 1.000.000.000 400.000.000 400.000.000 600.000.000 1.600.000.000
Total pasiva 12.100.000.000 4.600.000.000 14.300.000.000

PT A dan Entitas Anak PT B


Neraca Konsolidasi
Per 31 Desember 2012
Aktiva Pasiva
Aktiva lancar Kewajiban jangka pendek
Kas 1.000.000.000 Utang usaha 2.100.000.000
Piutang usaha 1.350.000.000
Persediaan 2.100.000.000 Kewajiban jangka panjang
Total aktiva lancar 4.450.000.000 Utang jangka panjang 4.000.000.000
Total kewajiban 6.100.000.000
Aktiva tetap Modal
Bangunan & peralatan 7.000.000.000 Modal saham 6.000.000.000
Akumu.penyusutan ( 1.500.000.000) Agio saham 600.000.000
5.500.000.000 Laba ditahan 1.600.000.000
Tanah 4.350.000.000 Total modal 8.200.000.000
Total aktiva tetap 9.850.000.000

Total aktiva 14.300.000.000 Total pasiva 14.300.000.000

16. Entitas induk menguasai 80% saham entitas anak pada harga yang memperhitungkan
goodwill Rp 200 juta per 1 Januari 2012. Goodwill diimpar Rp 20 juta pada tahun pada
tahun 2012. Laba entitas anak tahun 2012 adalah Rp 400 juta. Laba kepentingan
Nonpengendali tahun 2012 adalah?
Jawaban :
Laba investee ( 20% x 400.000.000) 80.000.000
Impair selisih investasi
Goodwill (20% x 20.000.000) (4.000.000)
Laba kepentingan nonpengendali 76.000.000
17. Entitas induk menguasai 90% saham entitas anak dengan nilai investasi sama dengan
kekayaan entitas anak yang dimiliki. Informasi mengenai data keuangan entitas induk dan
anak per 31/12/2012 adalah :

Keterangan Induk Anak


Laba tahun 2012 (individu) Rp 1.500.000 Rp 500.000
Dividen diumumkan 31 desember 2012 500.000 200.000
Modal saham 3.000.000 1.000.000
Laba ditahan awal tahun 2012 1.000.000 400.000
Diminta :
a. Hitunglah laba konsolidasi tahun 2012 dari sudut pandang entitas induk
b. Hitunglah laba konsolidasi dari sudut pandang kertas kerja konsolidasi
c. Berapakah nilai investasi entitas induk atas saham entitas anak per 31/12/2012 ?

Jawaban :
a. Pendapatan investasi
Laba investee ( 90% x Rp 500.000 ) = Rp 450.000

Laba bersih induk :


Laba individu + pendapatan investasi
= Rp 1.500.000 + Rp 450.000
= Rp 1.950.000

Jadi, laba konsalidasi tahun 2012 dari sudut pandang entitas induk adalah Rp
1.950.000

b. Laba individu entitas induk Rp 1.500.000


Laba entitas anak Rp. 500.000
Laba kepentingan non pengendali ( 10 % x Rp 5000.000 ) Rp (50.000)
Rp 1.950.000

Jadi, laba konsolidasi tahun 2012 dari sudut pandang kertas kerja konsalidasi
adalah Rp 1.950.000

c. Kekayaan entitas anak :


Modal saham + laba ditahan awal tahun 2012
= Rp 1.000.000 + Rp 400.000
= Rp 1.400.000
Entitas induk mengakuisisi 90 % saham entitas anak dengan nilai investasi sama dengan
kekayaan entitas anak yang dimiliki sehingga nilai investasi adalah 90% x Rp 1.400.000
= Rp 1.260.000
- Pendapatan investasi meningkatkan nilai investasi sebesar Rp 450.000
- Dividen mengurangi nilai investasi sebesar ( 90% x Rp 200.000 ) = Rp 180.000
Investasi akhir = investasi awal + pendapatan investasi – deviden investee
= Rp 1.260.000 + Rp 450.000 – Rp 180.000
= Rp 1.530.000

Jadi, nilai investasi entitas induk atas saham entitas anak per 31 desember 2012
adalah Rp 1.530.000

18. Investasi yang memungkinkan investor untuk mengendalikan atau mempengaruhi secara
signifikan perusahaan lain tidak melalui kepemilikan saham langsung, melainkan melalui
anak perusahaannya merupakan jenis perusahaan?

Jawaban : Indirect Holding

19. Pada tanggal 1 Januari 2006 PT A membeli 55% saham PT B dengan harga perolehan
sebesar $. 470.000. Pada saat itu posisi keuangan PT B adalah sebagai berikut (dalam ribuan
dolar).

Nilai buku Nilai wajar Selisih


Akun
a b b-a

Kas $ 50 $ 50 0

Piutang 50 50 0

Persediaan 150 100 - 50

Tanah 200 300 + 100

Bangunan (UE 10 300 500 + 200


th)

Peralatan (UE 4 th) 150 150 0

Total Aktiva $ 900 1.150

Utang jk pendek 50 50 0
Utang jk panjang 250 350 + 100
(jth tempo 5 th)

Modal saham 100

Agio saham 100

Laba ditahan 400


(1/1/2006)

Total Passiva $ 900

Pada tahun 2006, PT B memperoleh laba sebesar $ 300.000 dan membagi deviden $
100.000. Buatlah jurnal konsolidasi yang seharusnya dibuat oleh PT A!!

Jawaban :

Tabel Alokasi:
Harga perolehan = $470.000,00
Nilai buku Aktiva neto PT B : $600.00,00 x = $330.000,00
55%
Selisih cost dengan nilai buku = $140.000,00
Alokasi terhadap asset tertentu (Nilai wajar - Nilai buku)
Persediaan : ($50.000,00 x = ($27.500,00)
55%)
Tanah : $100.000,00 x = $55.000,00
55%
Bangunan : $200.000,00 x = $110.000,00
55%
Utang Jangka : $100.000,00 x = $55.000,00 +
Panjang 55%
= $192.500,00
Goodwill = ($52.000,00)

Akun Alokasi Sisa umur Ekonomis Amortisasi


Persediaan ($27.500,00) 1 tahun (aktiva lancer) ($27.500,00)
Tanah $55.000,00 Tidak terbatas -
Bangunan $110.000,00 10 tahun $11.000,00
Utang Jangka Panjang $55.000,00 4 tahun $13.750,00
Goodwill ($52.000,00) Asumsi 20 tahun ($2.600) +
Amortisasi tahun 2006 ($5.350)

PT A akan mencatat jurnal sebagai berikut:


Investasi saham PT B $470.000,00
Kas $470.000,00
Jurnal untuk mencatat pembelian saham PT B

Kas $55.000,00

Investasi saham PT B $55.000,00


Jurnal untuk mencatat penerimaan deviden dari PT B sebesar 55% x $100.000,00

Investasi saham PT B $165.000,00


Kepemilikan atas Laba PT B $165.000,00
Jurnal untuk mengakui laba yang dilaporkan PT B sebesar 55% x $300.000,00

Investasi saham PT B $5.350,00


Kepemilikan atas laba PT B $5.350,00
Jurnal untuk mencatat amortisasi selisih cost dan nilai buku

Saldo investasi saham pada akhir 2006 menjadi:


$470.000,00 - $55.000,00 + $165.000,00 + $5.350,00 = $ 585.350,00

20. Metode penggabungan usaha terdiri atas 2 metode, yaitu?


Jawaban :

1. Metode Penyatuan Kepemilikan.


Dalam metode ini, kepemilikan dari setiap perusahaan yang bergabung dianggap satu kesatuan dan
tidak berubah pada entitas akuntansi yang baru. Aktiva dan kewajiban perusahaan-perusahaan yang
bergabung dicatat pada entitas akuntansi yang baru sebesar nilai bukunya.

2. Metode Pembelian.
Dalam metode ini, penggabungan usaha dianggap sebagai suatu transaksi pembelian dimana suatu
perusahaan dapat memperoleh aktiva bersih dari perusahaan lain yang bergabung. Perusahaan yang
membeli perusahaan lain mencatat aktiva yang diterima dan kewajiban yang ditanggung sebesar
nilai wajarnya.

21. What is the meaning of Consolidation Financial report?


Jawaban :
Combining assets, equity, liabilities and operating accounts of a parent firm and its
subsidiaries into one financial statements.
22. In the equity method of accounting for a subsidiary's operations, the parent company's share
of the subsidiary's adjusted net income not distributed as dividends is credited in a closing
entry to the following ledger account?
Jawaban : Retained Earnings of Subsidiary

23. assume that on March 1, 2002, Prague Corporation paid $1,600,000 for 80% of the
outstanding common stock of Slovak Company. On that date, the current fair values of
Slovak’s identifiable net assets totaled $1,900,000the same as their carrying amounts.
How is the investment?
Jawaban :

The goodwill of $80,000 was recognized in the Prague-Slovak business combination [$1,600,000
– ($1,900,000 x 0.80) = $80,000]. In addition to journal entries recording its share of Slovak’s net
income or loss, Prague would prepare the following journal entry on February 28, 2003, the end
of the fiscal year (assuming that goodwill was partially impaired on that date).

Loss on Impairment of Goodwill 2,000


Investment in Slovak Company

Common Stock 2,000

To recognize 2½% impairment loss on goodwill


attributable to Slovak Company for year ended
February 28, 2003, as follows (disregarding income
taxes):
Goodwill, Mar. 1, 2002 $80,00
0
Impairment loss for year ended $
Feb. 28, 2003: ($80,000 x 0.025) 2,000
24. If Stebbins Company, a 90%-owned subsidiary of Pippin Corporation, sold land with a cost
of $100,000 to its parent company for $175,000,. What is the journal elimination for the
unrealized gain and how much the unrealized gain?
Jawaban :
the $75,000 intercompany gain is accounted for as follows, in a working paper elimination
(in journal entry format) at the end of the accounting period in which the intercompany sale
took place is :

Intercompany Gain on Sale of LandStebbins 75,000


LandPippin 75,000
To eliminate unrealized intercompany gain on sale of land. (Income tax
effects are disregarded.)
25. On March 31, 2002, the end of a fiscal year, Peale Corporation acquired in the open
market for $442,919 (a 15% yield), $500,000 face amount of the $750,000 total
outstanding 10%, five-year bonds payable of Stole Company, Peale’s wholly owned
subsidiary. The bonds had been issued by Stole on March 31, 2000, for $695,928 (a 12%
yield), with interest payable annually each March 31. On March 31, 2002, the balance of
Stole’s Discount on 10% Bonds Payable ledger account was $36,028. How is the
appropriate working paper elimination (in journal entry format) disregard of income tax
effects?
Jawaban :

Intercompany 10% Bonds PayableStole 500,000


Discount on Intercompany 10% Bonds PayableStole [$36,028
x ($500,000  $750,000)] 24,019
Investment in Stole Company BondsPeale 442,919
Gain on Extinguishment of BondsStole [($500,000 –
$24,019) – $442,919] 33,062
To eliminate subsidiary’s bonds acquired by parent, and to recognize
gain on the extinguishment of the bonds. (Income tax effects are
disregarded).

26. How is the journal entry for income tax allocation in parent company?
Jawaban :

Income Taxes Expense XXX


Income Taxes Payable XXX
Deferred Income Tax Liability XXX
To provide for income taxes on intercompany
investment income from subsidiary.

27. What is the definition of Reciprocal shareholdings?


Jawaban : Subsidiary ownership of the parent company’s common stock

28. A parent company that uses the equity method of accounting for a subsidiary’s operations
prepares the following journal entries (explanations omitted) to account for its share of a
subsidiary’s dividend declarations and net income, respectively (disregarding income tax
effects) as?
Jawaban :
Intercompany Dividends Receivable XXX
Investment in Subsidiary Common Stock XXX

Investment in Subsidiary Common Stock XXX


Intercompany Investment Income XXX
29. What is the meaning of Business Combinations?
Jawaban : events or transactions in which two or more business enterprises, or their net
assets, are brought under common control into a single accounting entity.

30. Out-of-pocket costs of a business combination were as follows:

Capital in Excess of Par ledger account in the business combination is?


Jawaban :
$10,000 + $7,000 + $2,500 + $500 = $20,000
31. ABC Corp sold goods worth $12000 to it’s subsidiary Sub Corp at a gross profit of 20%
of sales. The following journal entry for the elimination of working paper is?
Jawaban :
Intercompany Sales – ABC 12000
Intercompany Cost of Goods sold - ABC 9600
Cost of Goods Sold – Sub 1600
Inventories – Sub 800

32. What is the effect of Cash acquisition of additional shares of common stock by the parent
company?
Jawaban :
 Acquisition directly from the subsidiary: No change in the amount of consolidated cash,
hence not reported.
 Acquisition from Minority Stockholders: Reduces consolidated cash, hence reported in
the cash flows from investing activities section.
33. A constituent company entering into a purchase-type business combination whose owners
as a group end up with control of the ownership interests in the combined enterprises is
defined as?
Jawaban : Combinor

34. When does goodwill result from a business combination? How does goodwill affect
reported net income after a business combination?
Jawaban :
Goodwill arises in a business combination accounted for under the acquisition method
when the cost of the investment (fair value of the consideration transferred) exceeds the
fair value of identifiable net assets acquired. Under GAAP, goodwill is not amortized for
financial reporting purposes and will have no effect on net income, unless the goodwill is
deemed to be impaired. If goodwill is impaired, a loss will be recognized.
35. On April 1, Par Company paid $1,600,000 for all the issued and outstanding common stock of Son
Corporation in a transaction properly accounted for as an acquisition. Son Corporation is dissolved.
The recorded assets and liabilities of Son Corporation on April 1 follow:
Cash 160,000
Inventory 480,000
Property and equipment
(net of accumulated depreciation of $640,000) 960,000
Liabilities (360,000)
On April 1, it was determined that the inventory of Son had a fair value of $380,000 and the
property and equipment (net) had a fair value of $1,120,000. What is the amount of goodwill
resulting from the acquisition?
Jawaban :

Investment cost $1,600,000

Less: Fair value of net assets


Cash $ 160,000
Inventory 380,000
Property and equipment — net 1,120,000
Liabilities (360,000) 1,300,000
Goodwill $ 300,000

36. What are the legal distinctions between a business combination, a merger, and a
consolidation?
Jawaban :
A business combination occurs when two or more previously separate and independent
companies are brought under the control of a single management team. Merger and
consolidation in a generic sense are frequently used as synonyms for the term business
combination. In a technical sense, however, a merger is a type of business combination in
which all but one of the combining entities are dissolved and a consolidation is a type of
business combination in which a new corporation is formed to take over the assets of two
or more previously separate companies and all of the combining companies are dissolved.
37. Jabiru Corporation purchased a 20% interest in Fish Company common stock on January 1,
2013 for $300,000. This investment was accounted for using the complete equity method
and the correct balance in the Investment in Fish account on December 31, 2015 was
$440,000. The original excess purchase transaction included $60,000 for a patent amortized
at a rate of $6,000 per year. In 2016, Fish Corporation had net income of $4,000 per month
earned uniformly throughout the year and paid $20,000 of dividends in May. If Jabiru sold
one-half of its investment in Fish on August 1, 2016 for $500,000, how much gain was
recognized on this transaction?
Jawaban :
Dec 31, 2015 investment balance $440,000
Jabiru's interest in Fish's income from Jan 1-July 31:
($4,000 × 7 months × 20%) = 5,600
Less: Dividends ($20,000 × 20%) = (4,000)
Less: Seven months of patent amortization: $500 × 7 = (3,500)
Investment account balance at July 31, 2016 $438,100

Amount received from sale: $500,000


Book value of one-half interest (219,050)
Gain on sale $280,950

38. When does a corporation become a subsidiary of another corporation?


Jawaban :
A corporation becomes a subsidiary when another corporation either directly or indirectly
acquires a majority (over 50 percent) of its outstanding voting stock.
39. Define or explain the terms parent company , subsidiary company , affiliates , and associates
Jawaban :
Parent company—a corporation that owns a majority of the outstanding voting
stock of another corporation (its subsidiary).
Subsidiary company—a corporation that is controlled by a parent company that
owns a majority of its outstanding voting stock, either directly or indirectly.
Affiliated companies—companies that are controlled by a single management team
through parent-subsidiary relationships. (Although the term affiliate is a synonym for
subsidiary, the parent company is included in the total affiliation structure.)
Associated companies—companies that are controlled through parent-subsidiary
relationships or whose operations can be significantly influenced through equity
investments of 20 percent to 50 percent.
40. Pan Corporation purchased 80 percent of the outstanding voting common stock of Sal
Corporation on January 2, 2011, for $600,000 cash. Sal’s balance sheets on this date and on
December 31, 2011, are as follows:
ADDITIONAL INFORMATION :
1. Pan uses the equity method of accounting for its investment in Sal.
2. Sal’s 2011 net income and dividends were $140,000 and $120,000, respectively.
3. Sal’s inventory, which was sold in 2011, was undervalued by $25,000 at January 2, 2011.

Question :
1. What is Pan’s income from Sal for 2011?
2. What is the noncontrolling interest share for 2011?
3. What is the total noncontrolling interest at December 31, 2011?
4. What will be the balance of Pan’s Investment in Sal account at December 31, 2011, if
investment income from Sal is $100,000? Ignore your answer to 1.
5. What is consolidated net income for Pan Corporation and Subsidiary if Pan’s net income
for 2011 is $360,400? (Assume investment income from subsidiary is $100,000, and it is
included in the $360,400.)

Jawaban :
Preliminary computations (in thousands)
Investment cost January 2 $600
Implied total fair value of Sal ($600 / 80%) $750
Less: Book value (500)
Excess fair value over book value $250
Excess allocated to:
Inventory $ 25
Remainder to goodwill 225
Excess fair value over book value $ 250

1. Income from Sal Sal’s reported net income $140


Less: Excess allocated to inventory (sold in 2011) (25)
Sal adjusted income $115
Pan’s 80% share $ 92

2. Noncontrolling interest share


Sal’s adjusted income $115  20% noncontrolling interest $ 23
3. Noncontrolling interest December 31
Sal’s equity book value $520
Add: Unamortized excess (Goodwill) 225
Sal’s equity fair value $745
20% noncontrolling interest $149

4. Investment in Sal December 31


Investment cost January 2 $600
Add: Income from Sal (given)* 100
Less: Dividends ($120  80%) (96)
Investment in Sal December 31 $604
* Assumes this is based on Sal’s adjusted income

5. Consolidated net income $383.4


Noncontrolling interest share $ 23
Controlling interest share equals Parent NI under equity method. $360.4

41. Car Company had the following transactions with affiliated parties during 2011.
■ Sales of $180,000 to Den, with $60,000 gross profit. Den had $45,000 of this inventory
on hand at year-end. Car owns a 15 percent interest in Den and does not exert significant
influence.
■ Purchases of raw materials totaling $720,000 from Ken Corporation, a wholly owned
subsidiary. Ken’s gross profit on the sale was $144,000. Car had $180,000 of this
inventory remaining on December 31, 2011.
Before eliminating entries, Car had consolidated current assets of $960,000. What amount
should Car report in its December 31, 2011, consolidated balance sheet for current assets?
Jawaban :
Unrealized profits from intercompany sales with Ken are eliminated from the ending
inventory: $960,000 combined current assets less $36,000 unrealized profit ($180,000 
20%) = 924.000

42. How is the combined cost of goods sold affected by unrealized profit in (a) the beginning
inventory of the subsidiary and (b) the ending inventory of the subsidiary?
Jawaban :
Combined cost of goods sold is overstated when there are unrealized profits in the beginning
inventory and understated when there are unrealized profits in the ending inventory. The
elimination of unrealized profits in the beginning inventory reduces (credits) cost of goods
sold and the elimination of unrealized profits in the ending inventory increases (debits) cost
of goods sold.

43. Comparative income statements for Pim Corporation and its 100 percent-owned subsidiary,
Sad Corporation, for the year ended December 31, 2019, are summarized as follows:
Pim purchased its interest in Sad at fair value equal to book value on January 1, 2011. On
January 1, 2012, Pim sold $500,000 par of 10 percent, 10-year bonds to the public at par,
and on January 2, 2019, Sad purchased $200,000 par of the bonds at 97. The companies use
straight-line amortization. There are no other intercompany transactions between the
affiliates.
 Prepare a consolidated income statement for Pim Corporation and Subsidiary for the
year ended December 31, 2019

Jawaban :
Pim Corporation and Subsidiary
Consolidated Income Statement
for the year ended December 31, 2019 (in thousands)

Sales $1,500
Less: Cost of sales (870)
Gross profit 630
Add: Gain on constructive retirement of bonds b 6
Less: Operating expenses (250)
Operating profit 386
Other Items: Bond interest expensea (30)
Consolidated net income $ 356
a. Parent’s bond interest expense $50,000 less interest on bonds held intercompany
$20,000 = $30,000.
b. Book value of parent’s bonds purchased $200,000 less purchase price $194,000 =
$6,000 gain on constructive retirement.

44. Do common stock dividends and stock splits by a subsidiary affect the amounts that
appear in the consolidated financial statements? Explain, indicating the items, if any, that
would be affected.
Jawaban :
Stock splits and stock dividends by a subsidiary do not affect the amounts that appear in the
consolidated financial statements. But stock dividends by a subsidiary result in
capitalization of subsidiary retained earnings and the amounts involved in eliminations for
the subsidiary’s stockholders’ equity accounts are affected.
45. Pet Corporation owns 100 percent (300,000 shares) of the outstanding shares of Sap
Corporation’s common stock on January 1, 2011. Its Investment in Sap account on this date
is $4,400,000, equal to Sap’s $4,000,000 stockholders’ equity plus $400,000 goodwill.
During 2011, Sap reports net income of $600,000 and pays no dividends. On April 1, 2011,
Pet sells a 15 percent interest (45,000 shares) in Sap for $750,000, thereby reducing its
holdings to 85 percent.
Prepare the journal entries needed for Pet to account for its investment in Sap for 2011,
using a beginning-of-the-period sales assumption.
Jawaban :
Entry to record sale of 15% interest:
Cash 750
Investment in Swamp 660
Other paid-in capital 90
To record sale of 15% interest in Swamp.
No gain or loss on sale is recognized
since Peat maintains an 85% controlling
interest.

Entry to record investment income for 2009:


Investment in Swamp($600  85%) 510
Income from Swamp 510
To record income from Swamp.

Check :
Investment balance January 1, 2009 $4,400
Less: Book value of interest sold (660)
Add: Income from Swamp 510
Investment balance December 31, 2009 $4,250
Underlying equity ($4,600  85%) $3,910
Add: 85% of Goodwill * 340
Investment balance December 31, 2009 $4,250
* Note that implied total goodwill is $400 ($340 / 85%).
46. Pin Corporation acquired a 90 percent interest in Sun Corporation for $360,000 cash on
January 2, 2009, when Sun had capital stock of $200,000 and retained earnings of
$150,000. Sun purchased its 10 percent interest in Pin in 2010 for $80,000. The excess of
Pin’s investment fair value over book value acquired is due to goodwill. Financial
statements for the year ended December 31, 2013, are as follows (in thousands):

Prepare a consolidation workpaper using the treasury stock approach.


Jawaban :
Working paper entries a Income from Sun 27,000
a. Dividend income 10,000
Dividends 28,000
Investment in Sun 9,000
To eliminate income from Sun, dividend income, and 90% of Sun’s
dividends, and return the investment in Sun account to the beginning-of-the-
period balance under the equity method.
b. Capital stock — Sun 200,000
Retained earnings — Sun 200,000
Goodwill 50,000
Investment in Sun 405,000
Noncontrolling interest — beginning 45,000
To eliminate reciprocal investment and equity accounts, and enter
beginning-of-the-period goodwill and noncontrolling interest.
c. Treasury stock 80,000
Investment in Pin 80,000
To reclassify investment in Pin to treasury stock.
d. Noncontrolling Interest Share 3,000
Dividends 2,000
Noncontrolling Interest 1,000
To record noncontrolling interest share of subsidiary income and dividends.

Treasury Stock approach :


47. Sam Corporation has 100,000 outstanding shares of $10 par common stock and 5,000
outstanding shares of $100 par, cumulative, 10 percent preferred stock. Sam’s net income
for the year is $300,000, and its stockholders’ equity at year end is as follows (in
thousands):
10% cumulative preferred stock, $100 par $ 500
Common stock, $10 par 1,000
Additional paid-in capital 600
Retained earnings 400
Total Stockholders’ Equity $2,500
Par Corporation owns 60 percent of the outstanding common stock of Sam, acquired at a
fair value equal to book value several years ago. Compute Par’s investment income for the
year and the balance of its Investment in Sam account at the end of the year.
Jawaban :
Par’s investment income
Sam’s net income $ 300,000
Less: Preferred income ($500,000  10%) (50,000)
Income to common stockholders 250,000
Par’s percentage owned 60%
Investment income $ 150,000
Par’s investment account balance (equal to book value):
Sam’s stockholders’ equity $2,500,000
Less: Preferred equity (no arrearages or call premiums) (500,000)
Common equity 2,000,000
Par’s percentage ownership 60%
Investment account balance $1,200,000

48. When do unrealized and constructive gains and losses create temporary differences for a
consolidated entity?
Jawaban :
Unrealized and constructive gains and losses give rise to temporary differences unless the
consolidated entity is a member of an affiliated group and elects to file consolidated tax
returns.

49. Pal Company acquired an 80 percent interest in Sal Corporation at book value equal to fair
value on January 1, 2011. During the year, Sal sold $100,000 inventory items to Pal, and
at December 31, 2011, unrealized profits amounted to $30,000. Separate incomes of Pal
and Sal for 2011 were $500,000 and $300,000, respectively.
a. Determine consolidated net income for Pal Company and Subsidiary under the
parent-company theory of consolidation
b. Determine total consolidated income for Pal Company and Subsidiary, income to
controlling stockholders, and income to noncontrolling stockholders under the
entity theory of consolidation.

Jawaban :
a. Parent company theory
Combined separate incomes of Pal and Sal $800,000
Less: Pal’s share of unrealized profits
from upstream inventory sales ($30,000  80%) (24,000)
Less: Noncontrolling interest share ($300,000  20%) (60,000)
Consolidated net income $716,000

b. Entity theory Combined


separate incomes $800,000
Less: Unrealized profits from upstream sales (30,000)
Total consolidated income $770,000

Income allocated to controlling stockholders


($500,000 + [$270,000  80%]) $716,000
Income allocated to noncontrolling stockholders
($300,000 - $30,000)  20% $ 54,000

50. What is a joint venture and how are joint ventures organized?
Jawaban :
A joint venture is an entity that is owned, operated, and jointly controlled by a small group
of investorventurers to operate a business for the mutual benefit of the venturers. Some
joint ventures are organized as corporations, while others are organized as partnerships or
undivided interests. Each venturer typically participates in important decisions of a joint
venture irrespective of ownership percentage.

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