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37) On December 31, 20X6, the statements of financial position of Power Company and Pro Company are as follows (amounts in thousands): PowerProPro (FV) Cash$   500$   800 Accounts receivable1,5001,700 Inventories2,0001,500 Plant and equipment (net)2,5004,000$4,300 Total Assets$6,500$8,000 Current liabilities$   700$   400 Long-term liabilities800500$   400 Common shares2,5001,000 Contributed surplus8001,500 Retained earnings1,7004,600 Total Equities$6,500$8,000 Power Company has 100,000 shares of common stock outstanding. Pro Company has.

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21) Cheers Co Book Value Tapp Ltd Book Value Tapp Ltd Fair Value Current assets $ 512,000 $ 62,400 $ 65,600 Net capital assets 448,000 97,600 110,400 $ 960,000 $ 160,000 Current liabilities $ 96,000 $ 12,800 12,800 Long-term debt 288,000 35,200 40,000 Share capital 320,000 64,000 Retained earnings _256,000 _48,000 $960,000 $ 160,000 Cheers acquired 100% of Tapp's shares for $144,000. The condensed statements of financial position for Cheers and Tapp are given above, as well as the fair.

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34) On December 31, 20X5, Paper Co. purchased 60% of the outstanding common shares of Book Ltd. for $760,000 in shares and $200,000 in cash. The statements of financial position of Paper and Book immediately before the acquisition were as follows (in 000s):           Paper                Book        BookFairBookFair ValueValueValueValue Cash$360$360$200$200 Accounts receivable520500380380 Inventory800880400360 Property, plant,.

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34) On December 31, 20X6, the statements of financial position of the Power Company and the Pro Company are as follows: (in 000s) PowerPro(FV) Cash$ 500$ 800 Accounts receivable1,5001,700 Inventories2,0001,500 Property, plant, and equipment (net)2,5004,000$4,300 Total assets$6,500$8,000 Current liabilities$ 700$ 400 Long-term liabilities800500$ 550 Common shares 2,5001,000 Contributed surplus8001,500 Retained earnings1,7004,600 Total liabilities and equities$6,500$8,000 Power Company has 100,000 shares of common stock.

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Beechy, Trivedi, MacAulay  Advanced Financial Accounting, Seventh EditionOnline Appendix 5B  Decreases in Ownership Interest 1) When a subsidiary issues shares, ________. A) no gain or loss is recognized B) a gain or loss is always recognized C) this reduces the NCI D) this may increase the NCI 2) Gumble Ltd. has owned 65% of the common.

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