I need someone to do consolidated balance for me ASAP. It shouldn't take long. It is due tomorrow at noon. Thanks!
ACC 401 Advanced Accounting Fall 2019 PROJECT GUIDELINE PART I. CASE On January 1, 2018 Alphabet, Inc. acquired 100% of stocks of DoubleW, Inc. for $5,800,000. The DoubleW’s book value of capital stocks was $1,680,000, and $2,895,000 of retained earnings. Alphabet, Inc. found out that the trademark, which had 5 years remaining life was undervalued on $95,000. The Chip technology with 8 years life was undervalued on $24,000. The trial balance for the parent and subsidiary follow: T-Mobile US Clouds Revenues 18,900,000 6,809,000 Cost of goods sold 15,900,000 7,849,120 Depreciation expense 165,000 876,000 Amortization expense 900,000 15,000 Dividend income 750,000 - Net income 2,685,000 (1,931,120) Retained earnings 1/1/18 29,458,000 5,485,000 Net income 2,685,000 (1,931,120) Dividend declared 50,000 750,000 Retaining earnings 12/31/18 32,093,000 2,803,880 Current assets 25,456,000 2,265,000 Investments in DoubleW, Inc. 5,800,000 - Equipment (net) 1,970,000 1,214,000 Trademark 396,000 24,000 Chip technology - 98,000 Goodwill 81,000 215,880 Total assets 33,703,000 3,816,880 Liabilities 765,000 113,000 Common stock 635,000 50,000 Additional paid-in capital 210,000 850,000 Retained earnings 12/31/18 32,093,000 2,803,880 Total liabilities and equity 33,703,000 3,816,880 Deliverables: Using a worksheet approach, compute (in Excel) consolidated balances for Alphabet, Inc. and DoubleW, Inc.