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solution

At December 31, 2020, The Comparative income statements of Portland Corporation and Sand Corporation shows the following (in thousands):

Portland,

Sand

Sales

$6,400

$2,600

Income from Sand

768

Total revenue

7,168

2,600

Less: Cost of goods sold

3,600

800

Operating expenses

1,600

800

Additional information

1. Portland Corporation acquired 80 percent of Sand for $3,200,000 on January 1, 2018, when Sand’s stockholders’ equity at book value was $2,800,000.

2. The excess of the cost of Portland’s investment in Sand over book value acquired was allocated

$120,000 to undervalued inventories that were sold in 2018, $160,000 to undervalued equipment with a four-year remaining useful life, and the remainder to goodwill.

Required:

Prepare a consolidated income statement for Portland Corporation and Subsidiary for the year

ended December 31, 2020.

Solution:

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