Business, 23.06.2020 19:01 OrionGaming

Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018 Penske Stanza Revenues $(796, 000) $632,000)Cost of goods sold 284, 100 158,00Depreciation expense 153,000 258,000 Investment income Not given 0Dividends declared 80,000 60,000Retained earnings, 1/1/18 (606, 000) (362,000)Current assets 408,000 612,000Copyrights 974,000 519,00Royalty agreements 646,000 1,004,000Investment in Stanza Not given 0Liabilities (570,000) (1,337,000) Common stock (600,000) (200,000) ($20 par) ($10 par)Additional paid-in capital (150,000) (80,000) On January 1, 2018, Penske acquired all of Stanzaâ€™s outstanding stock for $759,000 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 $570,000 book value but a fair value of $696,000.A. As of December 31, 2018, what is the consolidated copyrights balance? B. For the year ending December 31, 2018, what is consolidated net income? C. As of December 31, 2018, what is the consolidated retained earnings balance? D. As of December 31, 2018, what is the consolidated balance to be reported for goodwill? 1. Consolidated copyrights 2. Consolidated net income 3. Consolidated retained earnings 4. Consolidated goodwill

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Following are selected account balances from Penske Company and Stanza Corporation as of December 31...

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