Jawaban chapter 9 adaptasi

CHAPTER 9

CONSOLIDATION OWNERSHIP ISSUES

ANSWERS TO QUESTIONS

Q9-1 Preferred stock of the subsidiary is eliminated in the consolidation process in a manner
comparable to that used in eliminating the common stock of the subsidiary. For those
preferred shares held by the parent company, a proportionate share of subsidiary income and
net assets assigned to the preferred shares is eliminated against the balance in the parent's
investment account. Subsidiary income and net assets assigned to preferred shares not held
by the parent are included as a part of the noncontrolling interest along with the balances
assigned to noncontrolling interest for common stock not held by the parent. The claim of the
preferred shareholders normally is computed before the common stock is eliminated so that
any priority claim associated with the preferred stock can be properly recognized and
assigned to the correct shareholder group.

Q9-2 All preferred shares held by the parent are eliminated against the balance in the
investment account. Those held by unrelated parties are included in the total assigned to the
noncontrolling interest.

Q9-3 Preferred dividends normally are deducted in arriving at income available to common
shareholders. When preferred dividends are paid by the subsidiary to shareholders other than
the parent, the income accruing to the common shares held by the parent company is
reduced. Therefore, they must be deducted to arrive at income available to the parent
company shareholders. No preferred dividends are deducted if the parent company owns all
the shares or if no dividends are declared and the preferred stock is noncumulative.

Q9-4 In the event the preferred shares are redeemed, the subsidiary must pay the call
premium and the net assets of the subsidiary will be reduced by the amount of the premium.
Because it is more conservative to assume the call premium will be paid, the amount of the
premium normally is added to the claim of the preferred shareholders and deducted from the
equity assigned to the common shareholders whenever consolidated statements are
prepared.

Q9-5 The fair value of the net assets of the subsidiary is computed by deducting the fair
value of the subsidiary's liabilities from the fair value of its assets. When the subsidiary has
preferred stock outstanding, the claims of the preferred shareholders, including dividends in
arrears and participation rights held by preferred shareholders, must be taken into
consideration in determining the fair value of net assets available to common shareholders.
These items, when deducted from the fair value of the identifiable assets of the acquired
company, will reduce the amount of net assets assigned to common stock. In those cases
where the purchase price of the common stock is not reduced proportionately, the amount
assigned to goodwill will increase when the common stock is eliminated.

Solutions Manual – Baker / Lembke / King / Jeffrey, Advanced Financial Accounting, 7e

9- 1

Chapter 9

Q9-6 Under normal circumstances the parent will record a gain or loss on the difference
between the carrying value of the shares sold and the sale price. For consolidation purposes
the most appropriate treatment is to consider the point of sale to a nonaffiliate as the date of
issue of the subsidiary shares. Any gain or loss recorded by the parent should be eliminated in
the consolidation process and treated as a part of additional paid-in capital of the consolidated
entity.

Q9-7 All common shareholders should share equally in the net assets of a company. When a
subsidiary sells additional shares to a nonaffiliate at a price in excess of existing book value,
the effect will be to increase the net book value of all shareholders. Because it is a capital
transaction, no gain or loss is recognized on the sale.

Q9-8 Each purchase of additional shares should be examined to determine the difference
between the price paid and underlying book value. When Rp10 over book value is paid for the
shares, the parent will need to allocate that amount to either identifiable net assets or goodwill
at the time the investment balance is eliminated and consolidated statements are prepared.

Q9-9 All the shares of the subsidiary are eliminated in preparing the consolidated
statements. Thus, treasury shares reported by the subsidiary are eliminated in the
consolidation workpaper. The effect of the retirement on the consolidated statements depends
on the price paid and whether the shares were purchased from the parent or from a
nonaffiliate.

Q9-10 Indirect ownership is a general term used whenever one company owns shares of
another company and that company holds ownership in a third company. Indirect control
occurs when a majority of the shares of a particular company are held by one or more
companies that are, in turn, under the control of another company. By exercising its control
over those companies the parent can exercise control of the company indirectly owned.

Q9-11 A reciprocal relationship exists if Subsidiary A and Subsidiary B hold ownership in
each other. If Subsidiary A records investment income based on the reported net income of
Subsidiary B and Subsidiary B records investment income based on the reported net income
of Subsidiary A, the sum of the reported net income totals for the two companies may be
substantially greater than the sum of the reported operating income totals for the two
companies. Parent company net income will be overstated if the impact of the reciprocal
relationship is ignored when the parent company records investment income on its ownership
in the two subsidiaries.

Q9-12 Under the treasury stock method the parent company shares that have been
purchased by a subsidiary are reported as treasury stock in the consolidated balance sheet.
The carrying value of the shares is the amount paid by the subsidiary when they were
purchased.

Q9-13 The entity method focuses on the reciprocal nature of the ownership between the two
companies. Income attributed to each company is computed by solving a set of simultaneous
equations. Consolidated net income is then computed by multiplying the income computed for
the parent by the percentage of ownership held by nonaffiliates. The treasury stock method is
more simply applied, computing consolidated net income by deducting income assigned to
noncontrolling shareholders from the combined operating incomes of the two companies in
the normal manner. However, in this case, income assigned to the noncontrolling
shareholders is based on the operating income of the subsidiary plus dividends received from
the parent.


9-2

Chapter 9

Q9-14 Consolidated net income will be reduced by Rp72,000 (Rp100,000 x .90 x .80) when
the unrealized profit of Tiny Corporation is eliminated. A total of Rp10,000 is treated as a
reduction to the income assigned to noncontrolling shareholders of Tiny Corporation
(Rp100,000 x .10) and Rp18,000 is a reduction of the income assigned to noncontrolling
shareholders of Subsidiary Company (Rp100,000 x .90 x .20).

Q9-15 All three companies should be included in the consolidated financial statements. Slide
Company should be consolidated with Bit Company because Bit holds majority ownership of
Slide. Bit Company, in turn, should be consolidated with Snapper Corporation because
Snapper holds majority ownership of Bit.


9-3

Chapter 9

SOLUTIONS TO CASES

C9-1 Effect of Subsidiary Preferred Stock

When a parent company owns all the outstanding preferred and common shares of its
subsidiary, the contribution of the subsidiary to consolidated net income can be calculated on
the basis of the reported net income of the subsidiary. In most cases the parent does not own
all the shares of the subsidiary and income assigned to the noncontrolling interest includes (1)
a portion of subsidiary preferred dividends and (2) a portion of earnings available to common
shareholders.

To determine the amount of income to assign to preferred and common shareholders of the
subsidiary, the controller needs to have the following information about the preferred stock:

1. The number of preferred shares outstanding and the number owned by the parent and
other affiliates.

2. The annual preferred dividend rate per share and whether the dividends are cumulative or
noncumulative.

3. If the dividends are noncumulative, the amount of preferred dividends declared during the
period, if any.

In this particular case the parent does not appear to own any of the subsidiary's preferred
shares. Once the controller determines the portion of subsidiary income assignable to
common shareholders, consolidated net income is computed by adding the parent's pro rata
share of this amount to the parent's income from its own operations.


9-4

Chapter 9

C9-2 Presentation of Noncontrolling Interest

MEMO

To: Treasurer

PT Digdaya

From: , Accounting Staff

Re: PT Digdaya’s Income on its Investment in PT Buana

The consolidated financial statements prepared by PT Digdaya should include PT Buana.
The purpose of consolidated financial statements is to present the financial position and
results of operations for a parent and one or more subsidiaries as if the individual entities
actually were a single company or entity. [ARB 51, Par 1]

Consolidated income reported by PT Digdaya should include its share of the net income of PT
Buana. However, the portion of PT Buana’s net income assignable to its noncontrolling
shareholders should not be included in Deep’s reported net income. The correct amount of
income to be reported by Deep in 20X4 from its investment in PT Buana is computed as
follows:

Common Preferred
PT Buana’s reported net income Rp200,000,000
Dividends to preferred shareholders (120,000,000) Rp120,000,000
Income to common shareholders Rp 80,000,000
Deep’s ownership percentage .60 .10
Income to Deep Rp 48,000,000 Rp 12,000,000

While the company correctly reported dividend income of Rp12,000,000 from its investment in
PT Buana’s preferred stock, it should have reported only Rp48,000,000 (Rp80,000,000 x .60)
of income on its investment in PT Buana’s common stock instead of Rp120,000,000
(Rp200,000,000 x .60). This error has resulted in an overstatement of Deep’s net income and
its investment in PT Buana in the amount of Rp72,000,000 (Rp120,000,000 - Rp48,000,000).
The appropriate corrections should be recorded by PT Digdaya and its financial statement
revised, if already issued.

If consolidated financial statements have already been issued and income of Rp140,000,000
[(Rp80,000,000 x .40) + (Rp120,000,000 x .90)] was not assigned to the noncontrolling
shareholders, the income statement should be corrected and a corresponding adjustment
made to the amount reported as noncontrolling interest in the consolidated balance sheet.

Primary citation:
ARB 51


9-5

Chapter 9

C9-3 Sale of Subsidiary Shares

MEMO

To: Robert Reader
Vice President of Finance
PT Barito

From: , CPA

Re: Recognition of Gain on Sale of Subsidiary Shares

Existing accounting standards do not specifically address the issue of recognizing a gain or
loss on the sale of subsidiary shares when the parent retains controlling ownership. APB 18
deals explicitly with sales of stock of an investee, requiring recognition of a gain or loss on the
difference between the selling price and carrying amount of the stock sold. [APB 18, Par.
19(f)]

Equity-method reporting is intended to apply to those situations in which consolidation is not
considered appropriate for financial reporting purposes. When the parent sells shares of the
subsidiary but continues to hold controlling interest the issue of whether the gain or loss on
the sale of shares should be carried to the consolidated income statement or eliminated in
consolidation arises. The FASB suggested that no gain or loss be recognized. [FASB
EXPOSURE DRAFT, “Consolidated Financial Statements, Including Accounting and
Reporting of Noncontrolling Interests in Subsidiaries; a replacement of ARB No. 51,”
June 30, 2005, par. 23]

In those situations where control is retained, it is proposed that the difference between the
carrying value on the parent’s PT Baritos before the sale and the sale price be recognized
directly in equity (paid-in-capital).

In current practice it is not uncommon for companies to report a gain when shares of a
subsidiary are sold at more than carrying value and PT Barito would not appear to be in
violation of current accounting procedures if it reports a gain of Rp48,000 in 20X1. However,
the preferred method would be to report the Rp48,000 as additional paid-in capital.

Primary citations:
APB 18, Par. 19(f)
FASB EXPOSURE DRAFT: CONSOLIDATED FINANCIAL STATEMENTS
FASB PROJECT ON LIABILITIES AND EQUITIES


9-6

Chapter 9

C9-4 Sale of Subsidiary Shares

A gain of Rp60 per share will be recorded by PT Himalaya on the sale to PT Bona regardless
of whether the purchaser is an affiliate or a nonaffiliate. In both cases the gain must be
eliminated in preparing the consolidated statements.

(a) On a sale of shares to a nonaffiliate, net resources have been brought into the
consolidated entity and there is an additional claim by the noncontrolling shareholders. It is
considered appropriate to treat the gain recorded by the parent as an addition to consolidated
additional paid-in capital in such cases. A sale of subsidiary shares to a nonaffiliate will also
change the amount of income assigned to the noncontrolling interest in the consolidated

income statement and the amount of net assets assigned to noncontrolling interest in the
consolidated balance sheet.

(b) When a parent sells shares of one subsidiary to another subsidiary there is no increase
in net resources to the consolidated entity, and the gain recorded by the parent must be
eliminated when the investment balance reported by the subsidiary is eliminated. A change in
the claim of the noncontrolling interest is likely to occur if the subsidiary that purchases the
shares is not wholly-owned. As a result, there may be some change in consolidated income
and the balance sheet totals assigned to noncontrolling interest.


9-7

Chapter 9

C9-5 Reciprocal Ownership

A great many factors beyond the immediate impact on reported earnings may be important in
deciding on the use of the funds. Items such as the following should be considered:

1. Are the excess funds held by PT Tritani available only temporarily or not likely to be
needed in the foreseeable future?

2. Will there be any regulatory or taxation problems associated with one or more of the
alternatives?

3. Can shares of the companies be purchased in the desired quantities and at existing market
prices or are there potential difficulties associated with one or more alternatives?

4. Is it desirable to acquire more shares of either subsidiary since controlling ownership
already is in the hands of Strong Manufacturing?

5. Have the noncontrolling shareholders of either subsidiary been troublesome or caused the
parent to refrain from actions that it might otherwise have taken?

With the information given, it is difficult to determine which action will have the most favorable
impact on consolidated net income. The earnings of each company, the number of shares
outstanding, and the relative market prices of the shares each will have an effect. In general,
reported income is maximized by purchasing the shares with the lowest price-earnings ratio.


9-8

Chapter 9

SOLUTIONS TO EXERCISES

E9-1 Multiple-Choice Questions on Preferred Stock Ownership

1. d .20(Rp40,000,000 + Rp60,000,000) + 1.00(Rp30,000,000) = Rp50,000,000

2. c .20(Rp40,000,000 + Rp60,000,000) + .30(Rp30,000,000) = Rp29,000,000

3. b Only the retained earnings of the acquiring company is included.

4. a The portion held by the parent is eliminated when the preferred investment is
eliminated, and the portion held by nonaffiliates is eliminated and included with the
balance reported as noncontrolling interest in the consolidated balance sheet.

E9-2 Multiple-Choice Questions on Multilevel Ownership

1. b Rp100,000,000 + .80[Rp80,000,000 + .60(Rp50,000,000)] = Rp188,000,000

2. b .40(Rp50,000,000) = Rp20,000,000

3. c .20[Rp80,000,000 + .60(Rp50,000,000)] = Rp22,000,000

4. c .40(Rp50,000,000) + .20[Rp80,000,000 + .60(Rp50,000,000)] = Rp42,000,000

5. c .80[(Rp160,000,000 - Rp120,000,000) / 10 years] = Rp3,200,000

E9-3 Acquisition of Preferred Shares

Eliminating entries:

E(1) Common Stock — PT Sakura 50,000,000
Retained Earnings 150,000,000
Investment in PT Sakura Common
Stock 140,000,000
Noncontrolling Interest 60,000,000
Eliminate investment in common stock.

E(2) Preferred Stock — PT Sakura 100,000,000
Investment in PT Sakura
Preferred Stock 60,000,000
Eliminate subsidiary preferred stock.


9-9

Chapter 9

E9-4 Subsidiary with Preferred Stock Outstanding

Eliminating entries:

E(1) Common Stock — PT Tulip 150,000,000
Investment in PT Tulip Common Stock 270,000,000

E(2) Preferred Stock — PT Tulip 200,000,000
Investment in PT Tulip Preferred Stock 80,000,000

E9-5 Subsidiary with Preferred Stock Outstanding

a. Entries recorded by Clayton Corporation:

(1) Investment in PT Tulip Common Stock 270,000,000
Cash 350,000,000
Record purchase of PT Tulip stock.

(2) Cash 25,500,000
Record dividends from PT Tulip:
Rp25,500,000 = (Rp50,000,000 - Rp16,000,000) x .75

(3) Cash 6,400,000
Dividend Income 6,400,000
Record dividends on preferred stock
from PT Tulip: Rp16,000,000 x .40

(4) Investment in PT Tulip Common Stock 40,500,000
Income from Subsidiary 40,500,000
Record equity-method income:
Rp40,500,000 = (Rp70,000,000 - Rp16,000,000) x .75


9 - 10

Chapter 9

E9-5 (continued)

b. Eliminating entries:

E(1) Income from Subsidiary 40,500,000
Dividends Declared — Common Stock 25,500,000
Eliminate income from subsidiary.

E(2) Dividend Income — Preferred 6,400,000
Dividends Declared — Preferred 6,400,000
Eliminate dividend income from
subsidiary preferred.

E(3) Income to Noncontrolling Interest 23,100,000
Dividends Declared — Preferred Stock 9,600,000
Assign income to noncontrolling interest:
Rp23,100,000 = [(Rp70,000,000 - Rp16,000,000) x .25] +
(Rp16,000,000 x .60)
Rp9,600,000 = Rp16,000,000 x .60

Rp8,500,000 = (Rp50,000,000 - Rp16,000,000) x .25
Rp5,000,000 = Rp13,500,000 - Rp8,500,000

E(4) Common Stock — PT Tulip 150,000,000
Retained Earnings, January 1 210,000,000
Eliminate beginning investment balance.

E(5) Preferred Stock — PT Tulip 200,000,000


9 - 11

Chapter 9

E9-6 Preferred Dividends and Call Premium

a. PT Cempaka's contribution to 20X2 consolidated net income:

Reported net income for 20X2 Rp70,000,000
Income assigned to noncontrolling interest:
Preferred shares [.40(Rp100,000,000 x .12)] Rp4,800,000
Common shares {.10[Rp70,000,000 - 5,800,000 (10,600,000)

(Rp100,000,000 x .12)]}
Contribution to consolidated net income Rp59,400,000

b. Income assigned to the noncontrolling interest in 20X2, as computed in part (a), is
Rp10,600,000.

c. Retained earnings assignable to preferred shareholders:

Dividends in arrears [5 years x (Rp100,000,000 x Rp60,000,000

.12)]
Call feature (Rp2 x 10,000,000 shares) 20,000,000
Total retained earnings assigned to preferred Rp80,000,000

stock

d. Book value of common shares:

Par value of common shares outstanding Rp300,000,000
Retained earnings balance Rp380,000,000
Less: Balance assigned to preferred shares (80,000,000) 300,000,000
Book value of common shares Rp600,000,000

e. Total noncontrolling interest:

Preferred stock [.40(Rp100,000,000 + Rp 72,000,000

Rp80,000,000)]
Common stock (.10 x Rp600,000,000) 60,000,000
Total noncontrolling interest Rp132,000,000


9 - 12

Chapter 9

E9-7 Multilevel Ownership

a. Consolidated net income for 20X6 is Rp153,200:

Operating income of PT Garuda Rp 90,000,000
Equity-method income from:
Dally (Rp40,000,000 x .25) 10,000,000
Latent [(Rp60,000,000 + Rp16,000,000) x .70] 53,200,000
Consolidated net income Rp153,200,000

b. Income of Rp36,800,000 is assigned to noncontrolling
interest:

Income from Dally (Rp40,000,000 x .35) Rp14,000,000,000
Income from Latent [(Rp60,000,000 + Rp16,000,000) x .30] 22,800,000
Total income assigned Rp36,800

c. Only the Rp45,000,000 of dividends paid by PT Garuda to its shareholders will be
reported as dividends declared in PT Garuda's 20X6 consolidated retained earnings
statement.


9 - 13

Chapter 9

E9-8 Eliminating entries for Multilevel Ownership

a. Journal entries recorded by PT Buana on its investment in PT Tarumanegara:

(1) Investment in PT Tarumanegara Stock 120,000,000
Cash 120,000,000
Record purchase of PT Tarumanegara
stock.

(2) Cash 9,000,000
Investment in PT Tarumanegara Stock 9,000,000
Record dividends from PT Tarumanegara:
Rp15,000,000 x .60

(3) Investment in PT Tarumanegara Stock 24,000,000
Income from PT Tarumanegara 24,000,000
Rp40,000,000 x .60

b. Journal entries recorded by PT Pandawa on its investment in PT Buana:

(1) Investment in PT Buana Stock 315,000,000
Cash 315,000,000
Record purchase of PT Buana
stock.

(2) Cash 45,000,000
Investment in PT Buana Stock 45,000,000

Record dividends from PT Buana:
Rp50,000,000 x .90

(3) Investment in PT Buana Stock 129,600,000
Income from PT Buana 129,600,000
(Rp120,000,000 + Rp24,000,000) x .90

c. Eliminating entries:

E(1) Income from PT Tarumanegara 24,000,000
Dividends Declared 9,000,000
Eliminate income from PT Tarumanegara.

Rp16,000,000 = Rp40,000,000 x .40
Rp6,000,000 = Rp15,000,000 x .40


9 - 14

Chapter 9

E9-9 (continued)

E(3) Common Stock — PT Tarumanegara 100,000,000
Additional Paid-In Capital 60,000,000
Eliminate investment in PT Tarumanegara
stock:
Rp120,000,000 = Rp200,000,000 x .60
Rp80,000,000 = Rp200,000,000 x .40

E(4) Income from PT Buana 129,600,000
Eliminate income from PT Buana.

Assign income to noncontrolling
shareholders of PT Buana:
Rp14,400,000 = (Rp120,000,000 + Rp24,000,000) x .10
Rp5,000,000 = Rp50,000,000 x .10
Rp9,400,000 = Rp14,400,000 - Rp5,000,000

E(6) Common Stock — PT Buana 150,000,000

Eliminate investment in PT Buana
Corporation stock:
Rp315,000,000 = Rp350,000,000 x .90
Rp35,000,000 = Rp350,000,000 x .10


9 - 15

Chapter 9

E9-9 Subsidiary Stock Dividend

a. PT Lazuardi:
Stock Dividends Declared 40,000,000
Common Stock 40,000,000

PT Laksmi: No entry required.

b. Eliminating entries, December 31, 20X3:

Investment in PT Lazuardi Stock 10,500,000


E(3) Common Stock — PT Lazuardi 140,000,000
Stock Dividends Declared 40,000,000

c. Eliminating entry, January 1, 20X4:

E(1) Common Stock — PT Lazuardi 140,000,000

PT Lazuardi retained earnings, December 31, 20X3:

Balance, December 31, 20X2 Rp200,000,000
Add: Net income for 20X3 25,000,000
Less: Stock dividend in 20X3 (40,000,000)
Cash dividend paid in 20X3 (10,000,000)
Balance, December 31, 20X3 Rp175,000,000


9 - 16

Chapter 9

E9-10 Sale of Subsidiary Shares by Parent

a. Investment in PT Arjuna, January 1, 20X3:
Purchase price Rp360,000,000
PT Arjuna net income in 20X3 and 20X4 Rp100,000,000
Dividends paid by PT Arjuna in 20X3 and 20X4 (40,000,000)
Rp 60,000,000
Proportion of stock held by PT Sumo x .80 48,000,000
Balance prior to sale of shares Rp408,000,000

b. Journal entry recorded by PT Sumos for sale of shares:

Cash 120,000,000
Investment in PT Arjuna Stock 102,000,000
Gain on Sale of PT Arjuna Stock 18,000,000
Rp102,000,000 = Rp408,000,000 x 4,000 /
[(Rp200,000,000 / Rp10,000) x .80]




E(3) Common Stock — PT Arjuna 200,000,000
Noncontrolling interest 204,000,000

E(4) Gain on sale of PT Arjuna Stock 18,000,000

E9-11 Purchase of Additional Shares from Nonaffiliate

a. Purchase price, December 31, 20X7 Rp240,000,000
PT Melati net income for 20X8
(Rp230,000,000 + Rp20,000,000 - Rp50,000,000

Rp200,000,000)
Proportion of stock held by PT Widuri x .60
Rp30,000,000
Amortization of differential (Rp30,000,000 / 10 (3,000,000)

years)
Income from subsidiary 27,000,000
Dividends received from PT Melati
(Rp20,000,000 x .60) (12,000,000)
Balance in investment account, December 31, Rp255,000,000

9 - 17

Chapter 9

20X8


9 - 18

Chapter 9

E9-11 (continued)

b. Balance in investment account, December 31, 20X8 Rp255,000,000
Purchase of additional shares on January 1, 20X9 96,000,000
PT Melati net income for 20X9
(Rp280,000,000 + Rp20,000,000 - Rp230,000,000) Rp70,000,000
Proportion of stock held by PT Widuri x .80
Rp56,000,000
Less: Amortization of differential on stock
purchased:
December 31, 20X7 (Rp30,000,000 / 10 years) (3,000,000)
January 1, 20X9 (Rp20,000,000 / 10 years) (2,000,000)
Income from subsidiary 51,000,000
Dividends received from PT Melati
Company (Rp20,000,000 x .80) (16,000,000)
Balance in investment account, December 31, 20X9 Rp386,000,000


E(1) Income from PT Melati 51,000,000
Investment in PT Melati
Stock 35,000,000

Rp14,000,000 = Rp70,000,000 x .20

E(3) Common Stock — PT Melati 150,000,000
Differential 47,000,000
Investment in PT Melati
Company Stock 351,000,000

Rp30,000,00 Differential on shares purchased,
0
December 31, 20X7
(3,000,00) Amortized in 20X8

Rp27,000,00 Unamortized balance
0
Differential on shares purchased,
20,000,000 January 1, 20X9
Unamortized purchase differential,
Rp47,000,00 January 1, 20X9

0

E(4) Patents 42,000,000
Amortization Expense 5,000,000
Rp42,000,000 = (Rp47,000,000 - Rp3,000,000 - Rp2,000,000)


9 - 19

Chapter 9

E9-12 Repurchase of Shares by Subsidiary from Nonaffiliate

a. Book value of PT Krisna stock outstanding Rp500,000,000
Cost of treasury shares repurchased (84,000,000)
Book value of remaining shares outstanding Rp416,000,000
Proportion of remaining shares held by PT Brahmana
(6,000 / 8,000) x .75
Adjusted book value of shares held by PT Brahmana Rp312,000,000
Book value of shares held by PT Brahmana before treasury
stock repurchase by PT Krisna (Rp500,000,000 x .60) (300,000,000)
Increase in carrying value of shares held by PT Brahmana Rp 12,000,000

b. Investment in PT Krisna Manufacturing Stock 12,000,000

c. Common Stock — PT Krisna Manufacturing 100,000,000
Investment in PT Krisna Stock 312,000,000
Treasury Shares 84,000,000
Rp312,000,000 = .75(Rp500,000,000 - Rp84,000,000)
Rp104,000,000 = .25(Rp500,000,000 - Rp84,000,000)


9 - 20

Chapter 9

E9-13 Sale of Shares by Subsidiary to Nonaffiliate

a. Computation of change in book value of PT Sadewa shares held by PT Bhakti Yuda:

Before After
Sale Sale

Common stock, Rp10,000 par value Rp150,000,000 Rp 200,000,000
Additional paid-in capital 50,000,000 400,000,000
Retained earnings 400,000,000 400,000,000
Total stockholders' equity of PT Sadewa Rp600,000,000 Rp1,000,000,000
Proportion of stock held by PT Bhakti Yuda
Corporation:
11,000 / 15,000 x .733
11,000 / (15,000 + 5,000) x .550
Book value of shares Rp440,000,000 Rp 550,000,000

Increase in book value of shares held by
PT Bhakti Yuda Rp 110,000,000

b. Investment in PT Sadewa Stock 110,000,000

c. Common Stock — PT Sadewa 200,000,000
Investment in PT Sadewa Stock 550,000,000
Rp450,000,000 = Rp1,000,000,000 x .45


9 - 21

Chapter 9

SOLUTIONS TO PROBLEMS

P9-14 Multiple-Choice Questions on Preferred Stock Ownership

1. d Book value of shares held by noncontrolling interest:
Preferred stock (Rp100,000,000 x .30) Rp30,000,000
Common stock [(Rp200,000,000 + Rp50,000,000) x .20] 50,000,000
Total book value Rp80,000,000

2. b Income to noncontrolling preferred
shareholders
[(Rp100,000,000 x .10) x .30] Rp3,000,000
Income to noncontrolling common
shareholders:
Reported net income of PT Udayana Rp30,000,000
Income to preferred shareholders (10,000,000)
Income to common shareholders Rp20,000,000
Proportion of common stock owned by
noncontrolling interest x .20 4,000,000
Total income to noncontrolling interest Rp7,000,000

3. b Reported net income of PT Udayana Rp 30,000,000
Operating income of PT Srikandi 100,000,000
Rp130,000,000
Less: Income to noncontrolling interest (7,000,000)

4. a Parent company balance at date of acquisition.

5. a All preferred shares of the subsidiary are eliminated in preparing the consolidated
financial statements.


9 - 22

Chapter 9

P9-15 Multilevel Ownership with Purchase Differential

a. Journal entries recorded by PT Cahaya on its investment in PT Bina Jaya:

(1) Investment in PT Bina Jaya Stock 405,000,000
Cash 405,000,000
Record purchase of PT Bina Jaya stock.

(2) Cash 14,000,000
Investment in PT Bina Jaya Stock 14,000,000
Record dividends from PT Bina Jaya:
Rp20,000,000 x .70

(3) Investment in PT Bina Jaya Stock 21,000,000
Income from PT Bina Jaya 21,000,000
Rp30,000,000 x .70

(4) Income from PT Bina Jaya 2,000,000
Investment in PT Bina Jaya Stock 2,000,000
Amortize differential related to
buildings and equipment:
Rp20,000,000 / 10 years

b. Journal entries recorded by PT Permata on its investment in PT Cahaya:

(1) Cash 20,000,000
Investment in PT Cahaya Stock 20,000,000
Record dividends from PT Cahaya:
Rp25,000,000 x .80

(2) Investment in PT Cahaya Stock 63,200,000
Income from PT Cahaya 63,200,000
(Rp60,000,000 + Rp19,000,000) x .80

(3) Income from PT Cahaya 8,000,000
trademark: Rp40,000,000 / 5 years


9 - 23

Chapter 9

P9-15 (continued)


E(1) Income from PT Bina Jaya 19,000
Dividends Declared 14,000
Investment in PT Bina Jaya Stock 5,000
Eliminate income from PT Bina Jaya.

E(2) Income to Noncontrolling Interest 9,000
Noncontrolling Interest 3,000
shareholders of PT Bina Jaya:
Rp9,000 = Rp30,000 x .30
Rp6,000 = Rp20,000 x .30
Rp3,000 = Rp9,000 - Rp6,000

E(3) Common Stock — PT Bina Jaya 250,000
Retained Earnings, January 1 300,000
Differential 20,000
Investment in PT Bina Jaya Stock 405,000
Eliminate investment in PT Bina Jaya
stock:
Rp20,000 = Rp405,000 - (Rp550,000 x .70)
Rp405,000 = Purchase price
Rp165,000 = Rp550,000 x .30

E(4) Buildings and Equipment 20,000
Differential 20,000
Assign beginning differential.

E(5) Depreciation Expense 2,000
Accumulated Depreciation 2,000
buildings and equipment:
Rp20,000 / 10 years

E(6) Income from PT Cahaya 55,200
Investment in PT Cahaya Stock 35,200
Eliminate income from PT Cahaya.

E(7) Income to Noncontrolling Interest 15,800
shareholders of PT Cahaya:
Rp15,800 = (Rp60,000 + Rp19,000) x .20
Rp5,000 = Rp25,000 x .20
Rp10,800 = Rp15,800 - Rp5,000


9 - 24

Chapter 9

P9-18 (continued)

E(8) Common Stock — PT Cahaya 400,000,000
Eliminate investment in PT Cahaya
stock:
Rp270,000,000 = Rp200,000,000 + Rp35,000,000 +
Rp35,000,000
Rp24,000,000 = Rp40,000,000 - Rp8,000,000 -
Rp8,000,000
Rp560,000,000 = Rp520,000,000 + [(Rp60,000,000 -
Rp25,000,000) x .80 - Rp8,000,000] x 2 years
Rp134,000,000 = (Rp400,000,000 + Rp270,000,000) x
.20

E(9) Trademark 24,000,000
Assign beginning differential:
Rp40,000,000 - (Rp8,000,000 x 2 years)

E(10) Amortization Expense 8,000,000
Trademark 8,000,000
trademark: Rp40,000,000 / 5 years


9 - 25

Chapter 9

P9-16 Subsidiary Stock Dividend

Investment elimination entry, January 1, 20X8:

Alternative 1: PT Prima Perkasa stock is split 2:1.

E(1) Common Stock — PT Prima Perkasa 100,000,000
Investment in PT Prima Perkasa Stock 306,000,000

Alternative 2: A stock dividend of 4,000 shares is issued.


Alternative 3: A stock dividend of 1,500 shares is issued.



9 - 26

Chapter 9

P9-17 Subsidiary Preferred Stock Outstanding

a. Eliminating entries, January 1, 20X5:

Preferred Stock — PT Prabu 200,000,000
Investment in PT Prabu Preferred Stock 92,800,000
Eliminate preferred stock:
Rp32,000,000 = (Rp200,000,000 x .08) x 2 years

Common Stock — PT Prabu 150,000,000
Investment in PT Prabu Common Stock 222,600,000
Eliminate common stock:
Rp168,000,000 = Rp200,000,000 -
Rp32,000,000

b. Consolidated net income:
Operating income of PT Erlangga Rp80,000,000
Income from preferred stock of PT Prabu
(Rp16,000,000 x .40) 6,400,000
Income from common stock of PT Prabu
[(Rp34,000,000 - Rp16,000,000) x .70] 12,600,000

Income to noncontrolling interest:
Income from preferred stock of PT Prabu
(Rp16,000,000 x .60) Rp 9,600,000
Income from common stock of PT Prabu
[(Rp34,000,000 - Rp16,000,000) x .30] 5,400,000
Income to noncontrolling shareholders Rp15,000,000


9 - 27

Chapter 9

P9-18 Ownership of Subsidiary Preferred Stock

a. Preferred stockholders' claim on net assets of PT Jayakarta:

Liquidation value of preferred stock (Rp101 per share) Rp202,000,000
20X6 dividends in arrears (Rp200,000,000 x .10) 20,000,000
Total preferred stockholder claim, December 31, 20X6 Rp222,000,000

b. Book value of PT Jayakarta common shares purchased by PT Pelita:

Total PT Jayakarta stockholders' equity, December 31, 20X6 Rp3,155,000,000
Claim of preferred stockholders (222,000,000)
Book value of PT Jayakarta common stock Rp2,933,000,000
Portion acquired by PT Pelita x .60
Book value of common shares purchased by PT Pelita Rp1,759,800,000

c. Goodwill associated with purchase of common shares:

Purchase price of common shares Rp1,800,000,000
Book value of common shares purchased (1,759,800,000)
Goodwill Rp 40,200,000

d. Income to noncontrolling interest, 20X7:

PT Jayakarta net income Rp280,000,000
Less: 20X7 preferred dividends (Rp200,000 x .10) (20,000,000)
Income accruing to common shareholders Rp260,000,000
Noncontrolling common shareholders' interest x .40
Income to noncontrolling common shareholders Rp104,000,000
Preferred dividends to noncontrolling
shareholders (Rp20,000,000 x .80) 16,000,000
Total income to noncontrolling shareholders Rp120,000,000

e. PT Pelita's income from investment in subsidiary common stock:

PT Jayakarta net income Rp280,000,000
Less: 20X7 preferred dividends (Rp200,000,000 x .10) (20,000,000)
Income accruing to common shareholders Rp260,000,000
PT Pelita's proportionate share x .60
PT Pelita's share of income to common shareholders Rp156,000,000

f. Noncontrolling interest, December 31, 20X7:

PT Jayakarta stockholders' equity, January 1, 20X7 Rp3,155,000,000
20X7 net income 280,000,000
Less: Preferred dividends (40,000,000)
Less: Common dividends (10,000,000)
Total PT Jayakarta stockholders' equity, December 31, 20X7 Rp3,385,000,000
Claim of preferred stockholders (202,000,000)
Book value of PT Jayakarta' common stock Rp3,183,000,000
Noncontrolling stockholders' interest x .40
Noncontrolling interest — common Rp1,273,200,000


9 - 28

Chapter 9

P9-18 (continued)

Total PT Jayakarta preferred stockholders' equity,
January 1, 20X7 Rp222,000,000
Less: Dividends in arrears paid during 20X7 (20,000,000)
PT Jayakarta preferred stockholders' equity,
December 31, 20X7 Rp202,000,000
Noncontrolling stockholders' interest x .80
Noncontrolling interest — preferred Rp161,600,000

Noncontrolling interest — common Rp1,273,200,000
Noncontrolling interest — preferred 161,600,000
Total noncontrolling interest Rp1,434,800,000

g. Eliminating entries:

Dividends Declared — Common 6,000,000
Investment in PT Jayakarta Common Stock 150,000,000
Eliminate income from subsidiary.

E(2) Dividend Income — Preferred 8,000,000
Eliminate dividend income from subsidiary
preferred stock: Rp40,000,000 x .20

Dividends Declared — Common 4,000,000
Rp4,000,000 = Rp10,000,000 x .40
Rp32,000,000 = Rp40,000,000 x .80

E(4) Common Stock — PT Jayakarta Jacuzzi 500,000,000
Additional Paid-In Capital — Common 800,000,000
Premium on Preferred Stock 3,000,000 *
Retained Earnings, January 1 1,630,000,000 **
Goodwill 40,200,000
Investment in PT Jayakarta Common Stock 1,800,000,000
Noncontrolling Interest 1,173,200,000
Eliminate beginning investment in
common
stock:
Rp3,000,000 = Rp5,000,000 - Rp2,000,000
Rp1,630,000,000 = Rp1,650,000,000 - Rp20,000,000
Rp1,173,200,000 = (Rp500,000,000 +
Rp800,000,000
+ Rp3,000,000 + Rp1,630,000,000) x .40

*Portion accruing to common shareholders

**Portion accruing to common shareholders after deducting
preferred dividends in arrears

9 - 29

Chapter 9

P9-18 (continued)

E(5) Goodwill Impairment Loss 26,000,000
Goodwill 26,000,000
Recognize goodwill impairment loss.

E(6) Preferred Stock — PT Jayakarta 200,000,000
Premium on Preferred Stock 2,000,000 *
Retained Earnings, January 1 20,000,000 **
Investment in Jacobs Preferred Stock 42,000,000
Additional Paid-In Capital —
Retirement of Preferred Stock 2,400,000
Eliminate subsidiary preferred stock:
Rp2,000,000 = Rp5,000,000 - Rp3,000,000
Rp20,000,000 = Rp200,000,000 x .10
Rp2,400,000 = (Rp222,000,000 x .20) - Rp42,000,000
Rp177,600,000 = Rp222,000,000 x .8

*Portion representing call premium

**Portion relating to preferred dividends in arrears

P9-19 Consolidation Workpaper with Subsidiary Preferred Stock

a. Eliminating entries:

Investment in PT Wijaya Kusuma Common 49,500,000

Stock

E(2) Dividend Income 9,000,000


E(4) Common Stock — PT Wijaya Kusuma 100,000,000

Corporation
Investment in PT Wijaya Kusuma Common Stock 315,000,000

E(5) Preferred Stock — PT Wijaya Kusuma 200,000,000

Corporation
Investment in PT Wijaya Kusuma Preferred Stock 120,000,000

E(6) Dividends Payable 9,000,000
Dividends Receivable 9,000,000

9 - 30

Chapter 9

P9-19 (continued)
b. PT Buana and PT Wijaya Kusuma
Consolidation Workpaper
December 31, 20X6

PT Wijaya
PT Buana Kusuma Eliminations Consol-

Item ________ __________ Debit Credit idated
Sales 500,000,000 300,000,000 800,000,000
Dividend Income 9,000,000 (2) 9,000,000
Income from 58,500,000 (1) 58,500,000

Subsidiary
Credits 567,500,000 300,000,000 800,000,000
Cost of Goods Sold 280,000,000 170,000,000 450,000,000
Deprec. and Amort. 40,000,000 30,000,000 70,000,000
Other Expenses 131,000,000 20,000,000 151,000,000
Debits (451,000,000) (220,000,000) (671,000,000)
Income to Noncon- 129,000,000
trolling Interest (3) 12,500,000 (12,500,000)
Net Income,
carry forward 116,500,000 80,000,000 80,000,000 116,500,000
Retained Earnings, 435,000,000 250,000,000 (4) 250,000,000 435,000,000
Jan. 1
Net Income, from 116,500,000 80,000,000 80,000,000 116,500,000

above
551,500,000 330,000,000 551,500,000
Dividends Declared
Preferred Stock (15,000,000) (2) 9,000,000
(3) 6,000,000
Common Stock (60,000,000) (10,000,000) (1) 9,000,000
(3) 1,000,000 (60,000,000)
Ret. Earnings, Dec. 31,
carry forward 491,500,000 305,000,000 330,000,000 25,000,000 491,500,000
Cash 58,000,000 100,000,000 158,000,000
Accounts Receivable 80,000,000 120,000,000 200,000,000
Dividends Receivable 9,000,000 (6) 9,000,000
Inventory 100,000,000 200,000,000 300,000,000
Bldgs. and Equip. (net) 360,000,000 270,000,000 630,000,000
Investment in PT
Wijaya Kusuma:
Preferred Stock 120,000,000 (5) 120,000,000
Common Stock 364,500,000 (1) 49,500,000
(4) 315,000,000
Debits 1,091,500,000 690,000,000 1,288,000,000
Accounts Payable 100,000,000 70,000,000 170,000,000
Dividends Payable 15,000,000 (6) 9,000,000 6,000,000
Bonds Payable 300,000,000 300,000,000
Preferred Stock (5) 200,000,000

200,000,000
Common Stock 200,000,000 100,000,000 (4) 100,000,000 200,000,000

9 - 31

Chapter 9

Ret. Earnings, from 491,500,000 305,000,000 330,000,000 25,000,000 491,500,000

above
Noncontrolling Interest (3) 5,500,000
(4) 35,000,000
(5) 80,000,000 120,500,000
Credits 1,091,500,000 690,000,000 639,000,000 639,000,000 1,288,000,000


9 - 32

Chapter 9

P9-20 Subsidiary Stock Transactions

a. (1) Book value of PT Brajamusti stock outstanding Rp500,000,000

Book value of remaining shares Rp432,000,000

outstanding
Proportion of remaining shares held by PT
Andalas
(7,500 / 9,000) x .833
Adjusted book value of shares held by PT Rp360,000,000

Andalas
Book value of shares held by PT Andalas before treasury
stock repurchase by PT Brajamusti (Rp500,000,000 x .75) 375,000,000
Decrease in carrying value of shares held by PT Andalas Rp (15,000,000)

(2) Journal entry recorded by PT Andalas Corporation:

Investment in PT Brajamusti Stock 15,000,000

(3) Eliminating entries:

Rp45,000,000 x .833

Rp45,000,000 x .167

E(3) Common Stock — PT Brajamusti 100,000,000
Treasury Stock 68,000,000

b. (1) Book value of PT Brajamusti stock outstanding Rp500,000,000
Book value of remaining shares outstanding Rp432,000,000
Proportion of remaining shares held by PT Andalas
(6,500 / 9,000) x .722
Adjusted book value of shares held by PT Andalas Rp312,000,000
Book value of shares held by PT Andalas before treasury
stock repurchase by PT Brajamusti (Rp500,000,000 x .75) (375,000,000)
Change in carrying value of shares held by PT Andalas Rp (63,000,000)

(2) Journal entry recorded by PT Andalas Corporation:

Cash 68,000,000
Gain on Sale of Investment 5,000,000


9 - 33

Chapter 9

P9-20 (continued)

(3) Eliminating entries:

E(1) Gain on Sale of Investment 5,000,000


Rp45,000,000 x .722

Rp45,000,000 x .278

E(4) Common Stock — PT Brajamusti 100,000,000
Treasury Stock 68,000,000

P9-21 Sale of Subsidiary Shares

a. Eliminating entries:

E(1) Gain on Sale of PT Eka Karya Stock 10,000,000
Eliminate gain on sale of PT Eka Karya
shares:
Rp60,000,000 - (Rp250,000,000 x .20)

Investment in PT Eka Karya Stock 12,000,000
Eliminate income from subsidiary:
Rp18,000,000 = .60(Rp170,000,000 - Rp140,000,000)

Rp12,000,000 = .40(Rp170,000,000 - Rp140,000,000)

E(4) Common Stock — PT Eka Karya 100,000,000
Investment in PT Eka Karya Stock 150,000,000


9 - 34

Chapter 9

P9-21 (continued)
b. PT Pronto and PT Eka Karya
Consolidation Workpaper
December 31, 20X4
PT Eka Karya
PT Pronto

Eliminations Consol-
Item ______ _______ Debit Credit idated
Sales 280,000,000 170,000,000 450,000,000
Gain on Sale of PT Eka
Karya
Company Stock 10,000,000 (1) 10,000,000
Income from Subsidiary 18,000,000 _______ (2) 18,000,000
Credits 308,000,000 170,000,000 450,000,000
Cost of Goods Sold 210,000,000 100,000,000 310,000,000
Depreciation Expense 20,000,000 15,000,000 35,000,000
Other Expenses 21,000,000 25,000,000
46,000,000
Debits (251,000,000) (140,000,000) (391,000,000)
59,000,000
Income to Noncon-
trolling Interest (3) 12,000,000 (12,000,000)
Net Income,
carry forward 57,000,000 30,000,000 40,000,000 47,000,000
Retained Earnings,
January 1 320,000,000 130,000,000 (4)130,000,000 320,000,000
Net Income, from above 57,000,000 30,000,000 40,000,000 47,000,000
377,000,000 160,000,000 367,000,000
Dividends Declared (15,000,000) (10,000,000) (2) 6,000,000
(3) 4,000,000 (15,000,000)
Ret. Earnings, Dec. 31,
carry forward 150,000,000 170,000,000 10,000,000 352,000,000

362,000,000
Cash 30,000,000 35,000,000 65,000,000
Inventory 120,000,000 100,000,000 220,000,000
Buildings and
Equipment 650,000,000 230,000,000 880,000,000
Investment in PT Eka Karya
Company Stock 162,000,000 (2) 12,000,000
(4) 150,000,000
Debits 1,032,000,000 415,000,000 1,285,000,000
Accum. Depreciation 170,000,000 95,000,000 265,000,000
Bonds Payable 200,000,000 30,000,000 230,000,000
Common Stock 200,000,000 100,000,000 (4)100,000,000 200,000,000
Additional Paid-In
Capital 50,000,000 20,000,000 (4) 20,000,000 (1) 10,000,000 60,000,000
Retained Earnings,
from above 362,000,000 150,000,000 170,000,000 10,000,000 352,000,000

9 - 35

Chapter 9

Noncontrolling Interest (3) 8,000,000
(4)100,000,000 108,000,000
Credits 1,032,000,000 415,000,000 290,000,000 290,000,000 1,285,000,000


9 - 36

Chapter 9

P9-21 Sale of Shares by Subsidiary to Nonaffiliate

a. E(1) Common Stock — PT Dahlia 240,000,000
Investment in PT Dahlia Stock 520,000,000
Eliminate investment in common stock:
Rp240,000,000 = Rp200,000,000 + (Rp10,000 x 4,000 shares)
Rp190,000,000 = Rp50,000,000 + [(Rp45,000 - Rp10,000) x 4,000 shares]
Rp520,000,000 = Rp780,000,000 x (16,000 shares / 24,000 shares)

Rp260,000,000 = Rp780,000,000 x (8,000 shares / 24,000 shares)

Journal entry recorded by PT Citra:

Investment in PT Dahlia Stock 40,000,000
Book value of shares held by PT Citra:
After sale Rp780,000,000 x (16,000 / 24,000) Rp520,000,000
Before sale Rp600,000,000 x (16,000 / 20,000) (480,000,000)
Increase in book value Rp 40,000,000

b. PT Citra and PT Dahlia
Consolidated Balance Sheet Workpaper
January 1, 20X3

PT Citra PT Dahlia Eliminations Consol-
Item ____ ____ Debit Credit idated

Cash 50,000,000 230,000,000 280,000,000
Inventory 180,000,000 200,000,000 380,000,000
Buildings & Equipment 700,000,000 600,000,000 1,300,000,000
Investment in PT Dahlia
Corporation 520,000,000 (1)520,000,000
Total Debits 1,540,000,000 1,150,000,000 2,170,000,000

Accumulated
Depreciation 200,000,000 220,000,000 420,000,000
Taxes Payable 80,000,000 80,000,000
Mortgages Payable 250,000,000 250,000,000
Common Stock 300,000,000 240,000,000 (1)240,000,000 300,000,000
Additional Paid-In
Capital 220,000,000 190,000,000 (1)190,000,000 220,000,000
Retained Earnings, 500,000,000 350,000,000 (1)350,000,000 500,000,000
Noncontrolling
Interest (1)260,000,000
260,000,000
Total Credits 1,540,000,000 1,150,000,000 780,000,000 780,000,000 2,170,000,000


9 - 37

Chapter 9

P9-25 (continued)

c. PT Citra and Subsidiary
Consolidated Balance Sheet
January 1, 20X3

Current Assets:
Cash Rp 280,000,000
Accounts Receivable 210,000,000
Inventory 380,000,000 Rp
870,000,000
Noncurrent Assets:

Buildings and Equipment Rp1,300,000,000
Less: Accumulated Depreciation (420,000,000) 880,000,000
Total Assets Rp1,750,000,000

Current Liabilities:
Accounts Payable Rp 140,000,000
Taxes Payable 80,000,000 Rp 220,000,000
Mortgages Payable 250,000,000
Stockholders' Equity:
Common Stock Rp 300,000,000
Retained Earnings 500,000,000 1,020,000,000
Total Liabilities and Stockholders' Equity Rp1,750,000,000


9 - 38

Chapter 9

P9-26 Sale of Additional Shares to Parent

a. Eliminating entry:

E(1) Common Stock — PT Toronto 125,000,000
Buildings and Equipment 12,500,000
Investment in PT Toronto 412,500,000

Journal entry recorded by PT Toronto:

Cash 150,000,000
Common Stock 25,000,000

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