Michiana Corporation acquired all of halpern stock on January 1 2014 for $600,000 cash. Halpern's accounting record showed net assets on that date of $470,000 although equipment with a 10 year life was undervalued on the records by 90000. Any recongnized goodwill is considered to have an indefinite life.
Halpern Reports Net Income in 2014 of $90,000 and $100,000 in 2015. The subsidiary paid dividends of $20,000 in each of these two years.
Questions:
Produce the consolidated worksheet for Michiana and Halpern for the year ended December 31, 2016.