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Assignment Option #1: Acquisitions with Ownership = 100% and BV = FMV
Using the data in the Option 1 Spreadsheet (linked at the bottom of the page), perform the accounting required for the acquisition of Little, Inc. by Big, Inc. This is a 100% acquisition where the book value of the assets acquired equals the acquisition price. Within the worksheet, you are to:
- Select an accounting method (either cost or equity) and explain why you selected this method
- Perform the required journal entries
- Complete the consolidation worksheet
- Prepare the consolidated balance sheet in good form
Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.
Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading.