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Chapter 06 - Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flows, and Other Issues
6-1
CHAPTER 6
VARIABLE INTEREST ENTITIES, INTRA-ENTITY DEBT,
CONSOLIDATED CASH FLOWS, AND OTHER ISSUES
Chapter Outline
I. Variable interest entities (VIEs)
A. VIEs typically take the form of a trust, partnership, joint venture, or corporation. In most
cases a sponsoring firm creates these entities to engage in a limited and well-defined set
of business activities. For example, a business may create a VIE to finance the acquisition
of a large asset. The VIE purchases the asset using debt and equity financing, and then
leases the asset back to the sponsoring firm. If their activities are strictly limited and the
asset is pledged as collateral, VIEs are often viewed by lenders as less risky than their
sponsoring firms. As a result, such arrangements can allow financing at lower interest
rates than would otherwise be available to the sponsor.
B. Control of VIEs, by design, sometimes does not rest with its equity holders. Instead,
control is exercised through contractual arrangements with the sponsoring firm who
becomes the "primary beneficiary" of the entity. These contracts can take the form of
leases, participation rights, guarantees, or other residual interests. Through contracting,
the primary beneficiary bears a majority of the risks and receives a majority of the rewards
of the entity, often without owning any voting shares.
C. An entity whose control rests with a primary beneficiary is addressed by FASB ASC
subtopic 810-10 Variable Interest Entities. The following characteristics indicate a
controlling financial interest in a variable interest entity.
1. The power, through voting rights or similar rights, to direct the activities of an entity that
most significantly impact the entity’s economic performance.
2. The obligation to absorb the expected losses of the entity if they occur,or
3. The right to receive the expected residual returns of the entity if they occur
The primary beneficiary bears the risks and receives the rewards of a variable interest
entity and is considered to have a controlling financial interest.
D. If a reporting entity has a controlling financial interest in a variable interest entity, it should
include the assets, liabilities, and results of the activities of the variable interest entity its
consolidated financial statements.
Proposed Accounting Standards Update on Variable Interest Entities
In November 2011, the FASB issued a proposed change for evaluating whether an entity
must consolidate a VIE. The proposed accounting standard update, entitled Principal
versus Agent Analysis, would introduce a separate qualitative analysis to determine
whether a reporting entity with the authority to make economic decisions for a VIE uses its
power in a principal or agent capacity. If the decision making party is a principal (rather
than an agent of another party) then it is the controlling party. Alternatively, if the party that
exercises decision-making power acts in the capacity of an agent, under the proposed
guidance that party would not consolidate the VIE. As this latest FASB proposal
demonstrates, the manner in which control is assessed continues to evolve over time.

6-2
II. Intra-entity debt transactions
A. No special difficulty is created when one member of a business combination loans money
to another. The resulting receivable/payable accounts as well as the interest income
expense balances are identical and can be directly offset in the consolidation process.
B. The acquisition of an affiliate's debt instrument from an outside party does require special
handling so that consolidated financial statements can be produced.
1. Because the acquisition price will usually differ from the book value of the liability, a
gain or loss has been created which is not recorded within the individual records of
either company.
2. Because of the amortization of any associated discounts and/or premiums, the interest
income reported by the buyer will not equal the interest expense of the debtor.
C. In the year of acquisition, the consolidation process eliminates intra-entity accounts (the
liability, the receivable, interest income, and interest expense) while the gain or loss (which
produced all of the discrepancies because of the initial difference) is recognized.
1. Although several alternatives exist, this textbook assigns all income effects resulting
from the retirement to the parent company, the party ultimately responsible for the
decision to reacquire the debt.
2. Any noncontrolling interest is, therefore, not affected by the adjustments utilized to
consolidate intra-entity debt.
D. Even after the year of retirement, all intra-entity accounts must be eliminated again in each
subsequent consolidation. However, when the parent uses the equity method, the
parent’s Investment in Subsidiary account is adjusted in consolidation rather than a gain or
loss account. If the parent employs a non-equity method, then the parent’s Retained
Earnings are adjusted for the prior years’ income net effects of the effective gain/loss on
retirement.
1. The change in retained earnings is needed because a gain or loss was created in a
prior year by the retirement of the debt, but only interest income and interest expense
were recognized by the two parties.
2. The adjustment to retained earnings at any point in time is the original gain or loss
adjusted for the subsequent amortization of discounts or premiums.
III. Subsidiary preferred stock
A. Subsidiary preferred shares not owned by the parent are a part of noncontrolling interest.
B. The fair value of any subsidiary preferred shares not acquired by the parent is added to
the consideration transferred along with the fair value of the noncontrolling interest in
common shares to compute the acquisition-date fair value of the subsidiary.
IV. Consolidated statement of cash flows
A. Statement is produced from consolidated balance sheet and income statement and not
from the separate cash flow statements of the component companies.
B. Intra-entity cash transfers are omitted from this statement because they do not occur with
an outside, unrelated party.
C. The "Noncontrolling Interest's Share of the Subsidiary's Income'' is not included as a cash
flow. Dividends paid by the subsidiary to these outside owners are reported as a financing
activity.

6-3
V. Consolidated earnings per share
A. This computation normally follows the pattern described in intermediate accounting
textbooks. For basic EPS, consolidated net income is divided by the weighted-average
number of parent shares outstanding. If convertibles (such as bonds or warrants) exist for
the parent shares, their weight must be included in computing diluted EPS but only if
earnings per share is reduced.
1. The subsidiary's diluted earnings per share are computed first to arrive at (1) an
earnings figure and (2) a shares figure.
2. The portion of the shares figure belonging to the parent is computed. That percentage
of the subsidiary's diluted earnings is then added to the parent's income in order to
complete the earnings per share computation.
VI. Subsidiary stock transactions
A. If the subsidiary issues new shares of stock or reacquires its own shares as treasury
stock, a change is created in the book value underlying the parent's investment account.
The increase or decrease should be reflected by the parent as an adjustment to this
balance.
B. The book value of the subsidiary that corresponds to the parent's ownership is measured
before and after the transaction with any alteration recorded directly to the investment
account. The parent's additional paid-in capital (or retained earnings) account is normally
adjusted although the recognition of a gain or loss is an alternate accounting treatment.
C. Treasury stock acquired by the subsidiary may also necessitate a similar adjustment to the
parent's investment account. In addition, any subsidiary treasury stock is eliminated within
the consolidation process.
Answer to Discussion Question: Who Lost this $300,000?
This case is designed to give life to a theoretical accounting issue: If a subsidiary's debt is retired,
should the resulting gain or loss be assigned to the parent or to the subsidiary? The case
illustrates that there is no clear-cut solution. This lack of an absolute answer makes financial
accounting both intriguing and frustrating.
The assignment decision is only necessary in the presence of a noncontrolling interest.
Regardless of the ownership level all intra-entity balances are eliminated on the worksheet with a
gain or loss recognized. Not until the consolidated net income is allocated across the controlling
interest and the noncontrolling interest does the assignment decision have an impact.
We assume that financial and operating decisions are made in the best interest of the business
entity as a whole. This debt would not have been retired unless corporate officials believed that
Penston/Swansan would benefit from the decision. Thus, an argument can be made against any
assignment to either separate party.
Students should choose and justify one method. Discussion often centers on the following:
▪ Parent company officials made the actual choice that created the book loss. Therefore,
assigning the $300,000 to the subsidiary directs the impact of their decision to the wrong
party. In effect, the subsidiary had nothing to do with this transaction (as indicated in the case)
so that its share of consolidated net income should not be affected by the $300,000 loss.
▪ The debt was that of the subsidiary. Because the subsidiary's debt is being retired, all of the
$300,000 should be attributed to that party. Financial records measure the results of

6-4
transactions and the retirement simply culminates an earlier transaction made by the
subsidiary. The parent is doing no more than acting as an agent for the subsidiary (as
indicated in the case). If the subsidiary had acquired its own debt, for example, no question as
to the assignment would have existed. Thus, changing that assignment simply because the
parent agreed to be the acquirer is not justified.
▪ Both parties were involved in the transaction so that some allocation of the loss is required. If,
at the time of repurchase, a discount existed within the subsidiary's accounts, this figure would
have been amortized to interest expense (if the debt had not been retired). Thus, the
$300,000 loss was accepted now in place of the later amortization. This reasoning then
assigns this portion of the loss to the subsidiary. Because the parent agreed to pay more than
face value, that remaining portion is assigned to the buyer.
Answers to Questions
1. A variable interest entity (VIE) is a business structure that is designed to accomplish a specific
purpose. A VIE can take the form of a trust, partnership, joint venture, or corporation although
typically it has neither independent management nor employees. The entity is frequently
sponsored by another firm to achieve favorable financing rates.
2. Variable interests are contractual, ownership, or other pecuniary interests in an entity that
change with changes in the entity's net asset value. Variable interests will absorb portions of a
variable interest entity's expected losses if they occur or receive portions of the entity's
expected residual returns if they occur. Variable interests typically are accompanied by
contractual arrangements that provide decision making power to the owner of the variable
interests. Examples of variable interests include debt guarantees, lease residual value
guarantees, participation rights, and other financial interests.
3. The following characteristics are indicative of an enterprise qualifying as a primary beneficiary
with a controlling financial interest in a VIE.
▪ The power, through voting rights or similar rights, to direct the activities of an entity that most
significantly impact the entity’s economic performance.
▪ The obligation to absorb the expected losses of the entity if they occur, or
▪ The right to receive the expected residual returns of the entity if they occur
4. Because the bonds were purchased from an outside party, the acquisition price is likely to
differ from the book value of the debt in the subsidiary's records. This difference creates
accounting problems in handling the intra-entity transaction. From a consolidated perspective,
the debt is retired; a gain or loss is reported with no further interest being recorded. In reality,
each company continues to maintain these bonds on their individual financial records. Also,
because discounts and/or premiums are likely to be present, these account balances as well
as the interest income/expense will change from period to period because of amortization. For
reporting purposes, all individual accounts must be eliminated with the gain or loss being
reported so that the events are shown from the vantage point of the consolidated entity.
5. If the bonds are acquired directly from the affiliate company, all reciprocal accounts will be
equal in amount. The debt and the receivable will be in agreement so that no gain or loss is
created. Interest income and interest expense should also reflect identical amounts.
Therefore, the consolidation process for this type of intra-entity debt requires no more than the
offsetting of the various reciprocal balances.

6-5
6. The gain or loss to be reported is the difference between the price paid and the book value of
the debt on the date of acquisition. For consolidation purposes, this gain or loss should be
recognized immediately on the date of acquisition.
7. Because the bonds are still legally outstanding, they will continue to be found on both sets of
financial records. Thus, each account (Bonds Payable, Investment in Bonds, Interest
Expense, and Interest Income) must be eliminated within the consolidation process. Any gain
or loss on the retirement as well as later effects on interest caused by amortization are also
included to arrive at an adjustment to the beginning retained earnings (or the Investment
account if the equity method is used) of the parent company.
8. The original gain is never recognized within the financial records of either company. Thus,
within the consolidation process for the year of acquisition, the gain is directly recorded
whereas (for each subsequent year) it is entered as an adjustment to beginning retained
earnings (or the Investment account if the equity method is used). In addition, because the
book value of the debt and the investment are not in agreement, the interest expense and
interest income balances being recorded by the two companies will differ each year because
of the amortization process. This amortization effectively reduces the difference between the
individual retained earnings balances and the total that is appropriate for the consolidated
entity. Consequently, a smaller change is needed each period to arrive at the balance to be
reported. For this reason, the annual adjustment to beginning retained earnings (or the
Investment account if the equity method is used) gradually decreases over the life of the bond.
9. No set rule exists for assigning the income effects from intra-entity debt transactions although
several different theories exist and include: (1) assignment of the entire amount to the debtor,
(2) assignment of the entire amount to the buyer, and (3) allocation of the gain or loss
between the two parties in some manner. This textbook attributes the entire income effect (the
$45,000 gain in this case) to the parent company. Assignment to the parent is justified
because that party is ultimately responsible for the decision to retire the debt. The answer to
the discussion question included in this chapter analyzes this question in more detail.
10. Subsidiary outstanding preferred shares are part of the noncontrolling interest and are
included in the consolidated financial statements at acquisition-date fair value and
subsequently adjusted for their share of subsidiary income and dividends.
11. The consolidated cash flow statement is developed from consolidated balance sheet and
income statement figures. Thus, the cash flows generated by operating, investing, and
financing activities are identified only after the consolidation of these other statements.
12. The noncontrolling interest share of the subsidiary’s income is a component of consolidated
net income. Consolidated net income then is adjusted for noncash and other items to arrive at
consolidated cash flows from operations. Any dividends paid by the subsidiary to these
outside owners are listed as a financing activity because an actual cash outflow occurs.
13. An alternative to the normal diluted earnings per share calculation is required whenever the
subsidiary has dilutive convertible securities such as bonds or warrants. In this case, the
potential impact of the conversion of subsidiary shares must be factored into the overall
diluted earnings per share computation.

6-6
14. Basic Earnings per Share. The existence of subsidiary convertible securities does not affect
basic EPS. The parent’s basic earnings per share is computed by dividing the parent’s share
of consolidated net income by the weighted average number of parent shares outstanding.
Diluted Earnings per Share. The subsidiary's diluted earnings per share is computed by
including both convertible items. The portion of the parent's controlled shares to the total
shares used in this calculation is then determined. Only this percentage (of the income figure
used in the subsidiary's computation) is added to the parent's income in arriving at the parent
company’s diluted earnings per share.
15. Several reasons could exist for a subsidiary to issue new shares of stock to outside parties.
First, additional financing is brought into the company by any such sale. Also, stock issuance
may be used to entice new individuals to join the organization. Additional management
personnel, as an example, might be attracted to the company in this manner. The company
could also be forced to sell shares because of government regulation. Many countries require
some degree of local ownership as a prerequisite for operating within that country.
16. Because the new stock was issued at a price above the subsidiary’s assigned consolidation
value, the overall valuation for Metcalf's stock has been increased. Consequently, the
Washburn's investment is increased to reflect this change. To measure the effect, the value of
Washburn's investment is calculated both before and after the new issue. Because the
increment is the result of a stock transaction, an increase is made to additional paid-in capital.
Although the subsidiary's shares (both new and old) are eliminated in the consolidation
process, the increase in the parent's APIC (or gain or loss) carries into the consolidated
figures. Also, the noncontrolling interest percentage of the subsidiary increases.
17. A stock dividend does not alter the assigned consolidated subsidiary value and, thus, creates
no effect on Washburn's investment account or on the consolidated figures. Hence, no entry is
recorded by the parent company in connection with the subsidiary's stock dividend.

6-7
Answers to Problems
1. C
2. D
3. A
4. D
5. A
6. D Cash flow from operations:
Net income ................................................................. $45,000
Depreciation............................................................... 10,000
Trademark amortization............................................ 15,000
Increase in accounts receivable............................... (17,000)
Increase in inventory................................................. (40,000)
Increase in accounts payable................................... 12,000 (20,000)
Cash flow from operations ....................................... $25,000
7. C Cash flow from financing activities:
Dividends to parent’s interest .................................. ($12,000)
Dividends to noncontrolling interest (20%  $5,000) (1,000)
Reduction in long-term notes payable .................... (25,000)
Cash flow from financing activities ......................... ($38,000)
8. C
9. C Post-issue subsidiary valuation ($800,000 + $250,000) $1,050,000
Arcola’s new ownership percentage (40,000 ÷ 50,000) 80%
Arcola’s share of post-issue subsidiary valuation $ 840,000
Arcola’s pre-issue equity balance 800,000
Increase to Arcola’s investment account $ 40,000
10.D Jordan’s income from own operations.................... $200,000
Fey's income ............................................................. 80,000
Eliminate intra-entity interest income...................... (21,000)
Eliminate intra-entity interest expense.................... 22,000
Recognize retirement gain on debt ($212,000 – $199,000) 13,000
Consolidated net income .................................... $294,000
11.B Mattoon’s share of consolidated net income.......... $465,000
Number of Mattoon common shares outstanding.. 100,000
Mattoon’s EPS = ($465,000 ÷ 100,000 shares)......... $4.65

6-8
12.B Ace net income ......................................................... $400,000
Less intra-entity dividends (initial value method) .. (7,000) $393,000
Byrd reported income .............................................. 100,000
Gain on extinguishment of debt ($48,300 – $46,600) 1,700
Eliminate interest expense on "retired" debt
($48,300 × 10%) .................................................... 4,830
Eliminate interest income on "retired" debt
($46,600 × 12%) .................................................... (5,592)
Consolidated net income ......................................... $493,938
13.D 30% of Byrd's net income of $100,000; the intra-entity debt transaction is
attributed solely to the parent company.
14.A For 2013, the adjustment to beginning retained earnings should recognize
the gain on the retirement of the debt, the elimination of the 2012 interest
expense, and the elimination of the 2012 interest income.
Gain on Retirement of Bond:
Original book value ............................................................. $10,600,000
2009–2011 amortization ($600,000 ÷ 20 yrs. × 3 yrs.) ....... (90,000)
Book value, January 1, 2012 ............................................... $10,510,000
Percentage of bonds retired ............................................... 40%
Book value of retired bonds ............................................... $4,204,000
Cash received ($4,000,000 × 96.6%) ................................... 3,864,000
Gain on retirement of bonds ............................................... $ 340,000
Interest Expense on Intra-entity Debt—2012
Cash interest expense (9% × $4,000,000) .......................... $360,000
Premium amortization ($30,000 per year total × 40%
retired portion of bonds) ............................................... (12,000)
Interest expense on intra-entity debt ................................. $348,000
Interest Income on Intra-entity Debt—2012
Cash interest income (9% × $4,000,000) ............................ $360,000
Discount amortization (.034 × $4,000,0000 ÷ 17 years) ..... 8,000
Interest income on intra-entity debt ................................... $368,000
Adjustment to 1/1/13 Retained Earnings
Recognition of 2012 gain on extinguishment of debt (above)..... $340,000
Elimination of 2012 intra-entity interest expense (above)............ 348,000
Elimination of 2012 intra-entity interest income (above) ............. (368,000)
Increase in retained earnings, 1/1/13 ....................................... $320,000

6-9
15.D Consideration transferred for preferred stock ............................. $ 424,000
Consideration transferred for common stock .............................. 3,960,000
Noncontrolling interest fair value for preferred ........................... 1,696,000
Noncontrolling interest fair value for common ............................ 440,000
Acquisition-date fair value ............................................................. 6,520,000
Acquisition-date identified net asset fair value ........................... (6,000,000)
Goodwill .........................................................................$ 520,000
16.D Consideration transferred for preferred stock ............................. $106,000
Consideration transferred for common stock .............................. 870,000
Noncontrolling interest fair value for common ............................ 580,000
Acquisition-date fair value ............................................................. $1,556,000
Acquisition-date book value .......................................................... (1,460,000)
Excess fair over book value ........................................................... $ 96,000
to building .................................................................................. 50,000
to goodwill .................................................................................. $ 46,000
17.A Parent’s reported sales ............................................ $300,000
Subsidiary's reported sales ..................................... 200,000
Less: intra-entity transfers ...................................... (40,000)
Sales to outsiders ............................................... $460,000
Eliminate increase in receivables (less cash collected) (30,000)
Cash generated by sales .................................... $430,000
18.B Subsidiary’s unamortized fair value of prior to new share issue
(12,000 × $49) ....................................................... $588,000
Parent's ownership ................................................... 100%
Unamortized subsidiary fair value ......................... $588,000
Subsidiary unamortized fair value after issuing new
shares (above value plus 3,000 shares at $50 each) $738,000
Parent's ownership 12,000 ÷ 15,000 shares) .......... 80%
Unamortized subsidiary fair value after stock issue $590,400
Investment in Veritable increases by $2,400 ($590,400 less $588,000).
19.A Because the parent acquired 80 percent of the new shares, its proportional
ownership remains the same. Because the amount the parent pays will
necessarily equal 80 percent of the increase in the subsidiary's book value,
no separate adjustment by the parent is required.

6-10
20.C Adjusted acquisition-date sub. fair value at 1/1/13
Consideration transferred ........................................................ $592,000
Noncontrolling interest acquisition-date fair value ................ 148,000
Increase in Stamford book value.............................................. 80,000
Stock issue proceeds ................................................................ 150,000
Subsidiary valuation basis 1/1/13 .................................................. 970,000
New parent ownership (32,000 shs. ÷ 50,000 shs.) ...................... 64%
Parent’s post-stock issue ownership balance.............................. $620,800
Parent's investment account ($592,000 + [80% × 80,000]) .......... 656,000
Required adjustment —decrease ............................................ $(35,200)
21.D Adjusted acquisition-date fair value ($820,000 – $192,000) ........ $628,000
New parent ownership (32,000 shs. ÷ 32,000 shs.) ...................... 100%
Fair value equivalency of parent's ownership ........................ $628,000
Parent's investment account ($592,000 + [80% × 80,000]) .......... 656,000
Required adjustment—decrease .............................................. $(28,000)
22. (10 minutes) (Qualification of Primary Beneficiary of a VIE)
Consolidation of a variable interest entity is required if a firm has a variable
interest that gives the firm
▪ The power, through voting rights or similar rights, to direct the activities
of an entity that most significantly impact the entity’s economic
performance.
▪ The obligation to absorb a majority of the entity's expected losses if they
occur and/or the right to receive a majority of the entity's expected
residual returns if they occur
Because (1) HCO Media’s losses are limited by contract, and (2) Hillsborough
has the right to receive the residual benefits of the sales generated on the
HCO Media internet site above $500,000, Hillsborough should consolidate
HCO Media.
23. (30 minutes) (VIE Qualifications for Consolidation)
a. The purpose of consolidated financial statements is to present the financial
position and results of operations of a group of businesses as if they were a
single entity. They are designed to provide information useful for making
business and economic decisions—especially assessing amounts, timing,
and uncertainty of prospective cash flows. Consolidated statements also
provide more complete information about the resources, obligations, risks,
and opportunities of an enterprise than separate statements.
b. An entity qualifies as a VIE and is subject to consolidation if either of the
following conditions exist.

6-11
23. (continued)
▪ The total equity at risk is not sufficient to permit the entity to finance its
activities without additional subordinated financial support from other
parties. In most cases, if equity at risk is less than 10% of total assets, the
risk is deemed insufficient.
▪ The equity investors in the VIE lack any one of the following three
characteristics of a controlling financial interest.
1. The power, through voting rights or similar rights, to direct the
activities of an entity that most significantly impact the entity’s
economic performance.
2. The obligation to absorb the expected losses of the entity if they occur
(e.g., another firm may guarantee a return to the equity investors)
3. The right to receive the expected residual returns of the entity (e.g.,
the investors' return may be capped by the entity's governing
documents or other arrangements with variable interest holders).
Consolidation of a variable interest entity is required if a firm has a variable
interest that gives the firm
▪ The power, through voting rights or similar rights, to direct the activities
of an entity that most significantly impact the entity’s economic
performance.
▪ The obligation to absorb a majority of the entity's expected losses if they
occur and/or the right to receive a majority of the entity's expected
residual returns if they occur
c. Risks of the construction project that has TecPC has effectively shifted to
the owners of the VIE:
At the end of the 1st five-year lease term, if the parent opts to sell the facility,
and the proceeds are insufficient to repay the VIE investors, TecPC may be
required to pay up to 85% of the project's cost. Thus, a potential 15% risk.
Risks that remain with TecPC
▪ Guarantees of return to VIE investors at market rate, if facility does not
perform as expected TecPC is still obligated to pay market rates.
▪ If lease is not renewed, TecPC must either purchase the facility or sell it
on behalf of the VIE with a guarantee of Investors' (debt and equity)
balances representing a risk of decline in market value of asset
▪ Debt guarantees
d. TecPC possesses the following characteristics of a primary beneficiary:
▪ Direct decision-making ability (end of five-year lease term).

6-12
23. (continued)
▪ Absorb a majority of the entity's expected losses if they occur (via debt
guarantees and guaranteed lease payments and residual value).
▪ Receive a majority of the entity's expected residual returns if they occur
(via use of the facility and potential increase in its market value).
24. (10 minutes) (Consolidation of variable interest entity.)
a. Implied valuation and excess allocation for Softplus.
Noncontrolling interest fair value $ 60,000
Consideration transferred by Pantech 20,000
Total business fair value 80,000
Fair value of VIE net assets 100,000
Excess net asset value fair value $20,000
PanTech recognizes the $20,000 excess net asset fair value as a bargain purchase
and records all of SoftPlus’ assets and liabilities at their individual fair values.
Cash $20,000
Marketing software 160,000
Computer equipment 40,000
Long-term debt (120,000)
Noncontrolling interest (60,000)
Pantech equity interest (20,000)
Gain on bargain purchase (20,000)
-0-
b. Implied valuation and excess allocation for Softplus.
Noncontrolling interest fair value 60,000
Consideration transferred by Pantech 20,000
Total business fair value 80,000
Fair value of VIE net identifiable assets 60,000
Goodwill $20,000
When the fair value of a VIE (that is a business) is greater than assessed
asset values, all identifiable assets and liabilities are reported at fair values
(unless a previously held interest) and the difference is treated as goodwill.
Cash $20,000
Marketing software 120,000
Computer equipment 40,000
Goodwill (excess business fair value) 20,000
Long-term debt (120,000)
Noncontrolling interest (60,000)
Pantech equity interest (20,000)
-0-

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LXXXVII
espués que el Cid Campeador
pidió derecho del tuerto
porque fueron emplazados
los Condes para Toledo,
el rey don Alfonso el Bravo,
aquel que con gran denuedo
al foradar de la mano
tuvo siempre el brazo quedo,
mandó que dentro en tres meses
pareciesen en Toledo,
é fincasen por traidores
ellos y el conde don Suero.
Mandó que se fagan Cortes,
y se junten á ellas cedo
sus grandes y ricos homes,
que quiere tomar su acuerdo,
que si los Condes son nobles,
Alfonso es rey de derecho;
magüer que el Cid en honor
es honrado caballero.
Antes de cumplir el plazo
todos á Cortes vinieron,
y el Cid trujo en su compaña
novecientos caballeros.
Salió el rey á recibirlo
á dos leguas de Toledo;
unos de envidiosos callan,
otros dicen que es exceso.
Los palacios de Galiana

mandó el rey estén compuestos,
las paredes de brocado
y el suelo de terciopelo.
Junto á la silla del rey
su escaño del Cid pusieron,
de que mofaban los Condes
profanando y zahiriendo.
Sentados en corte todos,
fabló el rey á sus porteros:
—Mándovos que callen todos,
infanzones y homes buenos;
vos, el Cid, decid su culpa,
y ellos defiendan su pleito;
librarse vos ha justicia
con que quedéis satisfecho.
Seis alcaldes vos señalo
de mi casa y mi consejo,
y que todos ellos juntos
juren por los Evangelios
que cuidarán de ambas partes
asaz de entender el pleito,
y entendido, juzgarán
sin pasión, amor ni miedo.—
Levantóse luégo el Cid
y sin más alongamientos
pide le dén sus espadas
Tizona y Colada luégo.
El rey miraba los Condes
qué responden atendiendo,
pero ninguna razón
en su defensa dijeron.
Los jueces mandan las dén
sin ningún detenimiento;
magüer hubieron pavor
entregarlas no quisieron.
El rey dijo:—Descorteses,
volvédselas á su dueño,
que supo mejor ganallas
de los moros de Marruecos.—

Ya cobradas las espadas,
dos mil marcos de dinero
les pide, y todas las joyas,
que les dió en los casamientos.
Unánimes los jüeces,
de común consentimiento
les condenan á que paguen
de contado todo el precio.
Comenzó de nuevo el Cid,
los ojos como de fuego,
y el rostro como una gualda,
á demandalles el tuerto.

LXXXVIII
l temido de los moros,
aquella gloria de España,
el que nunca fué vencido,
el rayo de las batallas,
ese buen Cid Campeador,
defensor de nuestra patria,
espejo de capitanes,
y de traidores venganza,
en las Cortes de Toledo,
do le fueron entregadas
ante el Sexto rey Alfonso
por los Condes las espadas,
así fablaba con ellas
sin hartarse de mirallas:
—¿Dó estáis, mis queridas prendas?
¿Á dó estáis, mis prendas caras?
No caras porque os compré
por dinero, oro ni plata;
mas caras porque os gané
con el sudor de mi cara,
al rey moro de Marruecos,
siendo Valencia cercada;
á vos gané, mi Tizona,
que vos traía en su guarda;

y al conde de Barcelona
á vos os gané, Colada,
cuando les tomé á los moros
los castillos de Brianda.
Yo nunca os fice cobardes,
antes por la fe cristiana
en la sarracena gente
os traje siempre cebadas.
Á los Condes mis dos yernos,
por ser joyas tan preciadas,
vos dí, y ellos ¡mal pecado!
os tienen de orín manchadas.
Non érades para ellos,
que vos traían afrentadas,
por de dentro muy fambrientas,
por de fuera pavonadas.
Libres estáis de las manos
que os traían cautivadas,
el Cid os mira en las suyas,
donde seréis más honradas.—
Dijo y á Pedro Bermúdez,
y á don Álvar Fáñez llama,
y manda que se las guarden
mientras las Cortes duraban.

LXXXIX
vosotros, fementidos
Condes de villano pecho,
como traidores al Rey
á entrambos juntos vos reto.
Mis fijas os dí, traidores,
pero non, que en ello miento,
al Rey las dí que las diese
á quien él fuese contento.
Á él se fizo esta injuria,
á él se fizo este avieso,
y él las recibió por fijas,
yo á vosotros por mis yernos.
Por ser fecha á mi señor
esta injuria, por él vuelvo,
que el que há vasallos honrados
ellos le enmiendan sus tuertos.
Con mujeres tenéis manos;
¡por Dios, bravos caballeros,
si al veros con el rey Búcar
no fuérais de piés tan prestos!
¡Pero bien dice el refrán
que hay tan valientes guerreros
por los piés, como por manos,
y vosotros sois de aquestos!
¡Oh cuánto diérais agora
por fallar otros dispuestos,
tales como los fallasteis
cuando los leones sueltos!
Faced cuenta son leones

los que en este pecho siento,
que es un león cada agravio
fecho en un honrado pecho.
Agradecédselo al Rey,
que le veo y le respeto;
¡pero pagarlo heis, villanos,
si no es que os subáis al cielo!
Mas non subiréis, cobardes,
que es Dios grande justiciero,
y no consiente traidores
sin castigo de sus yerros;
cuanto más que la Colada
y la Tizona yo entiendo
vos serán tal purgatorio,
que vais d’esta culpa absueltos.

XC
n las Cortes de Toledo
que el buen rey Alfonso hacía
para dar derecho al Cid,
que querellado se había
de los condes de Carrión,
sus yernos que ser solían,
porque á sus buenas mujeres
deshonrado las habían,
vuelto le han sus dos espadas,
el su haber también volvían.
El Cid por grandes traidores
á ambos retado había;
los infantes no responden
á lo que el buen Cid decía.
El rey dijo á los infantes
qué era lo que respondían.
Diego González, el uno,
al rey así le decía:
—Ya, señor, sabéis que somos
de los buenos de Castilla;
dejamos nuesas mujeres
porque no nos merecían;
casar con fijas del Cid
gran deshonra nos traía.—
Los del Cid no respondieron,
que el Cid mandado tenía
que si él no lo mandase
ninguno fablar debía.
Ordoño, sobrino suyo,
era el que respondía:

—Calla tú, Diego González,
que eres de gran cobardía;
muy valiente eres de lengua,
mas esfuerzo no tenías,
y en esa tu falsa boca
ninguna verdad había.
Lémbrate cuando en Valencia
en la lid que el Cid facía
echaste á fuir de un moro,
y el moro bien te seguía,
y yo le salí al encuentro
muerto en tierra lo ponía,
díte su caballo y armas
y al Cid entender facía
que tú mataste aquel moro
que aquel caballo traía.
Yo lo hice por te honrar,
por casar con la mi prima;
alabástete tú d’esto,
yo lo otorgaba á tu guisa,
nunca salió de mi boca
fasta hoy que lo decía,
y si agora lo publico
es por tu gran villanía;
y sepan cuando en Valencia,
cuando el león que ende había
se soltó de donde estaba,
tú, porque á esconderte ibas,
rompiste el manto y el sayo
que cobijado tenías,
por entrar bajo un escaño
que en el aposento había.
No digo cómo tu hermano,
que es aquel que me veía,
cayó con notable miedo
en parte do no debía.
Así, señor rey Alfonso,
á tu Alteza yo decía
que este día fuera bien

demostrar su valentía,
no en los robledos de Tormes,
do ferido habían mis primas,
mujeres de tal linaje,
que muy más que ellos valían,
que si yo ende estuviera
cometerlo no osarían.
Ficieron como cobardes,
yo se lo combatiría;
no ficieron como buenos,
como manda la hidalguía.
Muy feble es facer tal cosa
ningún home de valía,
y poner mano en mujeres
non es de caballería.

Cortes de Alfonso VI en Toledo

XCI
cabada la batalla
por el de Vivar pedida,
contra los aleves condes
que le afrentaron sus fijas,
el noble rey don Alfonso
que el suceso honroso estima
que haya sido por el Cid,
como el que tenía justicia,
con los tres fuertes guerreros,
que por él lidiado habían
y alcanzado la victoria,
así escribe al Cid Rúy Díaz:
«Á vos, el Cid castellano,
»el de la espada temida,
»pestilencia de los moros
»y defensa de Castilla;
»á vos, á quien guarde el cielo
»en próspera y larga vida
»para que estemos seguros
»de la enemiga morisma;
»á vos el rey don Alfonso
»salud por esta os envía,
»como vueso más amigo
»aunque enemigos resistan.
»El suceso del combate
»que se ha hecho en esa villa
»de Carrión, por el orden
»que se dió en las Cortes mías,
»os lo escribo por mi mano,

»y va con mi sello y firma,
»porque sea testimonio
»verdadero y sin malicia,
»y que en la edad venidera
»cómo fué, se entienda y diga,
»sin que amistad ó respetos
»hagan que acorten ó añidan.
»Luégo que fueron las Cortes
»en Toledo concluídas,
»á esta villa nos partimos
»por los dos condes pedida.
»Su demanda dió sospecha
»por ser en su tierra misma,
»que tierra que cría aleves
»no sin recelo se pisa.
»Yo aseguré este recelo
»porque á los tres que venían
»por vos, á lidiar con ellos,
»guardé con la guarda mía.
»Siempre los tuve delante,
»conociendo bien que había
»de la parte de los condes
»más traición que valentía.
»Llegó el plazo y día asignado
»en que habían de ser vistas
»la justicia y la razón
»lidiar con la alevosía.
»Hízose un fuerte palenque
»cerrado, y puestos encima
»asientos y seis jüeces,
»y enfrente mi real silla.
»Á todo estuve presente,
»porque en mi ausencia no digan
»que el rostro escondí al efecto
»en que el honor vueso iba,
»porque no fablen aquellos
»que vueso daño codician,
»que os falta el rey don Alfonso
»como no os faltó en la vida,

»aunque por malditos medios
»traidores nos revolvían
»vuesa lealtad condenando
»con envidiosas mentiras.
»Advertido d’este engaño,
»á maldades conocidas
»les cerré el oído á aquellos
»que os condenaban en vida.
»He querido que entendáis
»que su maldad entendida
»hago el honor vueso mío,
»cual lo mostré en la conquista;
»que yo propio y á mi lado
»metí los tres que venían
»á defender vuestra causa
»que yo llamo propia mía.
»Puestos por mí en el palenque
»los dos condes á la mira,
»y Suer González su tío,
»llegaron, cual convenía,
»de fuertes armas cubiertos
»con muy grande compañía
»de parientes y de amigos
»y el pueblo que los seguía.
»Cuando yo ví tanta gente
»que en torno á todos seguía,
»temí el seguro no fuese
»el robo de las Sabinas.
»Mandé sentar á los jueces
»y yo tomando mi silla,
»sosegado el alboroto,
»fué de mí esta razón dicha:
»Condes, las fijas del Cid
»por vos sin causa ofendidas
»con la traza más soez,
»que se ha visto ni hay escrita,
»demandaron la venganza
»de su afrentosa ignominia
»al Cid su padre, que al punto

»salió á ella por sus fijas.
»Pidió campo á todos tres,
»para que en él fuese vista
»como quedaba su ofensa
»con la sangre vuesa, limpia.
»Respondisteis que con él
»la batalla, que os pedía,
»no queríades hacer
»porque yo lo ayudaría;
»que enviare á quien quisiese
»que sobre la causa misma
»por vos ficiese batalla
»según fueros de Castilla.
»Estos tres nobles guerreros
»el Cid por su parte envía,
»que ya en el campo os aguardan,
»os retan y desafían.
»Haced vuestra obligación
»que es lo que os fuerza y obliga,
»que es tiempo que las razones
»á las armas se remitan.
»Quisiéronme dar respuesta;
»y de mí no siendo oída,
»á dar principio al combate
»fueron, aunque lo temían.
»Partióles el campo luégo
»un rey de armas, con insignias
»del terrible ministerio
»que administrándoles iba.
»De tres en tres en sus puestos
»se pusieron, recogidas
»las riendas á los caballos,
»las lanzas apercibidas.
»Contra el conde don Fernando
»que á la victoria se aplica,
»Martín Antolínez fué
»fuego echando por la vista.
»Á don Diego el otro hermano,
»que encendió la horrible cisma,

»le cupo Pero Bermúdez
»para la batalla esquiva;
»Nuño Bustos de Linzuela,
»ardiendo en honrosa ira,
»se opuso con Suer González
»autor de la alevosía.
»Cuando ví tres contra tres
»en dos hileras distintas,
»la lid de los Curiacios
»se me figura que vía.
»Á este punto el ronco són
»de la trompa les avisa
»que dén principio á la lid
»para el fin que pretendían.
»Arremetieron á una
»todos, la señal oída,
»cada cual con el contrario
»que enfrente de sí tenía.
»Don Fernando y Antolínez
»que igualmente se herían,
»quebraron juntos las lanzas;
»firmes quedan en las sillas;
»mas desnudando á Colada,
»después de muchas feridas,
»que Antolínez le dió al Conde
»con destreza y valentía,
»le dió un golpe en lo más alto
»del yelmo, que las hebillas
»faltaron y la cabeza
»fué en dos partes dividida.
»Derribóle del caballo,
»y el suyo dejando, encima
»del cuello se puso en pié,
»y el acero al pecho afirma.
»Á este punto un gran ruido
»se alzó y una vulgar grita,
»pidiendo no le matase
»cumpliendo con que se rendía.
»Fué poderoso el clamor

»de aplacar la ardiente ira
»del vencedor animoso,
»para dejallo con vida;
»mas puesto sobre él de piés,
»á Pedro Bermúdez mira
»que traía al conde don Diego
»sin valor con que resista.
»Dióle un golpe con Tizona,
»después de tener rompidas
»las lanzas, y fué tan fuerte
»que hombre y caballo derriba.
»Pidióle misericordia,
»pidiendo en merced la vida,
»confesando su maldad,
»diciendo que se rendía.
»No dió oído á sus plegarias,
»mas la fiera espada hinca
»por el alevoso pecho,
»con que dió fin á su vida.
»El valiente Nuño Bustos
»y Suer González querían
»cada uno de por sí
»la victoria de aquel día.
»Duró mucho este combate,
»mas la justicia divina
»dió victoria á Nuño Bustos
»como á quien tenía justicia;
»atravesó á su contrario
»de parte á parte, y fué grima
»verle venir del caballo
»cayendo la boca arriba.
»Con esto acabó el combate,
»y los vencedores gritan
»si había que hacer más,
»ó más traidores que rindan.
»Respondiéronles que no,
»que la victoria tenían
»ganada como valientes
»sin haber quien se lo impida.

»Dos cajas y un pregonero
»puestos á este punto encima
»del palenque, resonaron
»y la victoria os aplican.
»El rey de armas con mi guarda
»á los vencedores guían
»adonde los aguardaba
»yo y toda mi compañía.
»Luégo dieron los jueces
»sentencia definitiva,
»que por traidores infames
»de honor los inhabilitan.
»Esta sentencia fué al punto
»confirmada, y queda escrita
»para que pueda dar fe,
»sin la mía, con seis firmas:
»buen Cid, esto es lo que pasa,
»sin que falte, ni se añida,
»sin que odio ni amistad
»fagan que otra cosa escriba.
»Ved si no quedáis contento,
»y queréis que se prosiga
»contra todo su linaje
»sin dejar persona viva.
»Encomendadme á Jimena
»y abrazadme á vuesas fijas
»y decidles que de nuevo
»su causa tomo por mía.»

XCII
rguíos, no estéis postrado,
que no es justo ni razón
que esté ante mí de finojos
quien reyes afinojó.
Cubrid las canas honradas
de grande prez y valor,
y del más leal vasallo

que tuvo rey ni señor.
Quedaos á yantar conmigo,
que me faréis gran favor,
y me tendrán las viandas
d’este yantar mejor pro.
Y desque hayamos yantado,
vos quiero facer favor
de contaros de la enmienda
del tuerto de Carrión.
Mas quiero facerlo luégo:
sabed que le plugo á Dios
de guardarles sendos reyes
á Elvira y á doña Sol:
seré en las bodas padrino,
pues casamentero soy
porque para fijas vuesas
los tales padrinos son.
Álvar Fáñez de Minaya
vueso presente nos dió,
yo y nusco le recibimos
con gran talento y amor,
y por primeras mercedes
bien dignas de quien vos sois
mando que no haya cadera
en vuesa comparación,
si no fuere, cual yo, rey,
ó dignidad superior.—
Esto dijo el rey Alfonso
á ese buen Cid Campeador.

PARTE QUINTA
ÚLTIMOS AÑOS Y MUERTE DEL CID

XCIII
legó la fama del Cid
á los confines de Persia,
cuando andaba por el mundo
dando razón de quién era;
y como lo oyó el Soldán,
y supo bien la certeza
de los hechos del buen Cid,
un presente le apareja.
Cargó copia de camellos
de grana, púrpura y sedas,
oro, plata, incienso y mirra,
con otras muchas riquezas,
y con un pariente suyo,
de los de su casa y mesa,
le envía al Cid el presente
diciendo d’esta manera:
—Dirás á Rúy Díaz el Cid,
que el Soldán se le encomienda,

que de sus nuevas oir
le tengo grande querencia,
y por vida de Mahoma,
y de mi real cabeza,
que le diera mi corona
sólo por verle en mi tierra:
y que aquese dón pequeño
reciba de mi grandeza,
en señal que soy su amigo,
y lo seré hasta que muera.—
El moro tomó el camino,
y en poco llegó á Valencia,
pidiendo licencia al Cid
para hablarle en su presencia.
El Cid salió á recibirlo
antes de saltar en tierra,
y cuando lo viera el moro,
de verle delante tiembla.
Empezó á darle el recaudo,
y como á darlo no acierta
de turbado, el Cid le toma
la mano y así dijera:
—Bien venido seas, el moro,
bien venido á mi Valencia:
si tu Rey fuera cristiano,
fuera yo á verle á su tierra.—
Con estas y otras razones
á la ciudad ambos llegan,
adonde los ciudadanos
ficieron muy grande fiesta.
El Cid le mostró su casa,
á sus fijas, y á Jimena,
de que el moro está espantado
viendo tan grande riqueza.
Estúvose algunos días
el moro holgándose en ella,

hasta que se quiso ir,
y pidió para ir licencia.
En retorno del presente
que del Soldán recibiera,
otras cosas le envía el Cid,
las cuales allá no hubiera.
Despedido que fué el moro,
Rodrigo con su Jimena
se quedó y con sus dos fijas
dando á Dios gracias inmensas.

XCIV
stando en Valencia el Cid
de trabajos muy cansado,
cansado de tantas guerras
como por él han pasado,
nuevas al Cid son venidas
que le ponen en cuidado,
que el rey Búcar, fuerte moro,
sobre Valencia ha llegado.
Treinta reyes trae consigo;
valientes son, esforzados,
muchas gentes trae consigo
de á pié son, y de á caballo.
Echado estaba el buen Cid,
en la su cama acostado;
pensando estaba cuidoso
en hecho tan afamado,
suplicando á Dios del cielo
que siempre esté de su bando,
y de peligro tan grande
con honra lo saque salvo.
Cuando el Cid no se cató
un hombre vido á su lado,
el rostro resplandeciente,
cano, crespo y muy honrado,
tan blanco como la nieve,
con color muy sublimado:
díjole:—¿Duermes, Rodrigo?
Recuerda y está velando.—
Díjole el Cid:—¿Quién sois vos

que lo habedes preguntado?
—Sant Pedro llaman á mí,
príncipe del apostolado;
vengo á decirte, Rodrigo,
otro que no estás cuidando,
y es que dejes este mundo,
Dios al otro te ha llamado,
y á la vida que no há fin
do están los santos holgando.
Morirás en treinta días,
desde hoy que esto te hablo.
Dios te quiere mucho, Cid,
y esta merced te ha otorgado;
y es que después de tú muerto
venzas á Búcar en campo:
tus gentes habrán batalla
con todos los de su bando.
Esto será con la ayuda
de mi hermano Santiago,
y él verná á la batalla;
ya se lo tiene mandado.
Tú, Rodrigo Campeador,
haz enmienda á tu pecado,
porque muerto que tú seas
á la gloria seas llevado,
que Dios por amor de mí
todo aquesto ha ordenado,
porque honraste mi casa,
do Cardeña era nombrado,—
Cuando lo oyó el buen Cid,
gran placer había tomado:
saltó luégo de su cama,
de rodillas humillado,
para le besar los piés
al buen Apóstol honrado.
Dijo Sant Pedro á Rodrigo:
—Aqueso ya es excusado,
que á mí no podrás llegar,
no te trabajes en vano;

mas ten por cosa muy cierta
aquesto que te he contado.—
Esto dicho, el buen Apóstol
á los cielos se ha tornado;
Rodrigo quedó contento,
alegre con lo pasado,
dando á Dios crecidas gracias
por lo que le había otorgado.

XCV
n Valencia estaba el Cid
doliente del mal postrero,
que agravios en pechos nobles
pueden mucho más que el tiempo.
Á su cabecera tiene
religiosos y hombres buenos,
y en torno de su persona
sus amigos y sus deudos,
cuyos semblantes mirando
de dolor y cuita llenos,
con tan sesudas razones
así conhorta su duelo.
—Bien sé, mis buenos amigos,
que en tan duro apartamiento
no hay causa para alegraros,
y hay mucha para doleros;
pero mostrad mi enseñanza
contra los adversos tiempos,
que vencer á la fortuna
es más que vencer mil reinos.
Mortal me parió mi madre,
y pues pude morir luégo,
lo que el cielo dió de gracia,
non lo pidáis de derecho.
No muero en tierras ajenas,
en mis propias tierras muero,
cuanto más que siendo tierra
es propia heredad del muerto.
No siento el verme morir,

que si esta vida es destierro,
los que á la muerte guiamos
á nuestra patria volvemos.
Tan sólo llevo en el alma
que en poder de un rey vos dejo
en quien vos podrá empecer
ser míos, ó ser ya vuesos.
Que trate bien mis soldados
pues le defienden sus reinos,
y crea á piernas quebradas
más que á sabios consejeros.
Que traiga siempre en balanza
el castigo con el premio,
que la lealtad de vasallos
virtud pone, y pone miedo.
Que estime un noble leal
más que muchos falagüeños,
que de muchos homes malos
non puede facer un bueno;
y á quien menester hubiere,
nunca le faga denuestos,
ni pague servicios propios
por pareceres ajenos.
Y non fablo de agraviado,
antes le quedo debiendo,
que las sinrazones suyas
fueron mis merecimientos.—
En esto entrara Jimena,
cuyo desamparo viendo,
ellos se enjugan los ojos,
y el Cid dejó el parlamento.

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