Homework Answers
![Egity Frvesnunt Hle Car on 3112. 2021 Jul Pachewlod pahiwloy To Balonee blel Lep Bal. ] 3ro000 Sy Cesh 1Bonk ste 8000 [0000r[](http://img.homeworklib.com/questions/3a918870-6e84-11ea-be9f-83c6561e2477.png?x-oss-process=image/resize,w_560)
Add Answer to:
3. Potter, Inc., acquires 10% of Weasley Corporation on January 1, 2020, for $300,000. During 2020,...
Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter...
Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter reported net income of $180,000 and paid total dividends of $40,000. At the year end of 2020, the market value of this 15% investment indicates the value of $68,000. On January 1, 2021, Rogers purchased an additional 30% of Procter for $310,000. During 2021, Procter reported net income of $300,000 and paid dividends of $40,000. a. Prepare the January 1, 2021 entry to adjust...
Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter...
Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter reported net income of $180,000 and paid total dividends of $40,000. At the year end of 2020, the market value of this 15% investment indicates the value of $68,000. On January 1, 2021, Rogers purchased an additional 30% of Procter for $310,000. During 2021, Procter reported net income of $300,000 and paid dividends of $40,000. a. Prepare the January 1, 2021 entry to adjust...
2. On January 1, 2020, Allan acquires 9 percent of Bellevue's outstanding common stock for $40,000....
2. On January 1, 2020, Allan acquires 9 percent of Bellevue's outstanding common stock for $40,000. Allan classifies the investment as an available-for-sale security and records any unrealized holding gains or losses directly in owners' equity. On January 1, 2021, Allan buys an additional 13 percent of Bellevue for $54,600, providing Allan the ability to significantly influence Bellevue's decisions. During the next two years, the following information is available for Bellevue: Income Dividends Common stock fair value (12/31) 2020 2021...
On January 1, 2020, Allan acquires 8 percent of Bellevue’s outstanding common stock for $41,110. Allan...
On January 1, 2020, Allan acquires 8 percent of Bellevue’s outstanding common stock for $41,110. Allan classifies the investment as an available-for-sale security and records any unrealized holding gains or losses directly in owners’ equity. On January 1, 2021, Allan buys an additional 13 percent of Bellevue for $54,560, providing Allan the ability to significantly influence Bellevue’s decisions. During the next two years, the following information is available for Bellevue: Income Dividends Common stock fair value (12/31) 2020 $70,000 $30,000...
Anderson acquires 11 percent of the outstanding voting shares of Barringer on January 1, 2019, for...
Anderson acquires 11 percent of the outstanding voting shares of Barringer on January 1, 2019, for $109,000 and categorizes the investment as an available-for-sale security. An additional 20 percent of the stock is purchased on January 1, 2020, for $220,000, which gives Anderson the ability to significantly influence Barringer. Barringer has a book value of $900,000 at January 1, 2019, and records net income of $140,000 for that year. Barringer paid dividends of $60,000 during 2019. The book values of...
Comet, Inc. acquires 15% of Flash Co. on January 1, 2017 for $147,000 when the book...
Comet, Inc. acquires 15% of Flash Co. on January 1, 2017 for $147,000 when the book value of Flash was $800,000. During 2017, Flash reported net income of $320,000 and paid dividends of $50,000. On January 1, 2018, Comet purchased an additional 25% of Flash for $287,500, achieving the ability to exert significant influence over Flash. Any excess cost was attributable to an undervalued patent with a 5-year remaining life for the first purchase and a 4-year life for the...
Adams, Inc., acquires Clay Corporation on January 1, 2020, in exchange for $510,000 cash. Immediately after...
Adams, Inc., acquires Clay Corporation on January 1, 2020, in
exchange for $510,000 cash. Immediately after the acquisition, the
two companies have the following account balances. Clay’s equipment
(with a five-year remaining life) is actually worth $440,000.
Credit balances are indicated by parentheses.
Adams
Clay
Current assets
$
300,000
$
220,000
Investment in Clay
510,000
0
Equipment
600,000
390,000
Liabilities
(200,000)
(160,000)
Common stock
(350,000)
(150,000)
Retained earnings, 1/1/20
(860,000)
(300,000)
In 2020, Clay earns a net income of $55,000...
Required information SB On January 1, 20X8, Potter Corporation acquired... On January 1, 20X8, Potter Corporation...
Required information SB On January 1, 20X8, Potter Corporation acquired... On January 1, 20X8, Potter Corporation acquired 90 percent of Shoemaker Company’s voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Shoemaker at that date. Potter uses the fully adjusted equity method in accounting for its ownership of Shoemaker. On December 31, 20X9, the trial balances of the two companies are as follows: Potter Company Shoemaker...
Answers given. Can you explain why, with formulas. 1) On January 2, 2020, Maddison Company purchased...
Answers given. Can you explain why, with formulas. 1) On January 2, 2020, Maddison Company purchased 35% of the outstanding common stock of Ellinger, Inc. and subsequently used the equity method to account for the investment. During 2020 Ellinger, Inc. reported net income of $400,000 and distributed dividends of $100,000. The ending balance in the Investment in Ellinger, Inc. account at December 31, 2020 was $500,000 after applying the equity method during 2020. What was the purchase price Maddison paid...
Adams, Inc., acquires Clay Corporation on January 1, 2020, in exchange for $476,100 cash. Immediately after...
Adams, Inc., acquires Clay Corporation on January 1, 2020, in exchange for $476,100 cash. Immediately after the acquisition, the two companies have the following account balances. Clay’s equipment (with a five-year remaining life) is actually worth $459,300. Credit balances are indicated by parentheses. Adams Clay Current assets $ 460,000 $ 226,000 Investment in Clay 476,100 0 Equipment 651,300 408,000 Liabilities (270,000 ) (220,000 ) Common stock (350,000 ) (150,000 ) Retained earnings, 1/1/20 (967,400 ) (264,000 ) In 2020, Clay...
Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter reported net income of $180,000 and paid total dividends of $40,000. At the year end of 2020, the market value of this 15% investment indicates the value of $68,000. On January 1, 2021, Rogers purchased an additional 30% of Procter for $310,000. During 2021, Procter reported net income of $300,000 and paid dividends of $40,000. a. Prepare the January 1, 2021 entry to adjust...
2. On January 1, 2020, Allan acquires 9 percent of Bellevue's outstanding common stock for $40,000. Allan classifies the investment as an available-for-sale security and records any unrealized holding gains or losses directly in owners' equity. On January 1, 2021, Allan buys an additional 13 percent of Bellevue for $54,600, providing Allan the ability to significantly influence Bellevue's decisions. During the next two years, the following information is available for Bellevue: Income Dividends Common stock fair value (12/31) 2020 2021...
Anderson acquires 11 percent of the outstanding voting shares of Barringer on January 1, 2019, for $109,000 and categorizes the investment as an available-for-sale security. An additional 20 percent of the stock is purchased on January 1, 2020, for $220,000, which gives Anderson the ability to significantly influence Barringer. Barringer has a book value of $900,000 at January 1, 2019, and records net income of $140,000 for that year. Barringer paid dividends of $60,000 during 2019. The book values of...
Comet, Inc. acquires 15% of Flash Co. on January 1, 2017 for $147,000 when the book value of Flash was $800,000. During 2017, Flash reported net income of $320,000 and paid dividends of $50,000. On January 1, 2018, Comet purchased an additional 25% of Flash for $287,500, achieving the ability to exert significant influence over Flash. Any excess cost was attributable to an undervalued patent with a 5-year remaining life for the first purchase and a 4-year life for the...
Adams, Inc., acquires Clay Corporation on January 1, 2020, in
exchange for $510,000 cash. Immediately after the acquisition, the
two companies have the following account balances. Clay’s equipment
(with a five-year remaining life) is actually worth $440,000.
Credit balances are indicated by parentheses.
Adams
Clay
Current assets
$
300,000
$
220,000
Investment in Clay
510,000
0
Equipment
600,000
390,000
Liabilities
(200,000)
(160,000)
Common stock
(350,000)
(150,000)
Retained earnings, 1/1/20
(860,000)
(300,000)
In 2020, Clay earns a net income of $55,000...
Most questions answered within 3 hours.
-
1.How large must the coefficient of static friction be between
the tires and the road if...
asked 9 minutes ago -
What is the time complexity (Big-O) of the following code?
class Main
{
// Recursive...
asked 8 minutes ago -
Economists look at any situation in terms of its component
parts: the people making decisions, the...
asked 14 minutes ago -
What is a population?
Select one:
a. All of the individual organisms belonging to the same...
asked 18 minutes ago -
You have a yeast cell culture with a concentration of 5x10^4
cells/ml. If you dilute this...
asked 23 minutes ago -
In which direction the Reaction goes? Show detailed process.
SeO3 + 2ClO2. + 2H3O <---> Se...
asked 36 minutes ago -
Unexposed silver halides are removed from photographic film when
they react with sodium thiosulfate
(Na2S2O3, called...
asked 36 minutes ago -
A 0.3054 gram sample of the mineral chalcopyrite (CuFeS2)
yielded 0.6525 gram BaSO4 precipitate. What is...
asked 36 minutes ago -
An short-seller in Tesla is worried the latest management
earnings forecast is too aggressive and the...
asked 1 hour ago -
Question 3 (1 point)
Fill in the blank. Speed Car Rental company found that the tire...
asked 1 hour ago -
1. A copper wire is 26.61 cm long and weighs 1.265 g. The
density of copper...
asked 1 hour ago -
Remember that a concept sketch consists of a sketch (or
series of sketches), labels, and complete...
asked 1 hour ago