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1.Calculate the profit and loss resulting the sale of 1000 shares
2. Calculate the balance in...
Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2011,...
Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2011, for $840,000. The subsidiary's total fair value was assessed at $1,200,000 although its book value on that date was $1,130,000. The $70,000 fair value in excess of Sabathia's book value was assigned to a patent with a 5-year remaining life. On January 1, 2013, Posada reported $1,085,000 equity method balance in the investment in Sabathia Company account. On October 1, 2013, Posada sells 1,000...
Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2011,...
Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2011, for $840,000. The subsidiary's total fair value was assessed at $1,200,000 although its book value on that date was $1,130,000. The $70,000 fair value in excess of Sabathia's book value was assigned to a patent with a 5-year remaining life. On January 1, 2013, Posada reported $1,085,000 equity method balance in the investment in Sabathia Company account. On October 1, 2013, Posada sells 1,000...
Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2011,...
Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2011, for $850,000. The subsidiary's total fair value was assessed at $1,200,000 although its book value on that date was $1,130,000. The $70,000 fair value in excess of Sabathia's book value was assigned to a patent with a 10-year remaining life. On January 1, 2013, Posada reported $1,085,000 equity method balance in the investment in Sabathia Company account. On October 1, 2013, Posada sells 1,000...
Large Ltd. purchased 80% of Small Company on January 1, Year 6, for $660,000, when the...
Large Ltd. purchased 80% of Small Company on January 1, Year 6, for $660,000, when the statement of financial position for Small showed common shares of $490,000 and retained earnings of $190,000. On that date, the inventory of Small was undervalued by $51,000, and a patent with an estimated remaining life of five years was overvalued by $76,000. Small reported the following subsequent to January 1, Year 6: Profit (Loss) Dividends Year 6 $ 116,000 $ 34,000 Year 7 (44,000...
any ideas 2nd time asking for help 1. Prepare a schedule reflecting the allocation of the...
any
ideas 2nd time asking for help
1.
Prepare a schedule reflecting the allocation of the goodwill to the
parent and the subsidiary
2. Prepare a schedule showing the balance in the investment
account on the parent's books as of December 31, 2015
3. Prepare entries to consolidate the two entities as of
December 31, 2015 if the parent used the equity method to account
for this investment
4. If Zach has used the partial equity method to account for...
1) Prepare the statement profit or loss for the year ended 31 December 2018 2)Prepare the...
1) Prepare the statement profit or loss for the year
ended 31 December 2018
2)Prepare the financial position as that date.
The following is the trial balance of DRS Trading as at 31 al balance of DRS Trading as at 31 December 2018. Credit (RM) 16,500 34,000 246,290 DRS Trading Trial Balance as at 31 December 2018 Particulars Debit (RM) Cash at bank 18,750 Account Receivable 12,840 Inventory as at 1 January 2018 26,500 Motor vehicles 45,000 Freehold premises 215,000...
Accounting
Large Ltd. purchased 70% of Small Company on January 1, Year 6, for $630,000, when the statement of financial position for Small showed common shares of $440,000 and retained earnings of $140,000. On that date, the inventory of Small was undervalued by $44,000, and a patent with an estimated remaining life of five years was overvalued by $66,000. Small reported the following subsequent to January 1, Year 6: Profit (Loss)DividendsYear 6$96,000$29,000Year 7(39,000)14,000Year 894,00044,000 A test for goodwill impairment on December 31, Year 8,...
i Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record...
i Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2019. Print Print Done Done On January 1, 2017, National Manufacturing purchased a machine for $700,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $100,000. National Manufacturing used the machine for two years and sold it on January 1, 2019, for $260,000....
ZZ, Inc. acquired 39% of Davis Company's common stock for $300,000 on January 1, 2018. During...
ZZ, Inc. acquired 39% of Davis Company's common stock for $300,000 on January 1, 2018. During 2018, Davis Company reported a net income of $180,000 and paid dividends totaling $30,000. For 2019, Davis Company earned a net income of $150,000 and paid dividends totaling $20,000. On December 31, 2019, ZZ, Inc. sold one-half of its investment in Davis Company for $208,000 cash. Calculate the balance in the investment in Davis Company account at December 31, 2018.
Problem 1: Excellsior corp. made a sale to a foreign customer on December 1, 2015 for 50,000 foreign currency units...
Problem 1: Excellsior corp. made a sale to a foreign customer on December 1, 2015 for 50,000 foreign currency units (FCU). Excellsior collected payment on January 31, 2016. The following exchange rates apply: Date 12/01/2015 12/15/2015 12/31/2015 01/31/2016 U.S. Dollar per FCU 0.50 0.52 0.48 0.52 1. What journal entry should be reported by Excellsior on the date of sale? a. Credit Sales: $50,000 b. Credit Sales: F50,000 C. Credit Sales: $25,000 d. Debit Sales: $25,000 e. None of the...
any
ideas 2nd time asking for help
1.
Prepare a schedule reflecting the allocation of the goodwill to the
parent and the subsidiary
2. Prepare a schedule showing the balance in the investment
account on the parent's books as of December 31, 2015
3. Prepare entries to consolidate the two entities as of
December 31, 2015 if the parent used the equity method to account
for this investment
4. If Zach has used the partial equity method to account for...
1) Prepare the statement profit or loss for the year
ended 31 December 2018
2)Prepare the financial position as that date.
The following is the trial balance of DRS Trading as at 31 al balance of DRS Trading as at 31 December 2018. Credit (RM) 16,500 34,000 246,290 DRS Trading Trial Balance as at 31 December 2018 Particulars Debit (RM) Cash at bank 18,750 Account Receivable 12,840 Inventory as at 1 January 2018 26,500 Motor vehicles 45,000 Freehold premises 215,000...
i Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2019. Print Print Done Done On January 1, 2017, National Manufacturing purchased a machine for $700,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $100,000. National Manufacturing used the machine for two years and sold it on January 1, 2019, for $260,000....
Problem 1: Excellsior corp. made a sale to a foreign customer on December 1, 2015 for 50,000 foreign currency units (FCU). Excellsior collected payment on January 31, 2016. The following exchange rates apply: Date 12/01/2015 12/15/2015 12/31/2015 01/31/2016 U.S. Dollar per FCU 0.50 0.52 0.48 0.52 1. What journal entry should be reported by Excellsior on the date of sale? a. Credit Sales: $50,000 b. Credit Sales: F50,000 C. Credit Sales: $25,000 d. Debit Sales: $25,000 e. None of the...
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