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PRINTER VERSION (BACK NEXT Additional Problem 3 On August 1, 2020, Larkspur Corporation purchased 20% of...
Hi can someone assist please the entries in red are wrong FULL SCREEN PRINTER VERSSON BACK...
Hi can someone assist please the entries in red are
wrong
FULL SCREEN PRINTER VERSSON BACK Additional Problem 4 Your answer is partially correct. Try again. On January 1, 2017, Pearl Corporation purchased 20% of the outstanding voting shares in wLT Corporation for $1,280,000. At the time of purchase, WLT's net assets were undervalued by $83,520 and had a remaining useful life of 12 years. Both companies had a December 31 year-end. At the end of 2017, WLT reported a...
On January 1, 2020, Culver Corporation purchased 20% of the common shares of Larkspur Company for...
On January 1, 2020, Culver Corporation purchased 20% of the
common shares of Larkspur Company for $159,000. During the year,
Larkspur earned net income of $86,000 and paid dividends of
$21,500. Prepare the entries for Culver to record the purchase and
any additional entries related to this investment in Larkspur
Company in 2020. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and...
CALCULATOR PRINTER VERSION BACK NEXT Problem - Part Level Submission) (Video) On January 1, 2020, Pharoah Corporat...
CALCULATOR PRINTER VERSION BACK NEXT Problem - Part Level Submission) (Video) On January 1, 2020, Pharoah Corporation had the following stockhok Common Stock ($26 par value, 62,000 shares issued and outstanding Paid-in Capital in Excess of Par-Common Stock 6 Retained Earnings . During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share ders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February Apr. 1 Announced a 2-for-1...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 25% of the outstanding common...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 25% of the outstanding common stock of Melody Corporation at a cost of $450,000. Melody Corporation had 400,000 shares of common stock outstanding. At the date of purchase, the book value of Melody's net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $100,000 for machinery...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 30% of the outstanding common...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 30% of the outstanding common stock of Melody Corporation at a cost of $600,000. Melody Corporation had 800,000 shares of common stock outstanding. At the date of purchase, the book value of Melody's net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $200,000 for machinery...
PRINTER VERSION BACK NEXT At December 31, 2020, the equity investments of Grouper Inc. that were...
PRINTER VERSION BACK NEXT At December 31, 2020, the equity investments of Grouper Inc. that were accounted for using the FV-OCI model without recycling were as follows: Investment Ahn Inc. Burnham Corp. Chi Ltd. Total Cost and Carrying Amount $174,200 120,700 73,300 $368,200 Unrealized Fair Value Gain (Loss) $150,300 $(23,900) 139,900 19,200 76,000 2,700 $366,200 $(2.000) Because of a change in relationship with Ahn Inc., Grouper Inc. sold its investment in Ahn for $154,800 on January 20, 2021. No other...
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and...
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $46,312. The implicit interest rate is 15%. Prepare Larkspur's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered....
Larkspur Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has...
Larkspur Corp. is a medium-sized corporation specializing in
quarrying stone for building construction. The company has long
dominated the market, at one time achieving a 70% market
penetration. During prosperous years, the company’s profits,
coupled with a conservative dividend policy, resulted in funds
available for outside investment. Over the years, Larkspur has had
a policy of investing idle cash in equity securities. In
particular, Larkspur has made periodic investments in the company’s
principal supplier, Norton Industries. Although the firm currently...
Larkspur Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has...
Larkspur Corp. is a medium-sized corporation specializing in
quarrying stone for building construction. The company has long
dominated the market, at one time achieving a 70% market
penetration. During prosperous years, the company’s profits,
coupled with a conservative dividend policy, resulted in funds
available for outside investment. Over the years, Larkspur has had
a policy of investing idle cash in equity securities. In
particular, Larkspur has made periodic investments in the company’s
principal supplier, Norton Industries. Although the firm currently...
MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 9-4 Swifty Corp, has the following...
MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 9-4 Swifty Corp, has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,570 Anderson Corp. common shares, which cost $48,650; 11,100 Munter Ltd, common shares, which cost $580,300; and 6,340 King Corp. preferred shares, which cost $255,200. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,580; Munter Ltd. $569,400; and King Corp. $254,900. In 2021, Swifty completed the...
Hi can someone assist please the entries in red are
wrong
FULL SCREEN PRINTER VERSSON BACK Additional Problem 4 Your answer is partially correct. Try again. On January 1, 2017, Pearl Corporation purchased 20% of the outstanding voting shares in wLT Corporation for $1,280,000. At the time of purchase, WLT's net assets were undervalued by $83,520 and had a remaining useful life of 12 years. Both companies had a December 31 year-end. At the end of 2017, WLT reported a...
On January 1, 2020, Culver Corporation purchased 20% of the
common shares of Larkspur Company for $159,000. During the year,
Larkspur earned net income of $86,000 and paid dividends of
$21,500. Prepare the entries for Culver to record the purchase and
any additional entries related to this investment in Larkspur
Company in 2020. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and...
CALCULATOR PRINTER VERSION BACK NEXT Problem - Part Level Submission) (Video) On January 1, 2020, Pharoah Corporation had the following stockhok Common Stock ($26 par value, 62,000 shares issued and outstanding Paid-in Capital in Excess of Par-Common Stock 6 Retained Earnings . During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share ders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February Apr. 1 Announced a 2-for-1...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 25% of the outstanding common stock of Melody Corporation at a cost of $450,000. Melody Corporation had 400,000 shares of common stock outstanding. At the date of purchase, the book value of Melody's net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $100,000 for machinery...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 30% of the outstanding common stock of Melody Corporation at a cost of $600,000. Melody Corporation had 800,000 shares of common stock outstanding. At the date of purchase, the book value of Melody's net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $200,000 for machinery...
PRINTER VERSION BACK NEXT At December 31, 2020, the equity investments of Grouper Inc. that were accounted for using the FV-OCI model without recycling were as follows: Investment Ahn Inc. Burnham Corp. Chi Ltd. Total Cost and Carrying Amount $174,200 120,700 73,300 $368,200 Unrealized Fair Value Gain (Loss) $150,300 $(23,900) 139,900 19,200 76,000 2,700 $366,200 $(2.000) Because of a change in relationship with Ahn Inc., Grouper Inc. sold its investment in Ahn for $154,800 on January 20, 2021. No other...
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $46,312. The implicit interest rate is 15%. Prepare Larkspur's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered....
Larkspur Corp. is a medium-sized corporation specializing in
quarrying stone for building construction. The company has long
dominated the market, at one time achieving a 70% market
penetration. During prosperous years, the company’s profits,
coupled with a conservative dividend policy, resulted in funds
available for outside investment. Over the years, Larkspur has had
a policy of investing idle cash in equity securities. In
particular, Larkspur has made periodic investments in the company’s
principal supplier, Norton Industries. Although the firm currently...
Larkspur Corp. is a medium-sized corporation specializing in
quarrying stone for building construction. The company has long
dominated the market, at one time achieving a 70% market
penetration. During prosperous years, the company’s profits,
coupled with a conservative dividend policy, resulted in funds
available for outside investment. Over the years, Larkspur has had
a policy of investing idle cash in equity securities. In
particular, Larkspur has made periodic investments in the company’s
principal supplier, Norton Industries. Although the firm currently...
MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 9-4 Swifty Corp, has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,570 Anderson Corp. common shares, which cost $48,650; 11,100 Munter Ltd, common shares, which cost $580,300; and 6,340 King Corp. preferred shares, which cost $255,200. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,580; Munter Ltd. $569,400; and King Corp. $254,900. In 2021, Swifty completed the...
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