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It will be reported as gain on sale of shares since the company has sold the shares held as investment
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Problem 1-21 (LO 1-1, 1-2,1-3,1-4,1-5a) On January 1, 2016, Halstead, Inc., purchased 81,000 shares of Sedgwick...
Help Problem 1-21 (LO 1-1, 1-2,1-3,1-4,1-5a) On January 1, 2016, Halstead, Inc, purchased 76,000 shares of...
Help Problem 1-21 (LO 1-1, 1-2,1-3,1-4,1-5a) On January 1, 2016, Halstead, Inc, purchased 76,000 shares of Sedgwick Company common stock for $1,527000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acq attributed solely to goodwill uired was Sedgwick reports net Income and dividends as fllows. These amounts are assumed to have occurred evenly throug Dividends are declared and paid in the same period. nd dividends as follows....
On January 1, 2016, Halstead, Inc., purchased 84,000 shares of Sedgwick Company common stock for $1,499,000,...
On January 1, 2016, Halstead, Inc., purchased 84,000 shares of Sedgwick Company common stock for $1,499,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. Annual Cash Dividends (pai quarterly) $122,ee8 128,000 167,000 Net...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,452,000,...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,452,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. 2016 2017 2018 Net Income $386,000 496,000 600,000 Annual...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,402.000.giving...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,402.000.giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. 2016 2017 2018 Net Income $400,000 425,000 594,000 Annual Cash...
3 On January 1, 2016, Halstead, Inc., purchased 69,000 shares of Sedgwick Company common stock for...
3 On January 1, 2016, Halstead, Inc., purchased 69,000 shares of Sedgwick Company common stock for $1,456,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period 0.5 points Net Income $392,000 443,000 605,000 Annual...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk Trail, Inc., for $4,400,000 in cash. Both companies provide commercial Internet support services but serve markets in different industries. Ridae Road made the investment to gain access to Sauk Trail's board of directors and thus facilitate future cooperative agreements between the two firms. Ridge Road quickly obtained several seats on Sauk Trail's board which gave it the ability to significantly influence Sauk Trail's operating...
1. On January 1, 2019, Monroe, Inc., purchased 12,000 shares of Brown Company for $250,000, giving...
1. On January 1, 2019, Monroe, Inc., purchased 12,000 shares of Brown Company for $250,000, giving Monroe 10 percent ownership of Brown. On January 1, 2020, Monroe purchased an additional 18,000 shares for $590,000. This latest purchase gave Monroe the ability to apply significant influence over Brown. The original 10 percent investment was categorized as an available for sale security. Any excess of cost over book value acquired for either investment was attributed solely to goodwill. These amounts are assumed...
On January 1, 2019, Monroe, Inc., purchased 15,600 shares of Brown Company for $270,000, giving Monroe...
On January 1, 2019, Monroe, Inc., purchased 15,600 shares of Brown Company for $270,000, giving Monroe 13 percent ownership of Brown. On January 1, 2020, Monroe purchased an additional 19,200 shares for $590,210. This latest purchase gave Monroe the ability to apply significant influence over Brown. The original 13 percent investment was categorized as an available for-sale security. Any excess of cost over book value acquired for either investment was attributed solely to goodwill. Brown reports net income and dividends...
QUESTION 21 On January 3, 2018, Jacob Company purchased 25% of the 100,000 shares of common...
QUESTION 21 On January 3, 2018, Jacob Company purchased 25% of the 100,000 shares of common stock of Matthew Corporation, paying $1,700,000. There was no goodwill or other cost allocation associated with the investment. Jacob has significant influence over Matthew. During 2018, Matthew reported net income of $600,000 and paid $200,000 in dividends. On January 4, 2019. Jacob sold 11,250 shares for $800,000 What is the gain/loss on the sale of the 11,250 shares? $10,000 gain $15,000 loss $12,000 loss,...
On January 1, 2017, Mehan, Incorporated purchased 15,000 shares of Cook Company for $150,000 giving Mehan...
On January 1, 2017, Mehan, Incorporated purchased 15,000 shares of Cook Company for $150,000 giving Mehan a 15% ownership of Cook. The fair value of the 15% investment is the same value as indicated from the transaction when, on January 1, 2018, Mehan purchased an additional 25,000 shares (25%) of Cook for $300,000. This last purchase gave Mehan the ability to apply significant influence over Cook. The book value of Cook on January 1, 2017 was $1,000,000. The book value...
Help Problem 1-21 (LO 1-1, 1-2,1-3,1-4,1-5a) On January 1, 2016, Halstead, Inc, purchased 76,000 shares of Sedgwick Company common stock for $1,527000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acq attributed solely to goodwill uired was Sedgwick reports net Income and dividends as fllows. These amounts are assumed to have occurred evenly throug Dividends are declared and paid in the same period. nd dividends as follows....
On January 1, 2016, Halstead, Inc., purchased 84,000 shares of Sedgwick Company common stock for $1,499,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. Annual Cash Dividends (pai quarterly) $122,ee8 128,000 167,000 Net...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,452,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. 2016 2017 2018 Net Income $386,000 496,000 600,000 Annual...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,402.000.giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. 2016 2017 2018 Net Income $400,000 425,000 594,000 Annual Cash...
3 On January 1, 2016, Halstead, Inc., purchased 69,000 shares of Sedgwick Company common stock for $1,456,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period 0.5 points Net Income $392,000 443,000 605,000 Annual...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk Trail, Inc., for $4,400,000 in cash. Both companies provide commercial Internet support services but serve markets in different industries. Ridae Road made the investment to gain access to Sauk Trail's board of directors and thus facilitate future cooperative agreements between the two firms. Ridge Road quickly obtained several seats on Sauk Trail's board which gave it the ability to significantly influence Sauk Trail's operating...
1. On January 1, 2019, Monroe, Inc., purchased 12,000 shares of Brown Company for $250,000, giving Monroe 10 percent ownership of Brown. On January 1, 2020, Monroe purchased an additional 18,000 shares for $590,000. This latest purchase gave Monroe the ability to apply significant influence over Brown. The original 10 percent investment was categorized as an available for sale security. Any excess of cost over book value acquired for either investment was attributed solely to goodwill. These amounts are assumed...
QUESTION 21 On January 3, 2018, Jacob Company purchased 25% of the 100,000 shares of common stock of Matthew Corporation, paying $1,700,000. There was no goodwill or other cost allocation associated with the investment. Jacob has significant influence over Matthew. During 2018, Matthew reported net income of $600,000 and paid $200,000 in dividends. On January 4, 2019. Jacob sold 11,250 shares for $800,000 What is the gain/loss on the sale of the 11,250 shares? $10,000 gain $15,000 loss $12,000 loss,...
On January 1, 2017, Mehan, Incorporated purchased 15,000 shares of Cook Company for $150,000 giving Mehan a 15% ownership of Cook. The fair value of the 15% investment is the same value as indicated from the transaction when, on January 1, 2018, Mehan purchased an additional 25,000 shares (25%) of Cook for $300,000. This last purchase gave Mehan the ability to apply significant influence over Cook. The book value of Cook on January 1, 2017 was $1,000,000. The book value...
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