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Pan purchased 80% of Spatula's common shares for $250,000 on August 1, Year 5. Pan and...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
On January 1, Year 5, Holiday Corporation purchased a 100 percent interest in the common shares of Card Ltd. for $...
On January 1, Year 5, Holiday Corporation purchased a 100 percent interest in the common shares of Card Ltd. for $270,000. At this date, Card Ltd.'s balance sheet included the following: Assets Current liabilities Deferred tax liability Common shares Retained earnings Carrying Fair amount value Tax base $ 560,000 $ 600,000 $375,000 $360,000 $ 360,000 $360,000 $ 74,000 $ $ 50,000 $ $ 72,000 $ Assume that Holiday has a deferred tax liability of $98,000 on its January 1, Year...
$5 Par Common $10 Par Preferred Additional paid-in capital $2,250,000 $50,000 Shares: Authorized 750,000 40,000 Issued...
$5 Par Common $10 Par Preferred Additional paid-in capital $2,250,000 $50,000 Shares: Authorized 750,000 40,000 Issued 300,000 8,000 Outstanding 250,000 8,000 Retained earnings is $1,837,000, and the cost of treasury shares is $1,200,000. Required: Prepare the stockholders' equity portion of Renee's balance sheet. Accounts, Labels and Amount Descriptions Accounts Common stock Common stock, $5 par, 750,000 shares authorized, 300,000 shares issued, and 250,000 shares outstanding Preferred stock Preferred stock, $10 par, 40,000 shares authorized, 8,000 shares issued and outstanding Retained...
RR Company purchased 12,000 common shares of SS Inc. on January 1, Year 1 for $198,000....
RR Company purchased 12,000 common shares of SS Inc. on January 1, Year 1 for $198,000. SS inc. had 80,000 common shares outstanding. The following information relates to SS Inc. Net Income (loss) S300,000 S(180,000) Dividends paid $75,000 $40,000 Market value/share at December 31 Year 1 Year 2 $17.25 $18.30 On January 1, Year 3, RR sold Investment in SS Inc. shares for $20 per share. i) Prepare the journal entries for years 1, 2 and on January 1, year...
Consolidated Statement of Cash Flows Puesto Products purchased 80 percent of the outstanding common shares of...
Consolidated Statement of Cash Flows Puesto Products purchased 80 percent of the outstanding common shares of Schicken Foods on January 1, 20x1. The balance sheets for both companies as of December 31, 20x0 (i.e., immediately prior to the acquisition) are displayed in Exhibit 1. Details of the acquisition are as follows: • • Puesto paid $40,000 in cash plus common stock valued at $120,000 to the selling shareholders of Schicken. The fair value of the non-controlling interest is estimated to...
On January 1, Year 4, Grant Corporation bought 28,000 (80%) of the outstanding common shares of...
On January 1, Year 4, Grant Corporation bought 28,000 (80%) of the outstanding common shares of Lee Company for $245,000 cash. Lee’s shares were trading for $7 per share on the date of acquisition. On that date, Lee had $87,500 of common shares outstanding and $105,000 retained earnings. Also on that date, the carrying amount of each of Lee’s identifiable assets and liabilities was equal to its fair value except for the following: Carrying Amount Fair Value Inventory $ 175,000...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $10 par common stock and 65,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc: 1. Issued 22,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 57,000...
Is this none of the above? Vader Company purchased 100 percent of the common shares of...
Is this none of the above?
Vader Company purchased 100 percent of the common shares of Skywalker Company by issuing shares of common stock valued at $900,000. Selected accounts from Vader's balance sheet at the date of combination are as follows: Inventory $700,000 Building and Equipment (net) 1,400,000 Common Stock 840,000 Retained Earnings 2,000,000 Selected accounts from the balance sheet of Skywalker at acquisition are as follows: Inventory $200,000 Building and Equipment (net) 900,000 450,000 Common Stock Additional Paid-In Capital...
b lem 2-10 (LO 3, 4, 5, 6, 7) 80% purchase goodwill worksheet. Use the rion...
b lem 2-10 (LO 3, 4, 5, 6, 7) 80% purchase goodwill worksheet. Use the rion for Palto's purchase of Salcen common stock Assume Palto purchase information for Palto's purchase of Sa mmon stock for $400,000 cash. The shares of the non controlling, inter $ each. Palto has the following balance sheet immediately after the p worksheet. Use the preceding ne Palto purchases 80% of the oncontrolling interest have a fair diately after the purchase: value of $46 each. Palto...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
On January 1, Year 5, Holiday Corporation purchased a 100 percent interest in the common shares of Card Ltd. for $270,000. At this date, Card Ltd.'s balance sheet included the following: Assets Current liabilities Deferred tax liability Common shares Retained earnings Carrying Fair amount value Tax base $ 560,000 $ 600,000 $375,000 $360,000 $ 360,000 $360,000 $ 74,000 $ $ 50,000 $ $ 72,000 $ Assume that Holiday has a deferred tax liability of $98,000 on its January 1, Year...
$5 Par Common $10 Par Preferred Additional paid-in capital $2,250,000 $50,000 Shares: Authorized 750,000 40,000 Issued 300,000 8,000 Outstanding 250,000 8,000 Retained earnings is $1,837,000, and the cost of treasury shares is $1,200,000. Required: Prepare the stockholders' equity portion of Renee's balance sheet. Accounts, Labels and Amount Descriptions Accounts Common stock Common stock, $5 par, 750,000 shares authorized, 300,000 shares issued, and 250,000 shares outstanding Preferred stock Preferred stock, $10 par, 40,000 shares authorized, 8,000 shares issued and outstanding Retained...
RR Company purchased 12,000 common shares of SS Inc. on January 1, Year 1 for $198,000. SS inc. had 80,000 common shares outstanding. The following information relates to SS Inc. Net Income (loss) S300,000 S(180,000) Dividends paid $75,000 $40,000 Market value/share at December 31 Year 1 Year 2 $17.25 $18.30 On January 1, Year 3, RR sold Investment in SS Inc. shares for $20 per share. i) Prepare the journal entries for years 1, 2 and on January 1, year...
Consolidated Statement of Cash Flows Puesto Products purchased 80 percent of the outstanding common shares of Schicken Foods on January 1, 20x1. The balance sheets for both companies as of December 31, 20x0 (i.e., immediately prior to the acquisition) are displayed in Exhibit 1. Details of the acquisition are as follows: • • Puesto paid $40,000 in cash plus common stock valued at $120,000 to the selling shareholders of Schicken. The fair value of the non-controlling interest is estimated to...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $10 par common stock and 65,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc: 1. Issued 22,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 57,000...
Is this none of the above?
Vader Company purchased 100 percent of the common shares of Skywalker Company by issuing shares of common stock valued at $900,000. Selected accounts from Vader's balance sheet at the date of combination are as follows: Inventory $700,000 Building and Equipment (net) 1,400,000 Common Stock 840,000 Retained Earnings 2,000,000 Selected accounts from the balance sheet of Skywalker at acquisition are as follows: Inventory $200,000 Building and Equipment (net) 900,000 450,000 Common Stock Additional Paid-In Capital...
b lem 2-10 (LO 3, 4, 5, 6, 7) 80% purchase goodwill worksheet. Use the rion for Palto's purchase of Salcen common stock Assume Palto purchase information for Palto's purchase of Sa mmon stock for $400,000 cash. The shares of the non controlling, inter $ each. Palto has the following balance sheet immediately after the p worksheet. Use the preceding ne Palto purchases 80% of the oncontrolling interest have a fair diately after the purchase: value of $46 each. Palto...
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