Albuquerque, Inc., acquired 36,000 shares of Marmon Company several years ago for $720,000. At the acquisition...
Albuquerque, Inc., acquired 24,000 shares of Marmon Company several years ago for $700,000. At the acquisition date, Marmon reported a book value of $810,000, and Albuquerque assessed the fair value of the noncontrolling interest at $175,000. Any excess of acquisition-date fair value over book value was assigned to broadcast licenses with indefinite lives. Since the acquisition date and until this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. At the present time,...
Albuquerque, Inc., acquired 18,000 shares of Marmon Company several years ago for $800,000. At the acquisition date, Marmon reported a book value of $840,000, and Albuquerque assessed the fair value of the noncontrolling interest at $70,000. Any excess of acquisition-date fair value over book value was assigned to broadcast licenses with indefinite lives. Since the acquisition date and until this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. At the present time,...
Albuquerque, Inc., acquired 27,000 shares of Marmon Company several years ago for $900,000. At the acquisition date, Marmon reported a book value of $980,000, and Albuquerque assessed the fair value of the noncontrolling interest at $100,000. Any excess of acquisition date fair value over book value was assigned to broadcast licenses with indefinite lives. Since the acquisition date and until this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. At the present...
Albuquerque, Inc., acquired 24,000 shares of Marmon Company several years ago for $820,000. At the acquisition date, Marmon reported a book value of $910,000, and Albuquerque assessed the fair value of the noncontrolling interest at $205,000. Any excess of acquisition-date fair value over book value was assigned to broadcast licenses with indefinite lives. Since the acquisition date and until this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. At the present time,...
Albuquerque, Inc., acquired 24,000 shares of Marmon Company several years ago for $810,000. At the acquisition date, Marmon reported a book value of $880,000, and Albuquerque assessed the fair value of the noncontrolling interest at $270,000. Any excess of acquisition-date fair value over book value was assigned to broadcast licenses with indefinite lives. Since the acquisition date and until this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. At the present time,...
Albuquerque, Inc., acquired 24,000 shares of Marmon Company several years ago for $820,000. At the acquisition date, Marmon reported a book value of $910,000, and Albuquerque assessed the fair value of the noncontrolling interest at $205,000. Any excess of acquisition-date fair value over book value was assigned to broadcast licenses with indefinite lives. Since the acquisition date and until this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. At the present time,...
A. Record the entry to recognize the impact of selling of 8,000 shares. B. Record the entry to recognize the impact of selling of 5,000 shares. Albuquerque, Inc., acquired 36,000 shares of Marmon Company several years ago for $900,000. At the acquisition date, Marmon reported a book value of $980,000, and Albuquerque assessed the fair value of the noncontrolling interest at $100,000. Any excess of acquisition date fair value over book value was assigned to broadcast licenses with indefinite lives....
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195,000 and appropriately accounted for the investment using the fair-value method On January 1, 2021, Milani purchased an additional 30 percent of Seida for $641000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2,080,000 in total. Seida's January 1, 2021, book value equaled $1.930,000, although land was undervalued by $130,000. Any additional excess fair value over Selda's...
Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,560,000 in cash. The book values and fair values of Pioneer's assets and liabilities were: Fair Value $710,000 $ 610,000 4,060,000 4,760,000 190,000 (790,000)(790,000) Book Value Accounts Receivable Buildings Equipment Accounts Payable 100,000 Net assets $4,080,000 4,770,000 Required: 1. Calculate the amount Northern Equipment should report for goodwill Goodwill $1,000 View transaction list Journal entry worksheet Record the acquisition of Pioneer Equipment Rental. Note: Enter debits...
Hendrie Inc. acquired the listed assets and liabilities of Smith Corp. for $2,200,000 cash on 1 January. The book values and fair values of the assets of Smith as of the date of acquisition were: Accounts receivable Inventory Property, plant, and equipment Land Book Value $ 245 000 320,000 490,000 295.000 Fair Value $ 245,000 540.000 740,000 590.000 In addition, Smith Corp. had liabilities totalling $510,000 at the date of acquisition and a customer list estimated to have a fair...