Homework Answers
Answer:- $1,120,000
Explanation:-
|
Carrying value before net loss: ($1,900,000 - (20% × $3,000,000)) = $1,300,000 |
|
Jack's share of net loss would be recognized in full: 20% × $5,600,000 = $1,120,000 |
Add Answer to:
Jack Corporation purchased a 20% Interest in Jul Corporation for $1.900 000 on January 1, 2021....
Jack Corporation purchased a 21% interest in Jill Corporation for $1,860,000 on January 1, 2021. Jack...
Jack Corporation purchased a 21% interest in Jill Corporation for $1,860,000 on January 1, 2021. Jack can significantly influence Jill. On December 10, 2021, Jill declared and paid $1.1 million in dividends. Jill reported a net loss of $7.5 million for the year. What amount of loss should Jack report in its income statement for 2021 relative to its investment in Jill? 1. $1,860,000. 2.$1,575,000. 3.$1,100,000. 4.$1,744,500.
6. Jack Corporation purchased a 20% interest in Jill Corporation for $1,500,000 on January 1, 2018....
6. Jack Corporation purchased a 20% interest in Jill Corporation for $1,500,000 on January 1, 2018. Jack can significantly influence Jill. On December 10, 2018, Jill declared and paid SI million in dividends. Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2018 relative to its investment in Jill? A) $1,000,000 B) $1,200,000. C) $1,400,000. D) $1,500,000
Use the following to answer questions 9 through 11: On January 1, 2021, John Paul Jones...
Use the following to answer questions 9 through 11: On January 1, 2021, John Paul Jones Corp. purchased 30% of Sky Tech Inc. for $45 million. This acquisition gave John Paul Jones significant influence over Sky Tech. At the date of acquisition, the bookvalue of Sky Tech's net assets was $75 million and their fair value was $90 million. The difference was attributed to the fair value of equipment exceeding book value, and the remaining useful life of this equipment...
points Save Answe Assume that on January 1, 2021. Matsul Co. paid $1.296,000 for its investment...
points Save Answe Assume that on January 1, 2021. Matsul Co. paid $1.296,000 for its investment in 48,000 shares of Yankee Inc. Further, assume that Yankee has 240.000 total shares of stock Issued. The book value and fair value of Yankee's identifiable net assets were both $480,000 at January 1 2021. The following information pertains to Yankee during 2021 Net Income 240 000 Dividends declared and paid $ 72,000 Market price of common stock on 12/31/2021 29 share What amount...
Wildhorse Corporation purchased 22,000 shares of common stock, a 22% interest, of the Sherman Corporation for...
Wildhorse Corporation purchased 22,000 shares of common stock, a 22% interest, of the Sherman Corporation for $37 per share on January 1, 2020, spending a total of $814,000 on the investment. The investment enabled Wildhorse to exert significant influence over Sherman. Sherman Corporation had 100,000 shares of common stock outstanding during 2021, paid cash dividends of $147,000 during 2021, and reported net income of $470,000 for 2021. The balance in Wildhorse Corporation's "Equity Investments" account for 2021 should be: Hint:...
On January 1, 2021, American Corporation purchased 30% of the outstanding voting shares of Short Supplies...
On January 1, 2021, American Corporation purchased 30% of the outstanding voting shares of Short Supplies common stock for $267.000 cash. On that date, Short's book value and fair value were both $890,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2021, was $85,000. During 2021, Short also paid cash dividends in the amount of $26.500. Required: Compute the amount that would be reported for the investment on American Corporation's financial statements...
On January 1, 2021, Pine Company owns 40 percent (128,000 shares) of Seacrest, Inc., which it...
On January 1, 2021, Pine Company owns 40 percent (128,000 shares) of Seacrest, Inc., which it purchased several years ago for $665,600. Since the date of acquisition, the equity method has been properly applied, and the carrying amount of the investment account as of January 1, 2021, is $876,800. Excess patent cost amortization of $38,400 is still being recognized each year. During 2021, Seacrest reports net income of $870,000 and a $384,000 other comprehensive loss, both incurred uniformly throughout the...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20%
of the outstanding common stock of Lake Construction Company for
$240 million cash, giving Cameron the ability to exercise
significant influence over Lake’s operations. At the date of
acquisition of the stock, Lake's net assets had a fair value of
$600 million. Its book value was $500 million. The difference was
attributable to the fair value of Lake's buildings and its land
exceeding book value, each accounting for one-half of the
difference....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference....
6. Jack Corporation purchased a 20% interest in Jill Corporation for $1,500,000 on January 1, 2018. Jack can significantly influence Jill. On December 10, 2018, Jill declared and paid SI million in dividends. Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2018 relative to its investment in Jill? A) $1,000,000 B) $1,200,000. C) $1,400,000. D) $1,500,000
points Save Answe Assume that on January 1, 2021. Matsul Co. paid $1.296,000 for its investment in 48,000 shares of Yankee Inc. Further, assume that Yankee has 240.000 total shares of stock Issued. The book value and fair value of Yankee's identifiable net assets were both $480,000 at January 1 2021. The following information pertains to Yankee during 2021 Net Income 240 000 Dividends declared and paid $ 72,000 Market price of common stock on 12/31/2021 29 share What amount...
On January 1, 2021, American Corporation purchased 30% of the outstanding voting shares of Short Supplies common stock for $267.000 cash. On that date, Short's book value and fair value were both $890,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2021, was $85,000. During 2021, Short also paid cash dividends in the amount of $26.500. Required: Compute the amount that would be reported for the investment on American Corporation's financial statements...
On January 1, 2021, Pine Company owns 40 percent (128,000 shares) of Seacrest, Inc., which it purchased several years ago for $665,600. Since the date of acquisition, the equity method has been properly applied, and the carrying amount of the investment account as of January 1, 2021, is $876,800. Excess patent cost amortization of $38,400 is still being recognized each year. During 2021, Seacrest reports net income of $870,000 and a $384,000 other comprehensive loss, both incurred uniformly throughout the...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference....
On January 1, 2021, Cameron Inc. bought 20%
of the outstanding common stock of Lake Construction Company for
$240 million cash, giving Cameron the ability to exercise
significant influence over Lake’s operations. At the date of
acquisition of the stock, Lake's net assets had a fair value of
$600 million. Its book value was $500 million. The difference was
attributable to the fair value of Lake's buildings and its land
exceeding book value, each accounting for one-half of the
difference....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference....
Most questions answered within 3 hours.
-
a radio station transmits at 78.1 mhz. a hz is an inverse
second. how far apart...
asked 1 minute from now -
Write the equilibrium expression for the dissociation in
water for CH5N, C2H5O2COOH, H3AsO4, KClO2, HC2H2ClO2.
asked 4 minutes ago -
In risk management, insurance is an example of:
Select one:
a. Risk avoidance
b. Risk deflection...
asked 5 minutes ago -
Wildhorse Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis....
asked 40 minutes ago -
3. (10 pts) You grow a corn crop that yields 150 bushels ac-1,
with the following...
asked 28 minutes ago -
7. The term Six Sigma refers to:
Select one:
a. The control limits established in a...
asked 38 minutes ago -
For the following reaction: A(g) + 2 B(g) ⇌ 2 C(g) Calculate the
equilibrium constant K...
asked 40 minutes ago -
Which of the following best describes tidal volume? options:
1.The amount of oxygen in the air...
asked 57 minutes ago -
1. Smaller cost distortions occur when the traditional systems'
single indirect-cost rate and the activity-cost-driver rates:...
asked 1 hour ago -
Using either a FMECA approach or some other appropriate RCA
tool, identify five risk treatment actions...
asked 1 hour ago -
If for a test the P-value is between 0.0025 and 0.005, what
conclusion can you draw?...
asked 1 hour ago -
Using Python. Write a function clean2(aList) that takes a list
of integers aList as argument, and...
asked 1 hour ago