On January 1, 2017, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $528,000 consideration. At the acquisition date, the fair value of the 40 percent noncontrolling interest was $352,000 and Rockne's assets and liabilities had a collective net fair value of $880,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $330,000 in 2018. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $390,000 in 2017 and $490,000 in 2018. Approximately 35 percent of the inventory purchased during any one year is not used until the following year.
On January 1, 2017, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne...
On January 1, 2017, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $564,000 consideration. At the acquisition date, the fair value of the 40 percent noncontrolling interest was $376,000 and Rockne's assets and liabilities had a collective net fair value of $940,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $360,000 in 2018. Since being acquired, Rockne has regularly supplied inventory...
On January 1, 2017, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $588,000 consideration. At the acquisition date, the fair value of the 30 percent noncontrolling interest was $252,000 and Rockne's assets and liabilities had a collective net fair value of $840,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $310,000 in 2018. Since being acquired, Rockne has regularly supplied inventory...
On January 1, 2017, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $640,000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $160,000 and Rockne's assets and abilities had a collective net fair value of $800,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $290,000 in 2018. Since being acquired, Rockne has regularly supplied inventory...
On January 1, 2017, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $462.000 consideration. At the acquisition date, the fair value of the 30 percent noncontrolling interest was $198.000 and Rockne's assets and liabilities had a collective net fair value of $660,000. Doone uses the equity method in its internal records to account for its investment in Rockne, Rockne reports net income of $220,000 in 2018. Since being acquired, Rockne has regularly supplied inventory...
On January 1, 2014, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $588,000 consideration. At the acquisition date, the fair value of the 30 percent noncontrolling interest was $252,000 and Rockne’s assets and liabilities had a collective net fair value of $840,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $310,000 in 2015. Since being acquired, Rockne has regularly supplied inventory...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $428,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $585,000 and the fair value of the 20 percent noncontrolling interest was $107,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $612,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $765,000 and the fair value of the 20 percent noncontrolling interest was $153,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $476,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $705,000 and the fair value of the 20 percent noncontrolling interest was $119,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $428,000 In cash and other consideration. At the acquisition date, Protrade assessed Seacraft's Identifiable assets and liabilities at a collective net fair value of $585,000 and the fair value of the 20 percent noncontrolling Interest was $107,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the Individual financial records of these two...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $428,000 In cash and other consideration. At the acquisition date, Protrade assessed Seacraft's Identifiable assets and liabilities at a collective net fair value of $585,000 and the fair value of the 20 percent noncontrolling Interest was $107,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the Individual financial records of these two...