Question 6 Bramble Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December...
Blue Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,111,200 for 46,300 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $788,000 for 2021. The fair value of Kulikowski’s stock was $27 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Blue...
Pearl Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc, on December 31, 2020. The purchase price was $1,294,800 for 49,800 shares. Kulikowski Inc. declared and paid an $0.75 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $764,000 for 2021. The fair value of Kulikowski's stock was $29 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Pearl...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,031,800 for 46,900 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $714,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Oriole...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $998,800 for 45,400 shares. Kulikowski Inc, declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $708,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Teal...
Grouper Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Grouper...
Marin Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,053,400 for 45,800 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $742,000 for 2021. The fair value of Kulikowski's stock was $26 per share at December 31, 2021. Assume that the security is a trading security Prepare the journal entries for Marin...
Monty Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Monty...
Exercise 17-16 Blue Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries...
Bramble Corp. was a 30% owner of Sunland Company, holding 216,000 shares of Sunland's common stock on December 31, 2019. The investment account had the following entries. 1/1/18 Cost 12/31/18 Share of income 12/31/19 Share of income Investment in Sunland $3,140,000 12/6/18 Dividend received 390,000 12/5/19 Dividend received 530,000 $140,000 230,000 On January 2, 2020, Bramble sold 108,000 shares of Sunland for $3,320,000, thereby losing its significant influence. During the year 2020, Sunland experienced the following results of operations and...
*Exercise 17-16 Indigo Inc. ecquired 20% of the outstanding corrmon stock of Therese Kulikowski Inc. on December 31, 2017. The purchase price was $1,212,000 for 50,500 shares. Kulikuwski Inc. dedered and paid an $0.75 per stare cash dividend on June 30 and on December 31, 2018 Kulikowski reported net income of 5730,000 for 2018. The lair value or kulikonski's stock was 527 per share al December 31, 2018 Assume that the security is a trading security Prepare the journal entries...