Smith, Inc., has the following stockholders’ equity accounts as of January 1, 2018: Preferred stock—$150 par,...
Smith, Inc., has the following stockholders’ equity accounts as of January 1, 2018:
| Preferred stock—$150 par, nonvoting and nonparticipating, 7% cumulative dividend | $ | 2,130,000 |
| Common stock—$25 par value | 4,130,000 | |
| Retained earnings | 10,130,000 | |
Haried Company purchases all of Smith's common stock on January 1, 2018, for $14,320,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 40-year remaining life.
During 2018, Smith reports earning $580,000 in net income and declares $490,000 in cash dividends. Haried applies the equity method to this investment.
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What is the noncontrolling interest's share of consolidated net income for this period?
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What is the balance in the Investment in Smith account as of December 31, 2018?
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What consolidation entries are needed for 2018?
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Smith, Inc., has the following stockholders’ equity accounts as
of January 1, 2018:
Preferred stock—$150 par,...
Please help with the problem that is wrong Smith, Inc., has the following stockholders' equity accounts...
Please help with the problem that is wrong
Smith, Inc., has the following stockholders' equity accounts as of January 1, 2018: $ Preferred stock-$100 par, nonvoting and nonparticipating, 5% cumulative dividend Common stock-$10 par value Retained earnings 2,140,000 4,140,000 10, 140,000 Haried Company purchases all of Smith's common stock on January 1, 2018, for $14,330,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 40-year remaining...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred stock-$90 par value, nonvoting and nonparticipating: 9% cumulative dividend Common stock - $25 par value Retained earnings 2,700,000 5,600,000 14,000,000 Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2013, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over...
The stockholders' equity section of Karp Company at January 1, 2018 follows: Preferred Stock, 6%, $50...
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On January 1, Coldwater Company has a net book value of $2,133,000 as follows: 2,450 shares of preferred stock; pa...
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P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred...
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The stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock...
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The stockholders’ equity accounts of Novak Corporation on January 1, 2020, were as follows. Preferred Stock...
The stockholders’ equity accounts of Novak Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $52 par, 10,000 shares authorized) $ 442,000 Common Stock ($1 stated value, 1,950,000 shares authorized) 1,350,000 Paid-in Capital in Excess of Par—Preferred Stock 115,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,400,000 Retained Earnings 1,750,000 Treasury Stock (10,500 common shares) 52,500 During 2020, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 26,000 shares of common...
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The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par—Preferred Stock 100,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000 Retained Earnings 1,816,000 Treasury Stock (10,000 common shares) 50,000 During 2012, the corporation had the following transactions and events pertaining to its stock- holders’ equity. Feb. 1 Issued 25,000...
Please help with the problem that is wrong
Smith, Inc., has the following stockholders' equity accounts as of January 1, 2018: $ Preferred stock-$100 par, nonvoting and nonparticipating, 5% cumulative dividend Common stock-$10 par value Retained earnings 2,140,000 4,140,000 10, 140,000 Haried Company purchases all of Smith's common stock on January 1, 2018, for $14,330,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 40-year remaining...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred stock-$90 par value, nonvoting and nonparticipating: 9% cumulative dividend Common stock - $25 par value Retained earnings 2,700,000 5,600,000 14,000,000 Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2013, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over...
The stockholders' equity section of Karp Company at January 1, 2018 follows: Preferred Stock, 6%, $50 par, 12,000 shares Common Stock, $5 par, 160,000 shares Paid in Capital in excess of Par-Preferred Paid in Capitalin excess of Par Common Retained Earnings $600,000 $800,000 $200,000 $300,000 $800,000 During 2018, the company had the following transactions and events: 15-Jun Issued 10,000 shares of preferred stock at $70. 1-Jul Declared $70,000 of cash dividends to shareholders. 1-Sep Paid the cash dividend declared on...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par-Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $25,000...
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