On January 1, 2017, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these...
On January 1, 2017, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years of 2017 and 2018 follows Abbey Company: Sales Operating expenses Intra-entity gross profits in ending $ (785,000) (1,042,000) 662,000 536,000 inventory (included in above figures) Dividend income-Benjamin Company (148,000) (22,500) (168,000) (27,000) Benjamin Company: Sales Operating expenses Dividends paid (330, 000) 167,000 (25,000) (335,000) 206,000 (30,000) Assume that a tax rate of 40 percent is applicable to both companies....
On January 1, 2017, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years of 2017 and 2018 follows: 2017 2018 Abbey Company: $(684,000) S(1,004,000) 462,000 Sales Operating expenses Intra-entity gross profits in ending inventory (included in above figures) Dividend income-Benjamin Company Benjamin Company: 516,000 (213,000) (13,500) (247,000) (31,500) (307,000) 162,000 (15,000) (361,000) 209,000 (35,000) Sales Operating expenses Dividends paid Assume that a tax rate of 40 percent is applicable to both companies....
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On January 1, 2017, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years of 2017 and 2018 follows: 2017 2018 $ (785,000) 536,000 $(1,042,000) 662,000 Abbey Company: Sales Operating expenses Intra-entity gross profits in ending inventory (included in above figures) Dividend income-Benjamin Company Benjamin Company: Sales Operating expenses Dividends paid (148,000) (22,500) (168,000) (27,000) (330,000) 167,000 (25,000) (335,000) 206,000 (30,000) Assume that a tax rate of 40 percent is applicable...
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On January 1, 2017 Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years of 2017 and 2018 follows: 2018 $ (986,000) 552,000 2017 Abbey Company: Sales $ (724,000) Operating expenses 518,000 Intraentity gross profits in ending Inventory (included in above figures) (160,000) Dividend income-Benjamin Company (22,500) Benjamin Company: Sales (306,000) Operating expenses 180,000 Dividends paid (25,000) (221,000) (27,000) (341,000) 216.000 (30,000) Assume that a tax rate of...
On January 1, 2020, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years 2020 and 2021 follows (credit balances indicated by parentheses): 20202021Abbey Company:Sales$(785,000)$(1,042,000)Operating expenses536,000662,000Intra-entity gross profits in ending inventory (included in above figures)(148,000)(168,000)Dividend income—Benjamin Company(22,500)(27,000)Benjamin Company:Sales(330,000)(335,000)Operating expenses167,000206,000Dividends paid(25,000)(30,000) Assume that a tax rate of 21 percent is applicable to both companies. On consolidated financial statements for 2021, what are the income tax expense and the income tax currently payable if Abbey and Benjamin file...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $472,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $695,000 and the fair value of the 20 percent noncontrolling interest was $118,000. 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 $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 $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...