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method 2. On January 1, 2011, Ruark Corporation acquired a 37 percent interest in Batson, Inc.,...
show the solution as well The Equity Method of Accounting for Investments 31 17. On January...
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The Equity Method of Accounting for Investments 31 17. On January 1. 2018, Alamar Corporation acquired a 40 percent interest in Burks, Inc., for $210.000 On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $360,000 During 2018, Burks reported net income of $80,000 and declared and paid cash dividends of $25,000. Alamar sold inventory costing $30,000 to Burks during 2018 for $40.000. Burks used all of this...
On January 1 2021. Alamar Corporation acquired a 39 percent interest in Burks, Inc., for $224.000....
On January 1 2021. Alamar Corporation acquired a 39 percent interest in Burks, Inc., for $224.000. On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $354,000. During 2021, Burks reported net income of $84,000 and declared and paid cash dividends of $26,000. Alamar sold inventory costing $24,000 to Burks during 2021 for $37000 Burks used all of this merchandise in its operations during 2021 Prepare all of Alamar's 2021 journal entries to...
On January 1, 2009, Halley Company acquired 8 percent of the outstanding common stock of Ghosh...
On January 1, 2009, Halley Company acquired 8 percent of the outstanding common stock of Ghosh Corporation for $650,000. Halley appropriately uses the cost method to account for its investment in Ghosh. Ghosh reported net income and paid dividends for the years ended 2009, 2010, and 2011, as follows: Year Net Income Dividends 2009 $100,000 $70,000 2010 $70,000 $70,000 2011 $30,000 $70,000 Based on the above information the amount of income related to its investment in Ghosh to be reported...
Plug Corporation acquired 35 percent of Spark Corporation’s stock on January 1, 20X8, by issuing 25,000...
Plug Corporation acquired 35 percent of Spark Corporation’s stock on January 1, 20X8, by issuing 25,000 shares of its $2 par value common stock. Spark Corporation’s balance sheet immediately before the acquisition contained the following items: SPARK CORPORATION Balance Sheet January 1, 20X8 Book Value Fair Value Assets Cash & Receivables $ 40,000 $ 40,000 Inventory (FIFO basis) 80,000 100,000 Land 50,000 70,000 Buildings and Equipment (net) 240,000 320,000 Total Assets $ 410,000 $ 530,000 Liabilities & Equities Accounts Payable...
Patriot Corporation acquired 80 percent ownership of Seahawk Corporation on January 1, 20X8, for $200,000. At...
Patriot Corporation acquired 80 percent ownership of Seahawk Corporation on January 1, 20X8, for $200,000. At that date, Seahawk reported common stock outstanding of $75,000 and retained earnings of $150,000. The fair value of the noncontrolling interest was $50,000. The differential is assigned to equipment, which had a fair value $25,000 greater than book value and a remaining economic life of five years at the date of the business combination. Seahawk reported net income of $40,000 and paid dividends of...
On January 1, 2009, Halley Company acquired 8 percent of the outstanding common stock of Ghosh...
On January 1, 2009, Halley Company acquired 8 percent of the outstanding common stock of Ghosh Corporation for $650,000. Halley appropriately uses the cost method to account for its investment in Ghosh. Ghosh reported net income and paid dividends for the years ended 2009, 2010, and 2011, as follows: Year Net Income Dividends 2009 $100,000 $70,000 2010 $70,000 $70,000 2011 $30,000 $70,000 Based on the above information the amount of income related to its investment in Ghosh to be reported...
On January 1, 2018, Regal Entertainment acquired a 40% interest in Cineworld Inc. for $250,000. O...
On January 1, 2018, Regal Entertainment acquired a 40% interest in Cineworld Inc. for $250,000. On that date, Cineworld's balance sheet disclosed net assets of $430,000. During 2018, Cineworld reported net ncome of $100,000 and paid cash dividends of $30,000. Any excess cost over fair value is attributable to an unamortized trademark with a 20-year remaining life. Required 1. Assume that Regal accounts for its investment in Cineworld using the equity method. Prepare 2. Assume that Regal accounts for its...
On January 1, 2019, Easton Corporation acquired 30% of the outstanding common shares of Feeley Corporation...
On January 1, 2019, Easton Corporation acquired 30% of the outstanding common shares of Feeley Corporation for $140,000, purchased 25% of the outstanding common shares of Holmes Company for $82,500, and obtained significant influence in both situations. On this date, the financial statements of Feeley and Holmes disclosed the following information: 1 Feeley Holmes 2 Current assets $190,000.00 $140,000.00 3 Long-term assets 370,000.00 180,000.00 4 $560,000.00 $320,000.00 5 Liabilities $120,000.00 $90,000.00 6 Common stock (no par) 200,000.00 150,000.00 7 Retained...
On January 1, 20X8, Polo Corporation acquired 75 percent of Stallion Company's voting common stock for...
On January 1, 20X8, Polo Corporation acquired 75 percent of Stallion Company's voting common stock for $300,000. At the time of the combination, Stallion reported common stock outstanding of $200,000 and retained earnings of $150,000, and the fair value of the noncontrolling interest was $100,000. The book value of Stallion's net assets approximated market value except for patents that had a market value of $50,000 more than their book value. The patents had a remaining economic life of ten years...
Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017....
Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017. In exchange, Francisco paid $450,000 in cash and issued 104,000 shares of its own $1 par value common stock. On this date, Francisco's stock had a fair value of $12 per share. The combination is a statutory merger with Beltran subsequently dissolved as a legal corporation. Beltran's assets and liabilities are assigned to a new reporting unit. The following reports the fair values for...
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The Equity Method of Accounting for Investments 31 17. On January 1. 2018, Alamar Corporation acquired a 40 percent interest in Burks, Inc., for $210.000 On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $360,000 During 2018, Burks reported net income of $80,000 and declared and paid cash dividends of $25,000. Alamar sold inventory costing $30,000 to Burks during 2018 for $40.000. Burks used all of this...
On January 1 2021. Alamar Corporation acquired a 39 percent interest in Burks, Inc., for $224.000. On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $354,000. During 2021, Burks reported net income of $84,000 and declared and paid cash dividends of $26,000. Alamar sold inventory costing $24,000 to Burks during 2021 for $37000 Burks used all of this merchandise in its operations during 2021 Prepare all of Alamar's 2021 journal entries to...
On January 1, 2018, Regal Entertainment acquired a 40% interest in Cineworld Inc. for $250,000. On that date, Cineworld's balance sheet disclosed net assets of $430,000. During 2018, Cineworld reported net ncome of $100,000 and paid cash dividends of $30,000. Any excess cost over fair value is attributable to an unamortized trademark with a 20-year remaining life. Required 1. Assume that Regal accounts for its investment in Cineworld using the equity method. Prepare 2. Assume that Regal accounts for its...
Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017. In exchange, Francisco paid $450,000 in cash and issued 104,000 shares of its own $1 par value common stock. On this date, Francisco's stock had a fair value of $12 per share. The combination is a statutory merger with Beltran subsequently dissolved as a legal corporation. Beltran's assets and liabilities are assigned to a new reporting unit. The following reports the fair values for...
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