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2. Prep pays $87,000 for 80% interest in Snap on January 1, when Snap stockholders' equity...
I. Prep pays $105,000 for 80% interest in Snap on January 1 2006, when Snap stockholders'...
I. Prep pays $105,000 for 80% interest in Snap on January 1 2006, when Snap stockholders' equity consists of S60,000 capital stock and $30,000 retained earnings. The excess of investment cost is allocated to patents with the 15 Years Amortization. During the year Snap's net income is $30,000 and Pay dividend $15,000. a. Calculation the income from Snap and Journal Entry? b. Dividends from Snap and Journal Entry c. Investment is Snap during the year and Journal Entry d. Minority...
1 . Prep pays $450,000 for 80% interest in Snap on January 1 2006, when Snap...
1 . Prep pays $450,000 for 80% interest in Snap on January 1 2006, when Snap stockholders' equity consists of $250,000 capital stock and $160,000 retained earnings. The excess of investment cost is allocated to Goodwill Asset Cash Account Receivable Other Current Asset 120,000 20,000 Equipment, Net Building Net Land Total Asset PrepSnap 100,000 50,000 50,000 60,000 200,000 300,000 50,000 80,000 150,000 250,000 670,000 960,000 Liabilities Account Payable Note Payable Total Liabilities Shareholder Equity Capital Retained Earning Total S.E 250,000...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009 Snap Net income during the year is 30,000 and declare dividend 15,000 The Excess amount is allocated to identifiable asset and liabilities Following is the Balance Sheet as a1 Jan 2009 Asset Prep Snap Cash Account Recievable Other Current Asset Equipment, Net Building Net Land Total Assete 100,000 50,000 120,000 200,000 50,000 150,000 670,000 150,000 60,000 20,000 300,000 80,000 250,000 960,000 Liabilities Accoun Payable...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009 Snap Net income during the year is 30,000 and declare dividend 15,000 The Excess amount is allocated to identifiable asset and liabilities Following is the Balance Sheet as at 1 Jan 2009 Asset Prep Snap Cash Account Recievable Other Current Asset Equipment, Net Building Net Land Total Assete 100,000 50,000 120,000 200,000 50,000 150,000 670,000 150,000 60,000 120,000 300,000 80,000 250,000 960,000 Liabilities Accoun...
I. Penn acquired a 90% interest in Skelly on January 1 for $50,000 when Skelly's stockholders'...
I. Penn acquired a 90% interest in Skelly on January 1 for $50,000 when Skelly's stockholders' equity was $40,000 and Retained Earnings 10,000. a Journal entry b. How much the minority interest? During the year Skelly get the next profit 20,000 and pay the dividend of 15,000 a. How much the investment of Penn in Skell by year end? b. How much the minority interest by year end?
Stockholders' equity of Ernst Company consists of 87,000 shares of $5 par value, 11% cumulative prefe...
Stockholders' equity of Ernst Company consists of 87,000 shares of $5 par value, 11% cumulative prefe of $1 par value common stock. Both classes of stock have been outstanding since the company's ince dividends in the prior year, but it now declares and pays a $160,000 cash dividend at the current year Determine the amount distributed to each class of stockholders for this two-year-old company. Par Value per Preferred Share Dividend Rato Dividend per Preferred Share Number of Preferred Shares...
P11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2019, were as follows. Preferred...
P11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2019, 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 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000...
On January 1, 2016, Monica Company acquired 80 percent of Young Company’s outstanding common stock for...
On January 1, 2016, Monica Company acquired 80 percent of Young Company’s outstanding common stock for $728,000. The fair value of the noncontrolling interest at the acquisition date was $182,000. Young reported stockholders’ equity accounts on that date as follows: Common stock—$10 par value $ 300,000 Additional paid-in capital 70,000 Retained earnings 430,000 In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building (with a five-year remaining life) by $70,000. Any remaining...
Pringle Corporation acquired an 80% interest in Chip Corporation for $300,000 on January 1, 2012 when...
Pringle Corporation acquired an 80% interest in Chip Corporation for $300,000 on January 1, 2012 when Chip's stockholders' equity consisted of $200,000 capital stock and $25,000 retained earnings. The excess cost over book value acquired was allocated to equipment that was undervalued by $50,000, inventory that was overvalued by $25,000 and to goodwill. The inventory was sold in 2012 and the equipment had a 5-year remaining useful life. Chip regularly sells inventory to Pringle at 150% of cost. Intercompany sales...
Parent Co paid $176,000 for 80% of the outstanding voting stock of Sub Co on January...
Parent Co paid $176,000 for 80% of the outstanding voting stock
of Sub Co on January 1, 2018, when Sub Co’s stockholders’ equity
consisted of $120,000 common stock and $60,000 retained earnings.
This implied that the total fair value of Sub co is $220,000
($176,000 / 80%). The company assigned the $40,000 excess fair
value to previously unrecorded patents with a 10-year useful
life.
Parent Co’s $36,800 income from Sub Co for 2018 consisted of 80%
of Sub Co’s $50,000...
I. Prep pays $105,000 for 80% interest in Snap on January 1 2006, when Snap stockholders' equity consists of S60,000 capital stock and $30,000 retained earnings. The excess of investment cost is allocated to patents with the 15 Years Amortization. During the year Snap's net income is $30,000 and Pay dividend $15,000. a. Calculation the income from Snap and Journal Entry? b. Dividends from Snap and Journal Entry c. Investment is Snap during the year and Journal Entry d. Minority...
1 . Prep pays $450,000 for 80% interest in Snap on January 1 2006, when Snap stockholders' equity consists of $250,000 capital stock and $160,000 retained earnings. The excess of investment cost is allocated to Goodwill Asset Cash Account Receivable Other Current Asset 120,000 20,000 Equipment, Net Building Net Land Total Asset PrepSnap 100,000 50,000 50,000 60,000 200,000 300,000 50,000 80,000 150,000 250,000 670,000 960,000 Liabilities Account Payable Note Payable Total Liabilities Shareholder Equity Capital Retained Earning Total S.E 250,000...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009 Snap Net income during the year is 30,000 and declare dividend 15,000 The Excess amount is allocated to identifiable asset and liabilities Following is the Balance Sheet as a1 Jan 2009 Asset Prep Snap Cash Account Recievable Other Current Asset Equipment, Net Building Net Land Total Assete 100,000 50,000 120,000 200,000 50,000 150,000 670,000 150,000 60,000 20,000 300,000 80,000 250,000 960,000 Liabilities Accoun Payable...
Prep corporation acquired the Snap company with 80% by paying cash 500,000 on 1 Jan 2009 Snap Net income during the year is 30,000 and declare dividend 15,000 The Excess amount is allocated to identifiable asset and liabilities Following is the Balance Sheet as at 1 Jan 2009 Asset Prep Snap Cash Account Recievable Other Current Asset Equipment, Net Building Net Land Total Assete 100,000 50,000 120,000 200,000 50,000 150,000 670,000 150,000 60,000 120,000 300,000 80,000 250,000 960,000 Liabilities Accoun...
I. Penn acquired a 90% interest in Skelly on January 1 for $50,000 when Skelly's stockholders' equity was $40,000 and Retained Earnings 10,000. a Journal entry b. How much the minority interest? During the year Skelly get the next profit 20,000 and pay the dividend of 15,000 a. How much the investment of Penn in Skell by year end? b. How much the minority interest by year end?
Stockholders' equity of Ernst Company consists of 87,000 shares of $5 par value, 11% cumulative prefe of $1 par value common stock. Both classes of stock have been outstanding since the company's ince dividends in the prior year, but it now declares and pays a $160,000 cash dividend at the current year Determine the amount distributed to each class of stockholders for this two-year-old company. Par Value per Preferred Share Dividend Rato Dividend per Preferred Share Number of Preferred Shares...
P11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2019, 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 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000...
Parent Co paid $176,000 for 80% of the outstanding voting stock
of Sub Co on January 1, 2018, when Sub Co’s stockholders’ equity
consisted of $120,000 common stock and $60,000 retained earnings.
This implied that the total fair value of Sub co is $220,000
($176,000 / 80%). The company assigned the $40,000 excess fair
value to previously unrecorded patents with a 10-year useful
life.
Parent Co’s $36,800 income from Sub Co for 2018 consisted of 80%
of Sub Co’s $50,000...
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