Homework Answers
Add Answer to:
A11-19 Equity Method: On 1 January 20X5, Zan Company purchased 5,000 of the 20,000 outstanding common...
Player Corporation purchased 100 percent of Scout Company's common stock on January 1, 20X5, and paid...
Player Corporation purchased 100 percent of Scout Company's common stock on January 1, 20X5, and paid $37,000 above book value. The full amount of the additional payment was attributed to amortizable assets with a life of eight years remaining at January 1, 20X5. During 20X5 and 20X6, Scout reported net income of $38,000 and $7,000 and paid dividends of $16,000 and $13,000, respectively. Player uses the equity method in accounting for its investment in Scout and reported a balance in...
Pony Corporation acquired all of Stallion Company’s common shares on January 1, 20X5, for $180,000. On...
Pony Corporation acquired all of Stallion Company’s common shares on January 1, 20X5, for $180,000. On that date, the book value of the net assets reported by Stallion was $150,000. The entire differential was assigned to depreciable assets with a six-year remaining economic life from January 1, 20X5. The adjusted trial balances for the two companies on December 31, 20X5, are as follows: Pony Corporation Stallion Company Item Debit Credit Debit Credit Cash $ 15,000 $ 5,000 Accounts Receivable 30,000...
On January 1, 2018, Pen Corporation acquired 75% of the outstanding common stock of Sen Company...
On January 1, 2018, Pen Corporation acquired 75% of the outstanding common stock of Sen Company for $450,000. Fair value of noncontrolling interest at the date of acquisition is $116,500. Sen’s stockholders’ equity on January 1, 2018, was as follows: Common stock, $20 par $200,000 Additional paid-in capital 100,000 Retained earnings 100,000 Accumulated OCI 25,000 Differences between book value and fair value of the identifiable net assets of Sen Company on January 1, 2018, were...
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of...
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $158,400. Ship's net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiary's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ship's property, plant, and equipment exceeded its book value by $18,000....
Ravine Corporation purchased 30 percent ownership of Valley Industries for $90,000 on January 1, 20X6, when...
Ravine Corporation purchased 30 percent ownership of Valley Industries for $90,000 on January 1, 20X6, when Valley had capital stock of $240,000 and retained earnings of $60,000. During the period of January 1, 20X6, through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $10,000 each year. The following data were reported by the companies for the years 20X6 through 20X9: Dividends Declared Year Operating Income, Ravine Corporation Net Income, Valley Industries Ravine Valley 20X6...
(#10) Equity Method On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporation’s common...
(#10) Equity Method On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporation’s common stock when Eagle had 22,400 shares outstanding. On that date, the following information pertained to Eagle: Eagle Corporation Balance Sheet January 1, 2016 1 Book Value Fair Value 2 Depreciable assets (remaining life, 8 years) $600,000.00 $620,000.00 3 Other non-depreciable assets 290,000.00 300,000.00 4 Total $890,000.00 $920,000.00 5 Liabilities $300,000.00 $330,000.00 6 Shareholders’ equity 590,000.00 7 Total $890,000.00 During 2016, Eagle earned net income...
Do not copy others answer, thank you. P2-19 Investments Carried at Fair Value and Equity Method...
Do not copy others answer, thank you.
P2-19 Investments Carried at Fair Value and Equity Method Gant Company purchased 20 percent of the outstanding shares of Temp Company for $70,000 on January 1, 20X6. The following results are reported for Temp Company: 20X6 20x7 20x8 $40,000 15,000 $35,000 30,000 $60,000 20,000 Net Income Dividends Paid Fair Value of Shares Held by Gant: January 1 December 31 70,000 89,000 89,000 86,000 86,000 97,000 Required Determine the amounts reported by Gant as...
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a...
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $151,200. Ship’s net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiary’s identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ship’s property, plant, and equipment exceeded its book value by $18,000....
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
On January 1, 2020, Case Corporation purchased 3,000 of the 10,000 outstanding shares of common stock...
On January 1, 2020, Case Corporation purchased 3,000 of the 10,000 outstanding shares of common stock of Dow Corporation for $28,000 cash. At that date, Dow's balance sheet reflected the following book values. Assets not subject to depreciation . Assets subject to depreciation .. Liabilities. ........ Common stock (par $4) ........ Retained earnings, $10,000..... $25,000* 30,000** 5,000* 40,000 10,000 * Same as fair value. ** Fair value $38,000; the assets have a 10-year remaining useful life (straight-line depreciation). Dow Corporation...
Do not copy others answer, thank you.
P2-19 Investments Carried at Fair Value and Equity Method Gant Company purchased 20 percent of the outstanding shares of Temp Company for $70,000 on January 1, 20X6. The following results are reported for Temp Company: 20X6 20x7 20x8 $40,000 15,000 $35,000 30,000 $60,000 20,000 Net Income Dividends Paid Fair Value of Shares Held by Gant: January 1 December 31 70,000 89,000 89,000 86,000 86,000 97,000 Required Determine the amounts reported by Gant as...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
On January 1, 2020, Case Corporation purchased 3,000 of the 10,000 outstanding shares of common stock of Dow Corporation for $28,000 cash. At that date, Dow's balance sheet reflected the following book values. Assets not subject to depreciation . Assets subject to depreciation .. Liabilities. ........ Common stock (par $4) ........ Retained earnings, $10,000..... $25,000* 30,000** 5,000* 40,000 10,000 * Same as fair value. ** Fair value $38,000; the assets have a 10-year remaining useful life (straight-line depreciation). Dow Corporation...
Most questions answered within 3 hours.
-
Python 3.0 Please
Write a function that takes, as arguments, a binary string, a
list of...
asked 22 minutes ago -
(a) Calculate the momentum of a 2150 kg elephant charging a
hunter at a speed of...
asked 9 minutes ago -
all the following is an example of a fixed cost except: any cost
that changes in...
asked 11 minutes ago -
Briefly describe the changes in pupil diameter that occur with
changes in light intensity or distance...
asked 11 minutes ago -
A small sample from a vial of phenol melts at 39-40 °C. A larger
sample from...
asked 13 minutes ago -
Draw a δ-lysine amino acid and label all the carbons (alpha,
beta, gamma, etc.)
asked 27 minutes ago -
A uniform thin rod of length 0.97 m and mass 2.2 kg lies in a
horizontal...
asked 19 minutes ago -
A 110 kg horizontal beam is supported at each end. A 340 kg
piano rests at...
asked 20 minutes ago -
Case 5: World Food Programme: A Quarter a Day Keeps the
Hunger Away
Case Summary: Established...
asked 26 minutes ago -
What do the suction port connection adapter and gasket do in 2
Cylinder refrigerant gas piston...
asked 27 minutes ago -
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 3 hours ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 4 hours ago