Note: To understand how the above consolidated figures arrive check the below consolidation worksheet.
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1,...
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $755,520 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $944,400 although Sierra's book value was only $673,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows Book Value Fair Value Land Buildings and equipment (10-year remaining life) Copyright (20-year remaining life) Notes payable (due...
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2015, for $790,560 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $988,200 although Sierra's book value was only $662,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Book Value Fair Value $ 61,000 $ 296,000 Land Buildings and equipment (10-year remaining life) Copyright (20-year life)...
Arrange Padre, Inc, buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $796,960 cash. At the acquisition date, Sierra's total fair value. Including the noncontrolling interest was assessed et $996,200 although Sierra's book value was only $623.000. Also, several individual items on Sierra's financial records had fair values thot differed from their book values as follows: Land Buildings and equipment (10-year remaining life) Copyright (20-year remaining life) Notes payable (due in 8 years)...
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $791,520 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $989,400 although Sierra's book value was only $638,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (10-year remaining life) Copyright (20-year remaining life) Notes payable (due in 8 years) Book...
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $791,520 cash. At the acquisition date, Sierra’s total fair value, including the noncontrolling interest, was assessed at $989,400 although Sierra’s book value was only $638,000. Also, several individual items on Sierra’s financial records had fair values that differed from their book values as follows: Book Value Fair Value Land $ 65,200 $ 307,200 Buildings and equipment (10-year remaining life) 295,000 276,000 Copyright...
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $757,280 cash. At the acquisltion date, Slerra's total fair value, Including the noncontrolling Interest, was assessed at $946,600 although Sierras book value was only $696,000. Also, several IndMMdual tems on Slerra's financlal records had falr values that differed from thelr book values as follows: Land Buildings and equipnent (18-year remaining life) Copyright (28-year remaining life) Notes payable (due in 8 years) Book...
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $809,120 cash. At the acquisition date, Sierra’s total fair value, including the noncontrolling interest, was assessed at $1,011,400 although Sierra’s book value was only $669,000. Also, several individual items on Sierra’s financial records had fair values that differed from their book values as follows: Book Value Fair Value Land $ 60,900 $ 320,900 Buildings and equipment (10-year remaining life) 330,000 298,000 Copyright...
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $796,960 cash. At the acquisition date, Sierra’s total fair value, including the noncontrolling interest, was assessed at $996,200 although Sierra’s book value was only $623,000. Also, several individual items on Sierra’s financial records had fair values that differed from their book values as follows: Book Value Fair Value Land $ 60,600 $ 286,600 Buildings and equipment (10-year remaining life) 340,000 322,000 Copyright...
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $790,560 cash. At the acquisition date, Sierra’s total fair value, including the noncontrolling interest, was assessed at $988,200 although Sierra’s book value was only $662,000. Also, several individual items on Sierra’s financial records had fair values that differed from their book values as follows: Book Value Fair Value Land $ 61,000 $ 296,000 Buildings and equipment (10-year remaining life) 284,000 246,000 Copyright...
Please answer the Advanced Accounting questions below with explanations on how you solved for the answers. Thank you! 1. Matthew, Inc., owns 30 percent of the outstanding stock of Lindman Company and has the ability to significantly influence the investee’s operations and decision making. On January 1, 2021, the balance in the Investment in Lindman account is $347,000. Amortization associated with this acquisition is $10,400 per year. In 2021, Lindman earns an income of $219,000 and declares cash dividends of...