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Non-controlling interest is shown as separate line item under equity section of balance sheet.
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Minnie Inc. purchased 70% of the common stock of Pluto Co. in a stock-for-stock transaction on...
2* Sharp Company will acquire 90 percent of Moore Company in a business combination. The total...
2* Sharp Company will acquire 90 percent of Moore Company in a business combination. The total consideration has been agreed upon. Tha nature of Sharp's payment has not been fully agreed upon. Therefore, it is possible that this business combination might be accounted as either a purchase or a pooling of interests. It is expected that on the date the business combination is to be consummated, the fair value will exceed the book value of Moore's assets minus liabilities. Sharp...
1) The balance of common stock of S Co. at acquisition date was: * a) $1,625,000...
1) The balance of common stock of S Co. at acquisition
date was: *
a) $1,625,000
b) $1,850,000
c) $2,000,000
d) $1,960,000
2) The eliminating entries for a consolidated statements workpaper
on December 31, 2019, will include: *
a) Debit Investment in S Co. $2,080,000
b) Credit Retained Earnings $600,000
c) Credit Dividends Declared $160,000
d) Debit Dividend Income $128,000
3) The difference between implied and book value at acquisition
date was: *
a) $120,000
b) $175,000
c) $125,000
d)...
On January 1, 2021, Morey, Inc., exchanged $175,175 for 25 percent of Amsterdam Corporation. Morey appropriately...
On January 1, 2021, Morey, Inc., exchanged $175,175 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of Amsterdam's assets and liabilities approximated their fair values. On June 30, 2021, Morey paid $637,000 for an additional 70 percent of Amsterdam, thus increasing its overall ownership to 95 percent. The price paid for the 70 percent acquisition was proportionate to Amsterdam's total fair value. At June 30, the carrying...
Computing Consolidating Adjustments and Noncontrolling Interest Philipich Company purchases 80% of Hirst Company's common stock for...
Computing Consolidating Adjustments and Noncontrolling Interest Philipich Company purchases 80% of Hirst Company's common stock for $648,000 cash when Hirst Company has $350,000 of common stock and $460,000 of retained earnings and the fair values of Hirst's assets and liabilities equal their book values. If a consolidated balance sheet is prepared immediately after the acquisition, what amounts are eliminated when preparing that statement? - Investment Common Stock $ Retained Earnings $ What amount of noncontrolling interest appears in the consolidated...
On January 1, 2018, Morey, Inc., exchanged $191,175 for 25 percent of Amsterdam Corporation. Morey appropriately...
On January 1, 2018, Morey, Inc., exchanged $191,175 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of Amsterdam’s assets and liabilities approximated their fair values. On June 30, 2018, Morey paid $640,500 for an additional 70 percent of Amsterdam, thus increasing its overall ownership to 95 percent. The price paid for the 70 percent acquisition was proportionate to Amsterdam’s total fair value. At June 30, the carrying...
On January 1, 2018, Morey, Inc., exchanged $180,575 for 25 percent of Amsterdam Corporation. Morey appropriately...
On January 1, 2018, Morey, Inc., exchanged $180,575 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of Amsterdam’s assets and liabilities approximated their fair values. On June 30, 2018, Morey paid $605,500 for an additional 70 percent of Amsterdam, thus increasing its overall ownership to 95 percent. The price paid for the 70 percent acquisition was proportionate to Amsterdam’s total fair value. At June 30, the carrying...
Pie Corporation acquired 70 percent of Slice Company’s common stock on December 31, 20X5, at underlying...
Pie Corporation acquired 70 percent of Slice Company’s common stock on December 31, 20X5, at underlying book value. The book values and fair values of Slice’s assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 30 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20X5: Debit Credit Cash $ 28,200 Accounts Receivable 65,650 Inventory 89,400 Buildings and Equipment (net) 215,000 Cost of Goods...
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $52,608. Calvin Co. has one rec...
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $52,608. Calvin Co. has one recorded asset, a specialized production machine with a book value of $13,300 and no liabilities. The fair value of the machine is $73,800, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair...
17 On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for...
17 On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $66,312. Calvin Co. has one recorded asset, a specialized production machine with a book value of $14,000 and no liabilities. The fair value of the machine is $100,000, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date...
Saud Corporation acquired 70% of Rama Corporation’s common stock on 1-1-2019, for $294,000 in cash. At...
Saud Corporation acquired 70% of Rama Corporation’s common stock on 1-1-2019, for $294,000 in cash. At the acquisition date, the book values and fair values of Rama’s assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 30% of the total book value of Rama. The stockholders’ equity of the two companies at the date of the purchase are: Saud Rama Common stock ($10 par value) $400,000 $180,000 ...
1) The balance of common stock of S Co. at acquisition
date was: *
a) $1,625,000
b) $1,850,000
c) $2,000,000
d) $1,960,000
2) The eliminating entries for a consolidated statements workpaper
on December 31, 2019, will include: *
a) Debit Investment in S Co. $2,080,000
b) Credit Retained Earnings $600,000
c) Credit Dividends Declared $160,000
d) Debit Dividend Income $128,000
3) The difference between implied and book value at acquisition
date was: *
a) $120,000
b) $175,000
c) $125,000
d)...
On January 1, 2021, Morey, Inc., exchanged $175,175 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of Amsterdam's assets and liabilities approximated their fair values. On June 30, 2021, Morey paid $637,000 for an additional 70 percent of Amsterdam, thus increasing its overall ownership to 95 percent. The price paid for the 70 percent acquisition was proportionate to Amsterdam's total fair value. At June 30, the carrying...
Computing Consolidating Adjustments and Noncontrolling Interest Philipich Company purchases 80% of Hirst Company's common stock for $648,000 cash when Hirst Company has $350,000 of common stock and $460,000 of retained earnings and the fair values of Hirst's assets and liabilities equal their book values. If a consolidated balance sheet is prepared immediately after the acquisition, what amounts are eliminated when preparing that statement? - Investment Common Stock $ Retained Earnings $ What amount of noncontrolling interest appears in the consolidated...
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $52,608. Calvin Co. has one recorded asset, a specialized production machine with a book value of $13,300 and no liabilities. The fair value of the machine is $73,800, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair...
17 On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $66,312. Calvin Co. has one recorded asset, a specialized production machine with a book value of $14,000 and no liabilities. The fair value of the machine is $100,000, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date...
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