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On January 1, Year 4, Hidden Company acquired 25,000 ordinary shares of Jovano Company for $142,400...
Cost method investments
On January 1, Year 5, Pic Company acquired 7,500 ordinary shares of Sic Company for $699,000. On January 1, Year 6, Pic Company acquired an additional 2,000 ordinary shares of Sic Company for $211,000. On January 1, Year 5, the shareholders’ equity of Sic was as follows: Ordinary shares (10,000 no par value shares issued)$200,000Retained earnings336,000$536,000 The following are the statements of retained earnings for the two companies for Years 5 and 6: PicSicYear 5Year 6Year 5Year 6Retained earnings, beginning of year$572,000$646,500$336,000$374,500Profit174,500145,500128,500145,000Dividends(100,000)(120,000)(90,000)(90,000)Retained earnings,...
50. Prepare consolidation spreadsheet for intercompany sale of equipment-Equity method Assume a parent company acquired its...
50. Prepare consolidation spreadsheet for intercompany sale of
equipment-Equity method Assume a parent company acquired its
subsidiary on January 1, 2015, at a purchase price that was
$222,000 in excess of the book value of the subsidiary's
Stockholders' Equity on the acquisition date. Of that excess,
$132,000 was assigned to a Customer List that is being amortized
over a 10-year period. The remaining $90,000 was assigned to
Goodwill. In January of 2018, the wholly owned subsidiary sold
Equipment to the...
Prepare consolidation spreadsheet for intercompany sale of equipment- Equity Method Assume a parent company acquired its...
Prepare consolidation spreadsheet for intercompany sale of equipment- Equity Method Assume a parent company acquired its subsidiary on January 1, 2015, at a purchase price that was $222,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. Of that excess, $132,000 was assigned to a Customer List that is being amortized over a 10-year period. The remaining $90,000 was assigned to Goodwill. In January of 2018, the wholly owned subsidiary sold Equipment to the...
Equity section of Sol Corporation shows the following on January 1, 2019. Shares Ordinary – Ordinary,...
Equity section of Sol Corporation shows the following on January 1, 2019. Shares Ordinary – Ordinary, $1 par value 1,000,000 shares authorized, 400,000 shares issued and outstanding $ 400,000 Shares premium – Ordinary $ 600,000 Retained earnings $ 2,500,000 Total Equity $ 3,500,000 During the year, the company had following transactions occurred: Mar. 1 Issued 100,000 ordinary shares for $300,000. Jun. 1 Acquired 10,000 shares of its shares for the treasury at $4 per share Sep. 1 ...
On January 1,2014, Father Company acquired an 80 percent interest in Sun Company for 425,000. The...
On January 1,2014, Father Company acquired an 80 percent interest in Sun Company for 425,000. The acquisition-date fair value of the 20 percent non-controlling interest's ownership shares was $102,500. Also as of that date, Sun reported total stockholders' equity of $400,000: $100,000 in common stock and $300,000 in retained earnings. In setting the acquisition price, Father appraised four accounts at values different from the balances reported within Sun's financial records. Problems Buildings (8-year remaining life)..............undervalued by $20,000 Land,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,undervalued by $50,000...
Monte Company acquired 70% of the stock of Mo Company on 1 January 2018, for $150,000....
Monte Company acquired 70% of the stock of Mo Company on 1
January 2018, for $150,000. On this date, the balances of Mo’s
stockholders’ equity accounts were: Common Stock, $130,000, and
Retained Earnings, $14,000. On 1 January 2018, the market value for
the 30% of shares not purchased by Monte was $63,800. On 1 January
2018, Mo’s recorded book values were equal to fair values for all
items except: (1) accounts receivable had a book value of $40,000
and a...
Equity section of Sol Corporation shows the following on January 1, 2018. Shares Ordinary – Ordinary,...
Equity section of Sol Corporation shows the following on January 1, 2018. Shares Ordinary – Ordinary, $1 par value 1,000,000 shares authorized, 500,000 shares issued and outstanding $500,000 Shares premium – Ordinary 500,000 Retained earnings 1,750,000 Total Equity $ 2,750,000 During the year, the company had following transactions occurred: Mar. 1 Issued 50,000 ordinary shares for $150,000. Jun. 1 Acquired 5,000 shares of its shares for the treasury at $4 per share Sep. 1 Sold 3,000 shares at...
Fox Corporation acquired 100 percent ownership of Lamb Products on January 1, 2018. for $200,000. On...
Fox Corporation acquired 100 percent ownership of Lamb Products on January 1, 2018. for $200,000. On that date, Lamb reported retained earnings of $50,000 and had $10,000 of common stock outstanding and $90,000 of Paid in Capital Fox has used the equity method of accounting for its investment in Lamb. On the date of the business combination, the fair value of Lamb's depreciable assets were $20,000 more than book value. The differential assigned to depreciable assets is amortized over 10...
On January 4, Year 1, Ferguson Company purchased 75,000 shares of Silva Company directly from one...
On January 4, Year 1, Ferguson Company purchased 75,000 shares of Silva Company directly from one of the founders for a price of $43 per share. Silva has 300,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $218,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $689,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva. a. Provide the Ferguson...
This is ACCA Question . Bob acquired 80% of the voting equity shares of Bi Bi...
This is ACCA Question .
Bob acquired 80% of the voting equity shares of Bi Bi had the following equity at the date of acquisition 1,000,000 Ordinary shares $1 Retained earnings 10000 The cost of the investment was $1,500,000 and the value of the non-controlling interest acquisition was 5 0 00 What was the goodwill on acquisition of Bill? Your currently accepted answer: 6 of 2 mark
50. Prepare consolidation spreadsheet for intercompany sale of
equipment-Equity method Assume a parent company acquired its
subsidiary on January 1, 2015, at a purchase price that was
$222,000 in excess of the book value of the subsidiary's
Stockholders' Equity on the acquisition date. Of that excess,
$132,000 was assigned to a Customer List that is being amortized
over a 10-year period. The remaining $90,000 was assigned to
Goodwill. In January of 2018, the wholly owned subsidiary sold
Equipment to the...
Monte Company acquired 70% of the stock of Mo Company on 1
January 2018, for $150,000. On this date, the balances of Mo’s
stockholders’ equity accounts were: Common Stock, $130,000, and
Retained Earnings, $14,000. On 1 January 2018, the market value for
the 30% of shares not purchased by Monte was $63,800. On 1 January
2018, Mo’s recorded book values were equal to fair values for all
items except: (1) accounts receivable had a book value of $40,000
and a...
This is ACCA Question .
Bob acquired 80% of the voting equity shares of Bi Bi had the following equity at the date of acquisition 1,000,000 Ordinary shares $1 Retained earnings 10000 The cost of the investment was $1,500,000 and the value of the non-controlling interest acquisition was 5 0 00 What was the goodwill on acquisition of Bill? Your currently accepted answer: 6 of 2 mark
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