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Turner Company purchased 25% of the outstanding stock of ICA Company for $10,900,000 on January 2,...
1. Record the investment 2. Record the investment revenue realized. 3. Record the fair value adjustment....
1. Record the investment
2. Record the investment revenue realized.
3. Record the fair value adjustment.
He Turner Company purchased 35% of the outstanding stock of ICA Company for $11,800,000 on January 2, 2021. Turner elects the fair value option to account for the investment. During 2021, ICA reports $930,000 of net income and on December 30 pays a dividend of $680,000. On December 31, 2021, the fair value of Turner's investment has increased to $15,100,000. Prepare the journal entries...
Turner Company owns 45% of the outstanding stock of ICA Company. During the current year, ICA...
Turner Company owns 45% of the outstanding stock of ICA Company. During the current year, ICA paid a $4 million cash dividend on its common shares What effect did this dividend have on Turner's 2021 financial statements? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered os 5.5).) Balance sheet million million Income statement Cash Cash surrender value of life insurance Discount on...
Turner Company owns 25% of the outstanding stock of ICA Company. During the current year, ICA...
Turner Company owns 25% of the outstanding stock of ICA Company. During the current year, ICA paid a $4 million cash dividend on its common shares. What effect did this dividend have on Turner's 2018 financial statements? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). "Enter"O" for no effect.) Balance sheet Investment in equity securities million Cash million Income statement...
Mps://newconnect. education.com/flow/con Turner Company owns 10% of the outstanding stock of ICA Company. During the current...
Mps://newconnect. education.com/flow/con Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a 5510 million cash dividend on its common shares What effect did this dividend have on Turner's 2021 financial statements? (Enter your answers in whole dollars, not in millions. Amounts to be deducted should be indicated with a minus sign.) Balance sheet Income statement ere to search
Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2017, by issuing...
Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2017, by issuing 10,700 shares of $10 par value common stock. Haynes's shares had a $15 per share fair value. On that date, Turner reported a net book value of $114,800. However, its equipment (with a five-year remaining life) was undervalued by $8,800 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $36,900, although no value had been recorded...
On July 1, 2021, Clearwater Inc. purchased 7,200 shares of the outstanding common stock of Mountain...
On July 1, 2021, Clearwater Inc. purchased 7,200 shares of the outstanding common stock of Mountain Corporation at a cost of $192,000. Mountain had 24,000 shares of outstanding common stock. The total book value and total fair value of Mountain's Individual net assets on July 1, 2021, are both $640,000. The total fair value of the 24,000 shares of Mountain's common stock on December 31, 2021, is $730,000. Both companies have a January through December fiscal year. The following data...
Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing...
Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 7,300 shares of $10 par value common stock. Haynes's shares had a $15 per share fair value. On that date, Turner reported a net book value of $66,600. However, its equipment (with a five-year remaining life) was undervalued by $8,500 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $34,400, although no value had been recorded...
On January 1, 2018, Cameron inc bought 10% of the outstanding common stock of Lake Construction...
On January 1, 2018, Cameron inc bought 10% of the outstanding common stock of Lake Construction Company for $170 million cash At the date of acquisition of the stock, Lake's net assets nad ฮ fair value of S700 milion. Their book value was S600 million The difference was attributable to the fair value of Lake's buildings and its land exceeding book value. each accounting for one-haif of the difference. Lake's net income for the year ended December 31, 2018, was...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1.297.100 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date. Sellinger had a total book value of $1.510.000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $333.000. On January 1, 2021. Palka...
On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake...
On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake Construction Company for $190 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million, The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018,...
1. Record the investment
2. Record the investment revenue realized.
3. Record the fair value adjustment.
He Turner Company purchased 35% of the outstanding stock of ICA Company for $11,800,000 on January 2, 2021. Turner elects the fair value option to account for the investment. During 2021, ICA reports $930,000 of net income and on December 30 pays a dividend of $680,000. On December 31, 2021, the fair value of Turner's investment has increased to $15,100,000. Prepare the journal entries...
Turner Company owns 45% of the outstanding stock of ICA Company. During the current year, ICA paid a $4 million cash dividend on its common shares What effect did this dividend have on Turner's 2021 financial statements? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered os 5.5).) Balance sheet million million Income statement Cash Cash surrender value of life insurance Discount on...
Turner Company owns 25% of the outstanding stock of ICA Company. During the current year, ICA paid a $4 million cash dividend on its common shares. What effect did this dividend have on Turner's 2018 financial statements? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). "Enter"O" for no effect.) Balance sheet Investment in equity securities million Cash million Income statement...
Mps://newconnect. education.com/flow/con Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a 5510 million cash dividend on its common shares What effect did this dividend have on Turner's 2021 financial statements? (Enter your answers in whole dollars, not in millions. Amounts to be deducted should be indicated with a minus sign.) Balance sheet Income statement ere to search
Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2017, by issuing 10,700 shares of $10 par value common stock. Haynes's shares had a $15 per share fair value. On that date, Turner reported a net book value of $114,800. However, its equipment (with a five-year remaining life) was undervalued by $8,800 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $36,900, although no value had been recorded...
On July 1, 2021, Clearwater Inc. purchased 7,200 shares of the outstanding common stock of Mountain Corporation at a cost of $192,000. Mountain had 24,000 shares of outstanding common stock. The total book value and total fair value of Mountain's Individual net assets on July 1, 2021, are both $640,000. The total fair value of the 24,000 shares of Mountain's common stock on December 31, 2021, is $730,000. Both companies have a January through December fiscal year. The following data...
Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 7,300 shares of $10 par value common stock. Haynes's shares had a $15 per share fair value. On that date, Turner reported a net book value of $66,600. However, its equipment (with a five-year remaining life) was undervalued by $8,500 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $34,400, although no value had been recorded...
On January 1, 2018, Cameron inc bought 10% of the outstanding common stock of Lake Construction Company for $170 million cash At the date of acquisition of the stock, Lake's net assets nad ฮ fair value of S700 milion. Their book value was S600 million The difference was attributable to the fair value of Lake's buildings and its land exceeding book value. each accounting for one-haif of the difference. Lake's net income for the year ended December 31, 2018, was...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1.297.100 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date. Sellinger had a total book value of $1.510.000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $333.000. On January 1, 2021. Palka...
On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake Construction Company for $190 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million, The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018,...
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