C. (1) ENTRY S (2) ENTRY A, (3)
ENTRY I (4) ENTRY D (5) ENTRY E
D. (1) ENTRY C (2) ENTRY S, (3) ENTRY A (4) ENTRY I (5) ENTRY E
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C. (1) ENTRY S (2) ENTRY A, (3)
ENTRY I (4) ENTRY D (5) ENTRY E
D. (1)...
Problem 3-34 (LO 3-3a, 3-3b, 3-7) Branson paid $585,200 cash for all of the outstanding common...
Problem 3-34 (LO 3-3a, 3-3b, 3-7) Branson paid $585,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $375,000 (common stock of $200,000 and retained earnings of $175,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $196,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners...
Branson paid $544,600 cash for all of the outstanding common stock of Wolfpack, Inc., on January...
Branson paid $544,600 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. Un inalte, uie Subidy had a book value of $389,000 (common stock of $200,000 and retained earnings of $189,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $142,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $62,000 if Wolfpack's Income exceeded...
Branson paid $607,500 cash for all of the outstanding common stock of Wolfpack, Inc., on January...
Branson paid $607,500 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $373,000 (common stock of $200,000 and retained earnings of $173,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $199,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack’s former owners an additional $45,000 if Wolfpack’s income...
Branson paid $576,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January...
Branson paid $576,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $374,000 (common stock of $200,000 and retained earnings of $174,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $192,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack’s former owners an additional $74,000 if Wolfpack’s income...
Branson paid $621,000 cash for all of the outstanding common stock of Wolfpack, Inc., on January...
Branson paid $621,000 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $433,000 (common stock of $200,000 and retained earnings of $233,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $160,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack’s former owners an additional $70,000 if Wolfpack’s income...
Advanced Accounting Chapter 3 Question
Branson paid $573,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2020. On that date, the subsidiary had a book value of $430,000 (common stock of $200,000 and retained earnings of $230,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $133,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack’s former owners an additional $44,000 if Wolfpack’s income exceeded...
Questions: 1. Prepare entry S to eliminate stockholders' equity accounts of subsidiary. 2. Prepare entry A...
Questions:
1. Prepare entry S to eliminate stockholders' equity accounts of
subsidiary.
2. Prepare entry A to recognize allocations attributed to fair
value of specific accounts at acquisition date with residual fair
value recognized as goodwill.
3. Prepare entry I to eliminate $122,500 income accrual for 2017
less $11,000 amortization recorded by parent using equity
method.
4. Prepare entry D to eliminate intra-entity dividend
transfers.
5. Prepare entry E to recognize current year amortization
expense.
6. Prepare entry S to...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017 As of that da...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017 As of that date, Abernethy has the following trial balance Accounts payable Accounts receivable 5 56,780 s 43,800 Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (s-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies 5e,869 143,000 80,250 250,8e 295,00 110,580 112,600 171,e00 268,750 11,988 Totals 796,450796,450 During 2017, Abernethy reported net income of $122.500...
Prepare entry S to eliminate stockholders' equity accounts of subsidiary. 2 Prepare entry A to recognize...
Prepare entry S to eliminate stockholders' equity accounts of
subsidiary.
2
Prepare entry A to recognize allocations determined above in
connection with acquisition-date fair values.
3
Prepare entry I to eliminate intra-entity dividend declarations
recorded by parent as income.
4
Prepare entry E to recognize 2017 amortization expense.
5
Prepare entry *C to convert parent company figures to equity
method by recognizing subsidiary's increase in book value for prior
year [$117,500 net income less $15,000 dividend declaration] and
excess amortizations...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit $ 51,500 $ 46,500 50,000 190,000 67,750 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies Totals 250,000 442,500 107,000 93,500 166,500 448,250 19,000 $966,250 $966,250 During 2017, Abernethy reported net...
Problem 3-34 (LO 3-3a, 3-3b, 3-7) Branson paid $585,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $375,000 (common stock of $200,000 and retained earnings of $175,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $196,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners...
Branson paid $544,600 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. Un inalte, uie Subidy had a book value of $389,000 (common stock of $200,000 and retained earnings of $189,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $142,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $62,000 if Wolfpack's Income exceeded...
Questions:
1. Prepare entry S to eliminate stockholders' equity accounts of
subsidiary.
2. Prepare entry A to recognize allocations attributed to fair
value of specific accounts at acquisition date with residual fair
value recognized as goodwill.
3. Prepare entry I to eliminate $122,500 income accrual for 2017
less $11,000 amortization recorded by parent using equity
method.
4. Prepare entry D to eliminate intra-entity dividend
transfers.
5. Prepare entry E to recognize current year amortization
expense.
6. Prepare entry S to...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017 As of that date, Abernethy has the following trial balance Accounts payable Accounts receivable 5 56,780 s 43,800 Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (s-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies 5e,869 143,000 80,250 250,8e 295,00 110,580 112,600 171,e00 268,750 11,988 Totals 796,450796,450 During 2017, Abernethy reported net income of $122.500...
Prepare entry S to eliminate stockholders' equity accounts of
subsidiary.
2
Prepare entry A to recognize allocations determined above in
connection with acquisition-date fair values.
3
Prepare entry I to eliminate intra-entity dividend declarations
recorded by parent as income.
4
Prepare entry E to recognize 2017 amortization expense.
5
Prepare entry *C to convert parent company figures to equity
method by recognizing subsidiary's increase in book value for prior
year [$117,500 net income less $15,000 dividend declaration] and
excess amortizations...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit $ 51,500 $ 46,500 50,000 190,000 67,750 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies Totals 250,000 442,500 107,000 93,500 166,500 448,250 19,000 $966,250 $966,250 During 2017, Abernethy reported net...
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