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tuna co. purchases 25% of Stanley inc. on January 1 of the
current year for
L...
TunaCo purchases 25% of Stanley, Inc. on January 1 of the current year for $505,000. This...
TunaCo purchases 25% of Stanley, Inc. on January 1 of the current year for $505,000. This acquisition gives TunaCo the ability to significantly influence Stanley's operating and financing policies. Stanley reports assets on that date of $1,600,000 with liabilities of $400,000. One building with a 15-year remaining life has a book value of $100,000 and a fair market value of $400,000. Any remaining excess must be Goodwill. During the current year, Stanley reports net income of $140,000 while paying dividends...
On January 1, 2013 Master Corporation acquired 80% of Stanley Wood Products Company's outstanding...
On January 1, 2013 Master Corporation acquired 80% of Stanley Wood Products Company's outstanding shares by paying $150,000 in cash. On that date, the fair value of the noncontrolling interest was $37,500 and Stanley reported retained earnings of $42,000 and had $98,000 of common stock outstanding. Master has used the equity method in accounting for investment in Stanley. Trial balance data for the two companies on December 31, 2017 are as follows: Master Stanley Debit Credit Debit Credit Cash &...
On January 1, 2017, Parent Co., acquired 100 percent of the common stock of Sub Co...
On January 1, 2017, Parent Co., acquired 100 percent of the common stock of Sub Co for $1,000,000 in cash. At that time, the building which had a remaining life of 20 years and was undervalued by 200,000 and they had a patent not recorded on their books of 100,000 with a remaining life of 10 years. Below is the relevant information for Parent Co. and Sub Co. Parent Co 12/31/18 Sub Co 12/31/16 Sub Co 13/31/17 Sub Co 13/31/18...
Problem 1-8 (LU 1-3, 1-4) 00 Franklin purchases 40 percent of Johnson Company on January 1...
Problem 1-8 (LU 1-3, 1-4) 00 Franklin purchases 40 percent of Johnson Company on January 1 for $617,100. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnson's operating and financing policies. Johnson reports assets on that date of $1,515,000 with liabilities of $548,000. One building with a seven-year remaining life life is undervalued on Johnson's books by $243,250. Also, Johnson's book value for its trademark (10-year life) is undervalued by $332,500....
Problem 1-8 (LU 1-3, 1-4) 00 Franklin purchases 40 percent of Johnson Company on January 1...
Problem 1-8 (LU 1-3, 1-4) 00 Franklin purchases 40 percent of Johnson Company on January 1 for $617,100. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnson's operating and financing policies. Johnson reports assets on that date of $1,515,000 with liabilities of $548,000. One building with a seven-year remaining life life is undervalued on Johnson's books by $243,250. Also, Johnson's book value for its trademark (10-year life) is undervalued by $332,500....
On January 2, Year 1, Kean Co. purchased a 30% interest in Pod Co. for $250,000....
On January 2, Year 1, Kean Co. purchased a 30% interest in Pod Co. for $250,000. On this date, Pod's equity was $500,000. The carrying amounts of Pod's identifiable net assets approximated their fair values, except for land whose fair value exceeded its carrying amount by $200,000. Pod reported net income of $100,000 for Year 1, and paid no dividends. Kean accounts for this investment using the equity method. In its December 31, Year 1, balance sheet, what amount should...
Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method...
Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method of accounting was used. The book value and fair value of the net assets of Howell on that date were $1,440,000. Acker began supplying inventory to Howell as follows: Year 2020 2021 Cost to Acker $55,000 $70,000 Transfer Price $ 75,000 $110,000 Amount Held by Howell at Year- End $15,000 $55,000 Howell reported net income of $100,000 in 2020 and $120,000 in 2021 while...
(The following information applies to the questions displayed below) On January 1, 2019, Phoenix Co, acquired...
(The following information applies to the questions displayed below) On January 1, 2019, Phoenix Co, acquired 100 percent of the outstanding voting shares of Sedona Inc. for $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. Any remaining excess for over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books....
Exam 1 Sunday ses 220201 ACCT-400B-01 Acker Inc. bought 40% of Howell Co. on January 1,...
Exam 1 Sunday ses 220201 ACCT-400B-01 Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method of accounting was used. The book value and fair value of the net assets of Howell on that date were $1,440,000. Acker began supplying inventory to Howell as follows: Cost to Transfer Amount Held by Howell Year Acker Price at Year-End 2020 $ 55,000 $75,000 $15,000 2021$ 70,000 $110,000 $55,000 Howell reported net income of $100,000 in 2020...
On January 1 in the year of acquisition, Cobb Enterprises purchased 80% of Bob's Bricks Inc.'s...
On January 1 in the year of acquisition, Cobb Enterprises purchased 80% of Bob's Bricks Inc.'s outstanding common shares. In acquiring this interest, Cobb paid a total of $1,500,000. Bob's Bricks' net assets had a book value of $1,300,000 at the time. A building with a ten-year life and a book value of $100,000 was worth $175,000. Any other excess amount was attributed to goodwill. Cobb reports net income for the first year of $350,000 (without regard for its ownership...
Problem 1-8 (LU 1-3, 1-4) 00 Franklin purchases 40 percent of Johnson Company on January 1 for $617,100. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnson's operating and financing policies. Johnson reports assets on that date of $1,515,000 with liabilities of $548,000. One building with a seven-year remaining life life is undervalued on Johnson's books by $243,250. Also, Johnson's book value for its trademark (10-year life) is undervalued by $332,500....
Problem 1-8 (LU 1-3, 1-4) 00 Franklin purchases 40 percent of Johnson Company on January 1 for $617,100. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnson's operating and financing policies. Johnson reports assets on that date of $1,515,000 with liabilities of $548,000. One building with a seven-year remaining life life is undervalued on Johnson's books by $243,250. Also, Johnson's book value for its trademark (10-year life) is undervalued by $332,500....
Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method of accounting was used. The book value and fair value of the net assets of Howell on that date were $1,440,000. Acker began supplying inventory to Howell as follows: Year 2020 2021 Cost to Acker $55,000 $70,000 Transfer Price $ 75,000 $110,000 Amount Held by Howell at Year- End $15,000 $55,000 Howell reported net income of $100,000 in 2020 and $120,000 in 2021 while...
(The following information applies to the questions displayed below) On January 1, 2019, Phoenix Co, acquired 100 percent of the outstanding voting shares of Sedona Inc. for $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. Any remaining excess for over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books....
Exam 1 Sunday ses 220201 ACCT-400B-01 Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method of accounting was used. The book value and fair value of the net assets of Howell on that date were $1,440,000. Acker began supplying inventory to Howell as follows: Cost to Transfer Amount Held by Howell Year Acker Price at Year-End 2020 $ 55,000 $75,000 $15,000 2021$ 70,000 $110,000 $55,000 Howell reported net income of $100,000 in 2020...
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