Homework Answers
1. In the books of Cameron Inc. :
| Event | General Journal | Debit | Credit |
| $ ( in millions ) | $ ( in millions ) | ||
| 1. | Investment in Lake Construction Company | 190 | |
| Cash | 190 | ||
| To record investment in Lake Construction Co. stock | |||
| 2. | Investment in Lake Construction Company | 29 | |
| Investment Income ( 290 * 10 % ) | 29 | ||
| To record investment revenue | |||
| 3. | Cash ( 30 * 10 % ) | 3 | |
| Investment in Lake Construction Company | 3 | ||
| To record cash dividend | |||
| 4. | Depreciation Expense ( 100 * 0.5 * ) / 5 | 10 | |
| Investment in Lake Construction Company | 10 | ||
| To record depreciation expense on buildings |
2.
| $ ( in millions) | |
| Investment in Cameron's 2018 balance sheet | 206 |
| Investment revenue in the income statement | 29 |
| Investing activities in the statement of cash flows | - 187 |
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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...
On January 1, 2018, Cameron Inc bought 10% of the outstanding common stock of Lake Construction Company for $160 million cash At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value Ovas $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, was...
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 $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 5800 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, was...
On January 1, 2018, Cameron Inc. bought 30% of the outstanding common stock of Lake Construction...
On January 1, 2018, Cameron Inc. bought 30% of the outstanding common stock of Lake Construction Company for $420 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Their book value was $700 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, was...
5 On January 1, 2018, Cameron Inc bought 30% of the outstanding common stock of Lake...
5
On January 1, 2018, Cameron Inc bought 30% of the outstanding common stock of Lake Construction Company for $420 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Thelr book value was $700 million. The difference was attributable to the falr value of Lake's butlidings and its land exceeding book value, each accounting for one half of the difference Lake's net Income for the year ended December 31,...
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...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 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....
On January 1, 2021, Cameron Inc. bought 10% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 10% of the outstanding common stock of Lake Construction Company for $160 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Its 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....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 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....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20%
of the outstanding common stock of Lake Construction Company for
$240 million cash, giving Cameron the ability to exercise
significant influence over Lake’s operations. At the date of
acquisition of the stock, Lake's net assets had a fair value of
$600 million. Its book value was $500 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....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding
common stock of Lake Construction Company for $260 million cash,
giving Cameron the ability to exercise significant influence over
Lake’s operations. At the date of acquisition of the stock, Lake's
net assets had a fair value of $900 million. Its book value was
$850 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....
On January 1, 2018, Cameron Inc bought 10% of the outstanding common stock of Lake Construction Company for $160 million cash At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value Ovas $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, was...
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 5800 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, was...
On January 1, 2018, Cameron Inc. bought 30% of the outstanding common stock of Lake Construction Company for $420 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Their book value was $700 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, was...
5
On January 1, 2018, Cameron Inc bought 30% of the outstanding common stock of Lake Construction Company for $420 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $800 million. Thelr book value was $700 million. The difference was attributable to the falr value of Lake's butlidings and its land exceeding book value, each accounting for one half of the difference Lake's net Income for the year ended December 31,...
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...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 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....
On January 1, 2021, Cameron Inc. bought 10% of the outstanding common stock of Lake Construction Company for $160 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Its 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....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 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....
On January 1, 2021, Cameron Inc. bought 20%
of the outstanding common stock of Lake Construction Company for
$240 million cash, giving Cameron the ability to exercise
significant influence over Lake’s operations. At the date of
acquisition of the stock, Lake's net assets had a fair value of
$600 million. Its book value was $500 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....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding
common stock of Lake Construction Company for $260 million cash,
giving Cameron the ability to exercise significant influence over
Lake’s operations. At the date of acquisition of the stock, Lake's
net assets had a fair value of $900 million. Its book value was
$850 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....
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