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DeMilo, Inc., owns 100 percent of the 43.000 outstanding shares of Ricardo, Inc. DeMilo currently carries...
Mount Rainier Company owns 100% of the 60,000 outstanding shares of Mount Washington Company. Mount Rainier...
Mount Rainier Company owns 100% of the 60,000 outstanding shares of Mount Washington Company. Mount Rainier accounts for the investment in Mount Washington using the equity method, and it has current balance of $750,000 in the Investment in Mount Washington account. Mount Washington issues 20,000 new shares to the public for $25 per share. How does this transaction affect the Investment in Mount Washington account that appears on Mount Rainier financial records? An increase to $1,250,000 An increase to 937,500...
Mount Rainier Company owns 100% of the 60,000 outstanding shares of Mount Washington Company. Mount Rainier...
Mount Rainier Company owns 100% of the 60,000 outstanding shares of Mount Washington Company. Mount Rainier accounts for the investment in Mount Washington using the equity method, and it has current balance of $750,000 in the Investment in Mount Washington account. Mount Washington issues 20,000 new shares to the public for $25 per share. How does this transaction affect the Investment in Mount Washington account that appears on Mount Rainier financial records? An increase to $1,250,000 An increase to 937,500...
Zoom Shoes Inc. has 115,000 shares of stock outstanding. GAS Running Company owns 35,000 shares of...
Zoom Shoes Inc. has 115,000 shares of stock outstanding. GAS Running Company owns 35,000 shares of Zoom Shoes Inc. Which of the following is true? a.GAS Running Company is the subsidiary company. b.Zoom Shoes Inc. is the parent company. c.GAS Running Company is required to use the equity method for this investment. d.GAS Running Company is required to combine the financial statements of Zoom Shoes Inc. and report as a single company.
Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora...
Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $128,000. The equipment had cost $155,000 originally but had a $65,000 book value and five-year remaining life at the date of transfer. Depreciation expense is computed according to the straight-line method with no salvage value. Consolidated financial statements for 2018 currently are being prepared. What worksheet entries are needed in connection with the consolidation of this asset? Assume that the...
Question 6 Bramble Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December...
Question 6 Bramble Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $1,000,000 for 50,000 shares, and is equal to 20% of Gregson's carrying amount. Gregson declared and paid a $0.85 per share cash dividend on June 15 and again on December 15, 2020. Gregson reported net income of $545,000 for 2020. The fair value of Gregson's shares was $25 per share at December 31, 2020. Bramble is a public...
Matthew, Inc. owns 30 percent of the outstanding stock of Lindman Company and has the ability...
Matthew, Inc. owns 30 percent of the outstanding stock of Lindman Company and has the ability to significantly influence the investee's operations and decision making. On January 1, 2018, the balance in the Investment in Lindman account is $336,000. Amortization associated with this acquisition is $17,100 per year. In 2018, Lindman earns an income of $126,000 and declares cash dividends of $31,500. Previously, in 2017, Lindman had sold inventory costing $31,800 to Matthew for $53,000. Matthew consumed all but 25...
am chapters and Padre holds 100 percent of the outstanding shares of Sonora. On January 1,...
am chapters and Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $88,000, The equipment had cost $135,000 originally but had a $45.000 book value and five year remaining life at the date of transfer Depreciation expense is computed according to the straight-line method with no salvage value Consolidated financial statements for 2018 currently are being prepared. What worksheet entries are needed in connection with the consolidation of this...
On January 1, 2017, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company...
On January 1, 2017, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,290,800 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 $1,570,000. 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 $264,000. On January 1, 2018, Palka acquired an additional...
On January 1, 2017, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company...
On January 1, 2017, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,613,500 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 $2,040,000. 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 $255,000. On January 1, 2018, Palka acquired an additional...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
Mount Rainier Company owns 100% of the 60,000 outstanding shares of Mount Washington Company. Mount Rainier accounts for the investment in Mount Washington using the equity method, and it has current balance of $750,000 in the Investment in Mount Washington account. Mount Washington issues 20,000 new shares to the public for $25 per share. How does this transaction affect the Investment in Mount Washington account that appears on Mount Rainier financial records? An increase to $1,250,000 An increase to 937,500...
Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $128,000. The equipment had cost $155,000 originally but had a $65,000 book value and five-year remaining life at the date of transfer. Depreciation expense is computed according to the straight-line method with no salvage value. Consolidated financial statements for 2018 currently are being prepared. What worksheet entries are needed in connection with the consolidation of this asset? Assume that the...
Question 6 Bramble Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $1,000,000 for 50,000 shares, and is equal to 20% of Gregson's carrying amount. Gregson declared and paid a $0.85 per share cash dividend on June 15 and again on December 15, 2020. Gregson reported net income of $545,000 for 2020. The fair value of Gregson's shares was $25 per share at December 31, 2020. Bramble is a public...
Matthew, Inc. owns 30 percent of the outstanding stock of Lindman Company and has the ability to significantly influence the investee's operations and decision making. On January 1, 2018, the balance in the Investment in Lindman account is $336,000. Amortization associated with this acquisition is $17,100 per year. In 2018, Lindman earns an income of $126,000 and declares cash dividends of $31,500. Previously, in 2017, Lindman had sold inventory costing $31,800 to Matthew for $53,000. Matthew consumed all but 25...
am chapters and Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $88,000, The equipment had cost $135,000 originally but had a $45.000 book value and five year remaining life at the date of transfer Depreciation expense is computed according to the straight-line method with no salvage value Consolidated financial statements for 2018 currently are being prepared. What worksheet entries are needed in connection with the consolidation of this...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
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