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Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred...
Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred...
Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $114.000 The equipment had cost $148,000 originally but had a $58,000 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...
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...
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...
Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred...
Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $112,000. The equipment had cost $147,000 originally but had a $57,000 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...
Check my work 3 Problem 5-23 (LO 5-7) Padre holds 100 percent of the outstanding shares...
Check my work 3 Problem 5-23 (LO 5-7) Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $124,000. The equipment had cost $153.000 originally but had a $63,000 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. eBook Consolidated financial statements for 2018 currently are being prepared. What worksheet entries are needed in connection...
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...
On January 1, 2017, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne...
On January 1, 2017, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $640,000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $160,000 and Rockne's assets and abilities had a collective net fair value of $800,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $290,000 in 2018. Since being acquired, Rockne has regularly supplied inventory...
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...
Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date...
Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date of acquisition, Scrub Company reported assets and liabilities with book values of $438,000 and $172,000, respectively, common stock outstanding of $86,000, and retained earnings of $180,000. The book values and fair values of Scrub's assets and liabilities were identical except for land, which had increased in value by $17,000, and inventories, which had decreased by $8,000. Required: a. Prepare the following consolidation entries required...
Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31,...
Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $208,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation Faith Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Mecounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 60,000 86,000 101,000...
Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $114.000 The equipment had cost $148,000 originally but had a $58,000 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...
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...
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...
Check my work 3 Problem 5-23 (LO 5-7) Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $124,000. The equipment had cost $153.000 originally but had a $63,000 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. eBook Consolidated financial statements for 2018 currently are being prepared. What worksheet entries are needed in connection...
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...
On January 1, 2017, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $640,000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $160,000 and Rockne's assets and abilities had a collective net fair value of $800,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $290,000 in 2018. Since being acquired, Rockne has regularly supplied inventory...
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...
Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date of acquisition, Scrub Company reported assets and liabilities with book values of $438,000 and $172,000, respectively, common stock outstanding of $86,000, and retained earnings of $180,000. The book values and fair values of Scrub's assets and liabilities were identical except for land, which had increased in value by $17,000, and inventories, which had decreased by $8,000. Required: a. Prepare the following consolidation entries required...
Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $208,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation Faith Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Mecounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 60,000 86,000 101,000...
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