Answer-
9) Calculation of the Amount of Inventory will be Reported:
Inventory of Punch Corporation is $132,000 and Soopy Co is $38,000 and the excess of the fair value over the book value of $22,000. The Combination of the Three Values is Inventory.
Therefore, the Right Option is D) $192,000.
10) Calculation of the Amount of Goodwill that will be Reported:
Therefore, the Goodwill is $68,000. Right Option is B) $68,000.
11) Calculation of the Reported Amount for the Noncontrolling Interest:
Therefore, the Right Option is D) $98,000.
17) Calculation of the Amount of Consolidated Retained Earnings:
The Parent's Company i.e., Punch Coporation's Retained Earnings is the Consolidated Retained Earnings.
Therefore, the Right Option is D) $224,000. and the Consolidated Retained Earnings is $224,000.
13)-Calculation the amount of total assets:-
Cash |
240,000 |
Accounts Receivable |
170000 |
Inventory |
192,000 |
Land |
100000 |
Plant assets-net |
700,000 |
Goodwill |
68000 |
Total assets |
1,470,000 |
Therefore,the right option is $1,470,000
On January 1, 2014, Punch Corporation purchased 80% of the common slock of Soopy Co. Separate...
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