Homework Answers
Answer -
14. Answer -
Answer is C
The differential reflected in a consolidation worksheet to prepare a consolidated balance sheet immediately after the business combination is $70000
Calculation :
= Acquiring cost - Book value of net asset
= $340000 - $270000
= $70000
15. Answer -
Answer is B
$25000 should be allocated to goodwill in the consolidated balance sheet, prepared after this business combination.
Calculation :
= Acquiring cost - Net asset fair value
= $340000 - $315000
= $25000
16. Answer -
Answer is C
On a consolidated balance sheet at December 31, 20X8, the carrying amount of the equipment should be reported at: Blue's original cost less Black's recorded gain.
Add Answer to:
14. Based on the preceding information, the differential reflected in a consolidation worksheet to prepare a...
consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET...
consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: On that date,...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below....
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Defoe Corporation $90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 $614,000 $120,000 200,000...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details...
Project: Using Microsoft Excel, prepare CONSOLIDATION
WORKSHEET (spreadsheet) for Salmon and
Perch. See project details below.
o On December 31, 20X8, Defoe Corporation acquired 80 percent of
Crusoe Company's common
stock for $104,000 cash. The fair value of the non-controlling
interest at that date was determined to be $26,000. Data from the
balance sheets of the two companies included the following amounts
as of the date of acquisition:
On that date, the book values of Crusoe's assets and liabilities...
Chapter 4 Consolidation of Wholly Owned Subsidiaries Acquired ar More than Book Value 179 -12 Consolidation...
Chapter 4 Consolidation of Wholly Owned Subsidiaries Acquired ar More than Book Value 179 -12 Consolidation Entries with Differential On June 10, 20X8, Tower Corporation acquired 100 percent of Brown Company's common stock. Sum- marized balance sheet data for the two companies immediately after the stock acquisition are as follows: Tower Corp. Item $ 15,000 30,000 80,000 120,000 100,000 $345,000 Brown Company Book Value Fair Value $ 5,000 $ 5,000 10,000 10,000 20,000 25,000 50,000 70,000 Cash Accounts Receivable Inventory...
A. 0 B. 105,000 c. 30,000 D. 45,000 Required information (The following information applies to the...
A. 0
B. 105,000
c. 30,000
D. 45,000
Required information (The following information applies to the questions displayed below.) Select the correct answer for each of the following questions. Parts 1 and 2 are based on the following: On January 2, 20X8, Paint Company acquired 75 percent of Stain Company's outstanding common stock at an amount equal to its underlying book value. Selected balance sheet data at December 31, 20x8, follow: Total Assets Liabilities Common Stock Retained Earnings Paint Company...
pter 5 Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Bool Vatue E5-3 Consolidation Entries with...
pter 5 Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Bool Vatue E5-3 Consolidation Entries with Differential On June 10, 20X8 , Private Corporation acquired 60 percent of Secret Company's common stock. The fair value of the noncontrolling interest was $32,800 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows: Secret Company Private Corp. Fair Value Book Value Book Value dvanced udyGuide Item $ 5,000 10,000 5,000 10,000 $ 25,800...
A. 100,000 B. 150,000 C. 50,000 D. 137,500 Required information (The following information applies to the...
A. 100,000
B. 150,000
C. 50,000
D. 137,500
Required information (The following information applies to the questions displayed below.) Select the correct answer for each of the following questions. Parts 1 and 2 are based on the following: On January 2, 20x8, Paint Company acquired 75 percent of Stain Company's outstanding common stock at an amount equal to its underlying book value. Selected balance sheet data at December 31, 20X8, follow: Total Assets Liabilities Common Stock Retained Earnings Paint Company...
Free Answer (8 pts) 1.On December 31, 20X8, Parkway Corporation acquired 80 percent of Street Company's...
Free Answer (8 pts) 1.On December 31, 20X8, Parkway Corporation acquired 80 percent of Street Company's common stock for $104,000 cash. The fair value of the noncontrolling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Df P- V 130- 45 130,000 Tate Street Parkway Corp $ Company 20,000 35,000 40,000 60,000 100,000 (40,000) Cash Accounts Receivable 90,000 80,000 100,000 40,000...
Pace Corporation acquired 100 percent of Spin Company's common stock on January 1, 20X9. Balance sheet...
Pace Corporation acquired 100 percent of Spin Company's common stock on January 1, 20X9. Balance sheet data for the two companies immediately following the acquisition follows: Item Pace Corporation Spin Company Cash $ 30,000 $ 25,000 Accounts Receivable 80,000 40,000 Inventory 150,000 55,000 Land 65,000 40,000 Buildings and Equipment 260,000 160,000 Less: Accumulated Depreciation (120,000 ) (50,000 ) Investment in Spin Company Stock 150,000 Total Assets $ 615,000 $ 270,000 Accounts Payable $45,000 $33,000 Taxes Payable 20,000 8,000 Bonds Payable...
What amount of Goodwill will be reported? A. 23,000 B. 58,000 C. 0 Required information [The...
What amount of Goodwill will be reported?
A. 23,000
B. 58,000
C. 0
Required information [The following information applies to the questions displayed below.) Pocket Corporation acquired 100 percent of Strap Corporation's common stock on December 31, 20X2. Balance sheet data for the two companies immediately following the acquisition follow: Strap Corporation $ 30,000 45,000 70,000 25,000 400,000 (165,000) Item Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Strap Corporation Total Assets Accounts Payable Taxes...
consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: On that date,...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Defoe Corporation $90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 $614,000 $120,000 200,000...
Project: Using Microsoft Excel, prepare CONSOLIDATION
WORKSHEET (spreadsheet) for Salmon and
Perch. See project details below.
o On December 31, 20X8, Defoe Corporation acquired 80 percent of
Crusoe Company's common
stock for $104,000 cash. The fair value of the non-controlling
interest at that date was determined to be $26,000. Data from the
balance sheets of the two companies included the following amounts
as of the date of acquisition:
On that date, the book values of Crusoe's assets and liabilities...
Chapter 4 Consolidation of Wholly Owned Subsidiaries Acquired ar More than Book Value 179 -12 Consolidation Entries with Differential On June 10, 20X8, Tower Corporation acquired 100 percent of Brown Company's common stock. Sum- marized balance sheet data for the two companies immediately after the stock acquisition are as follows: Tower Corp. Item $ 15,000 30,000 80,000 120,000 100,000 $345,000 Brown Company Book Value Fair Value $ 5,000 $ 5,000 10,000 10,000 20,000 25,000 50,000 70,000 Cash Accounts Receivable Inventory...
A. 0
B. 105,000
c. 30,000
D. 45,000
Required information (The following information applies to the questions displayed below.) Select the correct answer for each of the following questions. Parts 1 and 2 are based on the following: On January 2, 20X8, Paint Company acquired 75 percent of Stain Company's outstanding common stock at an amount equal to its underlying book value. Selected balance sheet data at December 31, 20x8, follow: Total Assets Liabilities Common Stock Retained Earnings Paint Company...
pter 5 Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Bool Vatue E5-3 Consolidation Entries with Differential On June 10, 20X8 , Private Corporation acquired 60 percent of Secret Company's common stock. The fair value of the noncontrolling interest was $32,800 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows: Secret Company Private Corp. Fair Value Book Value Book Value dvanced udyGuide Item $ 5,000 10,000 5,000 10,000 $ 25,800...
A. 100,000
B. 150,000
C. 50,000
D. 137,500
Required information (The following information applies to the questions displayed below.) Select the correct answer for each of the following questions. Parts 1 and 2 are based on the following: On January 2, 20x8, Paint Company acquired 75 percent of Stain Company's outstanding common stock at an amount equal to its underlying book value. Selected balance sheet data at December 31, 20X8, follow: Total Assets Liabilities Common Stock Retained Earnings Paint Company...
Free Answer (8 pts) 1.On December 31, 20X8, Parkway Corporation acquired 80 percent of Street Company's common stock for $104,000 cash. The fair value of the noncontrolling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Df P- V 130- 45 130,000 Tate Street Parkway Corp $ Company 20,000 35,000 40,000 60,000 100,000 (40,000) Cash Accounts Receivable 90,000 80,000 100,000 40,000...
What amount of Goodwill will be reported?
A. 23,000
B. 58,000
C. 0
Required information [The following information applies to the questions displayed below.) Pocket Corporation acquired 100 percent of Strap Corporation's common stock on December 31, 20X2. Balance sheet data for the two companies immediately following the acquisition follow: Strap Corporation $ 30,000 45,000 70,000 25,000 400,000 (165,000) Item Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Strap Corporation Total Assets Accounts Payable Taxes...
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