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5. Assume that, on January 1, 2018, Matsui Co. paid $1,200,000 for its investment in 60,000...
Assume that, on January 1, 2018, Matsui Co. paid $2,688,000 for its investment in 96,000 shares...
Assume that, on January 1, 2018, Matsui Co. paid $2,688,000 for its investment in 96,000 shares of Yankee Inc. Further, assume that Yankee has 300,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $600,000 at January 1, 2018. The following information pertains to Yankee during 2018: Net Income Dividends declared and paid Market price of common stock on 12/31/2018 $300,000 $ 90,000 30/share What amount would Matsui report in its...
Assume that, on January 1, 2021, Matsui Co. paid $1,029,600 for its investment in 46800 shares...
Assume that, on January 1, 2021, Matsui Co. paid $1,029,600 for its investment in 46800 shares of Yankee Inc. Further, assume that Yankee has 180000 total shares of stock issued. The book value and fair value of Yankee’s certificate net assets were both $360000 at January 1,2021. The following information pertains to Yankee during 2021? Net income $180000 Dividends declared and paid $54000 Market price of common stock on 12/31/2021 $ 24/share What amount would Matsui in its year-end 2021...
points Save Answe Assume that on January 1, 2021. Matsul Co. paid $1.296,000 for its investment...
points Save Answe Assume that on January 1, 2021. Matsul Co. paid $1.296,000 for its investment in 48,000 shares of Yankee Inc. Further, assume that Yankee has 240.000 total shares of stock Issued. The book value and fair value of Yankee's identifiable net assets were both $480,000 at January 1 2021. The following information pertains to Yankee during 2021 Net Income 240 000 Dividends declared and paid $ 72,000 Market price of common stock on 12/31/2021 29 share What amount...
Assume that, on January 1, 2021, Sosa Enterprises paid $2,060,000 for its investment in 30,000 shares...
Assume that, on January 1, 2021, Sosa Enterprises paid $2,060,000 for its investment in 30,000 shares of Orioles Co. Further, assume that Orioles has 100,000 total shares of stock issued and estimates an eight-year remaining useful life and straight-line depreciation with no residual value for its depreciable assets. At January 1, 2021, the book value of Orioles' identifiable net assets was $7,080,000, and the fair value of Orioles was $10,000,000. The difference between Orioles' fair value and the book value...
On January 1, 2018, Pen Corporation acquired 75% of the outstanding common stock of Sen Company...
On January 1, 2018, Pen Corporation acquired 75% of the outstanding common stock of Sen Company for $450,000. There was no control premium. Sen’s stockholders’ equity on January 1, 2018, was as follows: Common Stock, $20 par $200,000 Additional Paid-In Capital $110,000 Retained Earnings $100,000 Differences between book value and fair value of the net identifiable assets of Sen Company on January 1, 2018, were limited to the following: Book Value Fair Value Inventories (FIFO) $40,000 $39,400 Building (Net) [Remaining...
On January 1, 2018, Minimal, Inc., paid $80,000 for a 15% interest in Harrington Corporation’s common...
On January 1, 2018, Minimal, Inc., paid $80,000 for a 15% interest in Harrington Corporation’s common stock. This investee had assets with a book value of $225,000 and liabilities of $55,000. A customer list held by Harrington having a $8,000 book value was actually worth $21,000. Any further excess cost associated with this acquisition was attributed to goodwill. During 2018, Harrington earned income of $55,000 and declared and paid dividends of $12,000. In 2019, Harrington had income of $75,000 and...
On January 1, 2017, Shamrock Co. purchased 26,000 shares (a 10% interest) in Elton John Corp....
On January 1, 2017, Shamrock Co. purchased 26,000 shares (a 10%
interest) in Elton John Corp. for $1,380,000. At the time, the book
value and the fair value of John’s net assets were
$14,200,000.
On July 1, 2018, Shamrock paid $3,000,000 for 52,000 additional
shares of John common stock, which represented a 20% investment in
John. The fair value of John’s identifiable assets net of
liabilities was equal to their carrying amount of $15,500,000. As a
result of this transaction,...
On January 1, 2017, Bonita Co. purchased 24,000 shares (a 10% interest) in Elton John Corp....
On January 1, 2017, Bonita Co. purchased 24,000 shares (a 10% interest) in Elton John Corp. for $1.450.000. At the time, the book value and the fair value of John's net assets were $12,000,000. On July 1, 2018, Bonita paid $2,740,000 for 48,000 additional shares of John common stock, which represented a 20% investment in John. The fair value of John's identifiable assets net of liabilities was equal to their carrying amount of $13,200,000. As a result of this transaction,...
On January 1, 2017, Pearl Co. purchased 23,000 shares (a 10% interest) in Elton John Corp....
On January 1, 2017, Pearl Co. purchased 23,000 shares (a 10%
interest) in Elton John Corp. for $1,330,000. At the time, the book
value and the fair value of John’s net assets were
$12,300,000.
On July 1, 2018, Pearl paid $2,840,000 for 46,000 additional shares
of John common stock, which represented a 20% investment in John.
The fair value of John’s identifiable assets net of liabilities was
equal to their carrying amount of $13,300,000. As a result of this
transaction,...
On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 242,000 shares issued Paid-in capital - excess of par, common Paid-in capital - excess of par, preferred Preferred stock, $100 par, 19,000 shares outstanding Retained earnings Treasury stock, at cost, 4,200 shares 242,000 484,000 190,000 1,900,000 3,800,000 21,000 During 2018, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company...
Assume that, on January 1, 2018, Matsui Co. paid $2,688,000 for its investment in 96,000 shares of Yankee Inc. Further, assume that Yankee has 300,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $600,000 at January 1, 2018. The following information pertains to Yankee during 2018: Net Income Dividends declared and paid Market price of common stock on 12/31/2018 $300,000 $ 90,000 30/share What amount would Matsui report in its...
points Save Answe Assume that on January 1, 2021. Matsul Co. paid $1.296,000 for its investment in 48,000 shares of Yankee Inc. Further, assume that Yankee has 240.000 total shares of stock Issued. The book value and fair value of Yankee's identifiable net assets were both $480,000 at January 1 2021. The following information pertains to Yankee during 2021 Net Income 240 000 Dividends declared and paid $ 72,000 Market price of common stock on 12/31/2021 29 share What amount...
Assume that, on January 1, 2021, Sosa Enterprises paid $2,060,000 for its investment in 30,000 shares of Orioles Co. Further, assume that Orioles has 100,000 total shares of stock issued and estimates an eight-year remaining useful life and straight-line depreciation with no residual value for its depreciable assets. At January 1, 2021, the book value of Orioles' identifiable net assets was $7,080,000, and the fair value of Orioles was $10,000,000. The difference between Orioles' fair value and the book value...
On January 1, 2017, Shamrock Co. purchased 26,000 shares (a 10%
interest) in Elton John Corp. for $1,380,000. At the time, the book
value and the fair value of John’s net assets were
$14,200,000.
On July 1, 2018, Shamrock paid $3,000,000 for 52,000 additional
shares of John common stock, which represented a 20% investment in
John. The fair value of John’s identifiable assets net of
liabilities was equal to their carrying amount of $15,500,000. As a
result of this transaction,...
On January 1, 2017, Bonita Co. purchased 24,000 shares (a 10% interest) in Elton John Corp. for $1.450.000. At the time, the book value and the fair value of John's net assets were $12,000,000. On July 1, 2018, Bonita paid $2,740,000 for 48,000 additional shares of John common stock, which represented a 20% investment in John. The fair value of John's identifiable assets net of liabilities was equal to their carrying amount of $13,200,000. As a result of this transaction,...
On January 1, 2017, Pearl Co. purchased 23,000 shares (a 10%
interest) in Elton John Corp. for $1,330,000. At the time, the book
value and the fair value of John’s net assets were
$12,300,000.
On July 1, 2018, Pearl paid $2,840,000 for 46,000 additional shares
of John common stock, which represented a 20% investment in John.
The fair value of John’s identifiable assets net of liabilities was
equal to their carrying amount of $13,300,000. As a result of this
transaction,...
On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 242,000 shares issued Paid-in capital - excess of par, common Paid-in capital - excess of par, preferred Preferred stock, $100 par, 19,000 shares outstanding Retained earnings Treasury stock, at cost, 4,200 shares 242,000 484,000 190,000 1,900,000 3,800,000 21,000 During 2018, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company...
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