Homework Answers
Add Answer to:
On September 1, 2020, Tech Company purchased 2,800 shares of common stock of Eagle Inc. for...
On September 1, 2020, Tech Company purchased 1,200 shares of common stock of Eagle Inc. for...
On September 1, 2020, Tech Company purchased 1,200 shares of common stock of Eagle Inc. for $120,000, while not obtaining significant influence over Eagle Inc. On November 1, 2020, Tech Company sold 600 shares of the Eagle Inc. stock for $105 per share and incurred brokerage fees of $288 on the sale. At December 31, 2020, Eagle Inc. declared and paid dividends of $5 per share. The fair value of the remaining investment in Eagle Inc. was $66,000 on December...
The investments of Steelers Inc. include a single investment: 11,300 shares of Bengals Inc. common stock...
The investments of Steelers Inc. include a single investment: 11,300 shares of Bengals Inc. common stock purchased on September 12, Year 1, for $15 per share including brokerage commission. These shares were classified as available-for-sale securities. As of the December 31, Year 1, balance sheet date, the share price declined to $12 per share. a. Journalize the entries to acquire the investment on September 12 and record the adjustment to fair value on December 31, Year 1. Year 1 Sept....
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
Bramble Corp. was a 30% owner of Sunland Company, holding 216,000 shares of Sunland's common stock...
Bramble Corp. was a 30% owner of Sunland Company, holding 216,000 shares of Sunland's common stock on December 31, 2019. The investment account had the following entries. 1/1/18 Cost 12/31/18 Share of income 12/31/19 Share of income Investment in Sunland $3,140,000 12/6/18 Dividend received 390,000 12/5/19 Dividend received 530,000 $140,000 230,000 On January 2, 2020, Bramble sold 108,000 shares of Sunland for $3,320,000, thereby losing its significant influence. During the year 2020, Sunland experienced the following results of operations and...
On July 1, Year 1, Denver Corp. purchased 3,000 shares of Eagle Co.'s 10,000 outstanding shares...
On July 1, Year 1, Denver Corp. purchased 3,000 shares of Eagle Co.'s 10,000 outstanding shares of common stock for $20 per share and did not elect the fair value option. Denver has significant influence over Eagle's operations. On December 15, Year 1, Eagle paid $40,000 in dividends to its common shareholders. Eagle's net income for the year ended December 31, Year 1, was $120,000, earned evenly throughout the year. In its Year 1 income statement, what amount of income...
During 2017, Crane Company purchased 79000 shares of Holmes Corporation common stock for $1250000 as an...
During 2017, Crane Company purchased 79000 shares of Holmes Corporation common stock for $1250000 as an equity investment. The fair value of these shares was $1191000 at December 31, 2017. Crane sold all of the Holmes stock for $17 per share on December 3, 2018, incurring $55000 in brokerage commissions. Crane Company should report a realized gain on the sale of stock in 2018 of 1.$97000. 2.$152000. 3.$93000. 4.$38000.
During 2017, Wildhorse Company purchased 89000 shares of Holmes Corporation common stock for $1350000 as an...
During 2017, Wildhorse Company purchased 89000 shares of Holmes
Corporation common stock for $1350000 as an equity investment. The
fair value of these shares was $1281000 at December 31, 2017.
Wildhorse sold all of the Holmes stock for $17 per share on
December 3, 2018, incurring $65000 in brokerage commissions.
Wildhorse Company should report a realized gain on the sale of
stock in 2018 of
$98000.
$232000.
$163000.
$167000.
(#10) Equity Method On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporation’s common...
(#10) Equity Method On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporation’s common stock when Eagle had 22,400 shares outstanding. On that date, the following information pertained to Eagle: Eagle Corporation Balance Sheet January 1, 2016 1 Book Value Fair Value 2 Depreciable assets (remaining life, 8 years) $600,000.00 $620,000.00 3 Other non-depreciable assets 290,000.00 300,000.00 4 Total $890,000.00 $920,000.00 5 Liabilities $300,000.00 $330,000.00 6 Shareholders’ equity 590,000.00 7 Total $890,000.00 During 2016, Eagle earned net income...
On January 1, 2016, Halstead, Inc., purchased 84,000 shares of Sedgwick Company common stock for $1,499,000,...
On January 1, 2016, Halstead, Inc., purchased 84,000 shares of Sedgwick Company common stock for $1,499,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. Annual Cash Dividends (pai quarterly) $122,ee8 128,000 167,000 Net...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,452,000,...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,452,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. 2016 2017 2018 Net Income $386,000 496,000 600,000 Annual...
On September 1, 2020, Tech Company purchased 1,200 shares of common stock of Eagle Inc. for $120,000, while not obtaining significant influence over Eagle Inc. On November 1, 2020, Tech Company sold 600 shares of the Eagle Inc. stock for $105 per share and incurred brokerage fees of $288 on the sale. At December 31, 2020, Eagle Inc. declared and paid dividends of $5 per share. The fair value of the remaining investment in Eagle Inc. was $66,000 on December...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
Bramble Corp. was a 30% owner of Sunland Company, holding 216,000 shares of Sunland's common stock on December 31, 2019. The investment account had the following entries. 1/1/18 Cost 12/31/18 Share of income 12/31/19 Share of income Investment in Sunland $3,140,000 12/6/18 Dividend received 390,000 12/5/19 Dividend received 530,000 $140,000 230,000 On January 2, 2020, Bramble sold 108,000 shares of Sunland for $3,320,000, thereby losing its significant influence. During the year 2020, Sunland experienced the following results of operations and...
During 2017, Wildhorse Company purchased 89000 shares of Holmes
Corporation common stock for $1350000 as an equity investment. The
fair value of these shares was $1281000 at December 31, 2017.
Wildhorse sold all of the Holmes stock for $17 per share on
December 3, 2018, incurring $65000 in brokerage commissions.
Wildhorse Company should report a realized gain on the sale of
stock in 2018 of
$98000.
$232000.
$163000.
$167000.
On January 1, 2016, Halstead, Inc., purchased 84,000 shares of Sedgwick Company common stock for $1,499,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. Annual Cash Dividends (pai quarterly) $122,ee8 128,000 167,000 Net...
On January 1, 2016, Halstead, Inc., purchased 79,000 shares of Sedgwick Company common stock for $1,452,000, giving Halstead 25 percent ownership and the ability to apply significant influence over Sedgwick. Any excess of cost over book value acquired was attributed solely to goodwill. Sedgwick reports net income and dividends as follows. These amounts are assumed to have occurred evenly throughout these years. Dividends are declared and paid in the same period. 2016 2017 2018 Net Income $386,000 496,000 600,000 Annual...
Most questions answered within 3 hours.
-
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 7 minutes ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 10 minutes ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 28 minutes ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 27 minutes ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 30 minutes ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 38 minutes ago -
5-6. You are considering three investment alternatives for some
spare cash: Old Reliable Corporation stock (A1),...
asked 30 minutes ago -
Problem 16-02
Receivables Investment
Medwig Corporation has a DSO of 45 days. The company averages
$7,250...
asked 45 minutes ago -
Mr. Brown hired Lowe's Maintenance Services Limited to repair
and paint the exterior wall of his...
asked 46 minutes ago -
When might an index slow down the overall performance of the
database? Choose the best answer....
asked 51 minutes ago -
Due to a recession, expected inflation this year is only 2.25%.
However, the inflation rate in...
asked 52 minutes ago -
Write four functions: (IN PYTHON 3)
1) bound(l) - given a list of integers l, compute...
asked 54 minutes ago