Homework Answers
1) COMPUTATION OF EQUITY OF Q-VIDEO AS ON 01st January, 2018
$ ASSETS 20,00,000
LESS:- LIABILITIES (7,50,000)
EQUITY 12,50,000
2) COMPUTATION OF GOODWILL OF Q-VIDEO AS ON 01st January, 2018
$
INVESTMENT COST IN Q-VIDEO 8,00,000
Less:- EQUITY VALUE (12,50,000*0.30) (3,75,000)
GOODWILL 4,25,000
3) EQUITY IN Q-VIDEO'S EARNINGS FOR 2018 $
EQUITY AS ON 01st January, 2018 3,75,000
DIVIDEND SHARE (1,00,000*0.30) 30,000
NET PROFIT SHARE ( 1,25,000*0.30) 37,500
Less:- PROFIT FROM STOCK (40,000*0.60) ( 24,000)
EQUITY AS ON 31st December, 2018 4,18,500
3) EQUITY IN Q-VIDEO'S EARNINGS FOR 2018 $
EQUITY AS ON 01st January, 2019 4,18,500
Less:- Net Loss Share ( 1,20,000*0.30) (36,000)
Less:- PROFIT FROM STOCK (25,000*0.25) (6,250)
EQUITY AS ON 31st December, 2019 3,76,250
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10. On January 1, 2018, Stream Company acquired 30% of the outstanding voting shares of Q-Video...
On January 1, 2017, Stream Company acquired 27 percent of the outstanding voting shares of Q-Video,...
On January 1, 2017, Stream Company acquired 27 percent of the outstanding voting shares of Q-Video, Inc., for $648,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $1.4 million and $708,000, respectively. A customer list compiled by Q-Video had an appraised value of $318,000, although it was not recorded on its books. The expected remaining life of the customer list was five years with a straight-line amortization deemed appropriate....
On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video,...
On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video, Inc., for $720,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $1.8 million and $772,000, respectively. A customer list compiled by Q-Video had an appraised value of $298,000, although it was not recorded on its books. The expected remaining life of the customer list was 25 years with a straight-line amortization deemed appropriate....
On January 1, 2017, Stream Company acquired 27 percent of the outstanding voting shares of Q-Video,...
On January 1, 2017, Stream Company acquired 27 percent of the outstanding voting shares of Q-Video, Inc., for $648,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $1.4 million and $708,000, respectively. A customer list compiled by Q-Video had an appraised value of $318,000, although it was not recorded on its books. The expected remaining life of the customer list was five years with a straight-line amortization deemed appropriate....
On January 1, 2017, Stream Company acquired 25 percent of the outstanding voting shares of Q-Video,...
On January 1, 2017, Stream Company acquired 25 percent of the
outstanding voting shares of Q-Video, Inc., for $640,000. Q-Video
manufactures specialty cables for computer monitors. On that date,
Q-Video reported assets and liabilities with book values of $1.6
million and $760,000, respectively. A customer list compiled by
Q-Video had an appraised value of $366,000, although it was not
recorded on its books. The expected remaining life of the customer
list was six years with a straight-line amortization deemed
appropriate....
3 On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting shares of...
3 On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video, Inc., for $734,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $2.2 million and $780,000, respectively. A customer list compiled by Q-Video had an appraised value of $338,000, although it was not recorded on its books. The expected remaining life of the customer list was five years with a straight-line amortization deemed...
Problem 1-32 (LO 1-3, 1-4, 1-6) On January 1, 2017, Stream Company acquired 25 percent of...
Problem 1-32 (LO 1-3, 1-4, 1-6) On January 1, 2017, Stream Company acquired 25 percent of the outstanding voting shares of Q-Video, Inc., for $788,000. Q-Video manufactures specialty cables for computer monitors. On that date. Q-Video reported assets and liabilities with book values of $1.8 million and $650,000, respectively. A customer list compiled by Q Video had an appraised value of $296,000, although it was not recorded on its books. The expected remaining life of the customer list was 5...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1,...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $476,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $705,000 and the fair value of the 20 percent noncontrolling interest was $119,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
9. Wilson Company acquired 10% of Rogers, Inc. on January 1, 2018 for $200,000 und appropriately...
9. Wilson Company acquired 10% of Rogers, Inc. on January 1, 2018 for $200,000 und appropriately accounted for the investment using the fair value method. On January , 2019 the fair value of Rogers stock was $3,000,000 in total. On January 1, 2019, Wilson also acquired an additional 30% of Rogers for $800,000 which resulted in significant influence over Rogers' operations. Roger's book value on January 1, 2019 was $2,000,000, although they owned a patent that was not recorded on...
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. Fair value of noncontrolling interest at the date of acquisition is $116,500. Sen’s stockholders’ equity on January 1, 2018, was as follows: Common stock, $20 par $200,000 Additional paid-in capital 100,000 Retained earnings 100,000 Accumulated OCI 25,000 Differences between book value and fair value of the identifiable net assets of Sen Company on January 1, 2018, were...
On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video, Inc., for $720,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $1.8 million and $772,000, respectively. A customer list compiled by Q-Video had an appraised value of $298,000, although it was not recorded on its books. The expected remaining life of the customer list was 25 years with a straight-line amortization deemed appropriate....
On January 1, 2017, Stream Company acquired 25 percent of the
outstanding voting shares of Q-Video, Inc., for $640,000. Q-Video
manufactures specialty cables for computer monitors. On that date,
Q-Video reported assets and liabilities with book values of $1.6
million and $760,000, respectively. A customer list compiled by
Q-Video had an appraised value of $366,000, although it was not
recorded on its books. The expected remaining life of the customer
list was six years with a straight-line amortization deemed
appropriate....
3 On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video, Inc., for $734,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $2.2 million and $780,000, respectively. A customer list compiled by Q-Video had an appraised value of $338,000, although it was not recorded on its books. The expected remaining life of the customer list was five years with a straight-line amortization deemed...
Problem 1-32 (LO 1-3, 1-4, 1-6) On January 1, 2017, Stream Company acquired 25 percent of the outstanding voting shares of Q-Video, Inc., for $788,000. Q-Video manufactures specialty cables for computer monitors. On that date. Q-Video reported assets and liabilities with book values of $1.8 million and $650,000, respectively. A customer list compiled by Q Video had an appraised value of $296,000, although it was not recorded on its books. The expected remaining life of the customer list was 5...
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $476,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $705,000 and the fair value of the 20 percent noncontrolling interest was $119,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
9. Wilson Company acquired 10% of Rogers, Inc. on January 1, 2018 for $200,000 und appropriately accounted for the investment using the fair value method. On January , 2019 the fair value of Rogers stock was $3,000,000 in total. On January 1, 2019, Wilson also acquired an additional 30% of Rogers for $800,000 which resulted in significant influence over Rogers' operations. Roger's book value on January 1, 2019 was $2,000,000, although they owned a patent that was not recorded on...
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