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2. On January 1, 2020, Allan acquires 9 percent of Bellevue's outstanding common stock for $40,000....
On January 1, 2020, Allan acquires 8 percent of Bellevue’s outstanding common stock for $41,110. Allan...
On January 1, 2020, Allan acquires 8 percent of Bellevue’s outstanding common stock for $41,110. Allan classifies the investment as an available-for-sale security and records any unrealized holding gains or losses directly in owners’ equity. On January 1, 2021, Allan buys an additional 13 percent of Bellevue for $54,560, providing Allan the ability to significantly influence Bellevue’s decisions. During the next two years, the following information is available for Bellevue: Income Dividends Common stock fair value (12/31) 2020 $70,000 $30,000...
I LILIUL SHUIU Allan report for 2021? 5. Anderson acquires 17 percent of the outstanding voting...
I LILIUL SHUIU Allan report for 2021? 5. Anderson acquires 17 percent of the outstanding voting shares of Barringer on January 1, 2019, for $179,400 and categorizes the investment as an available-for-sale security. An additional 16 percent of the stock is purchased on January 1, 2020, for $201,300, which gives Anderson the ability to significantly influence Barringer. Barringer has a book value of $870,000 at January 1, 2019, and records net income of $90,000 for that year. Barringer paid dividends...
On January 1, 2017, Allan Company bought a 15 percent interest in Sysinger Company. The acquisiti...
On January 1, 2017, Allan Company bought a 15 percent interest in Sysinger Company. The acquisition price of $200,500 reflected an assessment that all of Sysinger’s accounts were fairly valued within the company’s accounting records. During 2017, Sysinger reported net income of $108,600 and declared cash dividends of $32,500. Allan possessed the ability to influence significantly Sysinger’s operations and, therefore, accounted for this investment using the equity method. On January 1, 2018, Allan acquired an additional 80 percent interest in...
On January 1, 2017, Allan Company bought a 15 percent interest in Sysinger Company. The acquisition...
On January 1, 2017, Allan Company bought a 15 percent interest in Sysinger Company. The acquisition price of $200,500 reflected an assessment that all of Sysinger’s accounts were fairly valued within the company’s accounting records. During 2017, Sysinger reported net income of $108,600 and declared cash dividends of $32,500. Allan possessed the ability to influence significantly Sysinger’s operations and, therefore, accounted for this investment using the equity method. On January 1, 2018, Allan acquired an additional 80 percent interest in...
Anderson acquires 11 percent of the outstanding voting shares of Barringer on January 1, 2019, for...
Anderson acquires 11 percent of the outstanding voting shares of Barringer on January 1, 2019, for $109,000 and categorizes the investment as an available-for-sale security. An additional 20 percent of the stock is purchased on January 1, 2020, for $220,000, which gives Anderson the ability to significantly influence Barringer. Barringer has a book value of $900,000 at January 1, 2019, and records net income of $140,000 for that year. Barringer paid dividends of $60,000 during 2019. The book values of...
On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing,...
On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,050,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $810,000, retained earnings of $360,000, and a noncontrolling interest fair value of $450,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing....
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1.297,100 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date. Sellinger had a total book value of $1.510,000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $333.000. On January 1, 2021. Palka...
Eton Corporation acquires 30% of the voting stock of Fairfield Company for $60,000,000 on January 1,...
Eton Corporation acquires 30% of the voting stock of Fairfield Company for $60,000,000 on January 1, 2019, and classifies the investment as an equity method investment. At the time, the book value of the company was $200,000,000. Eton determined that the book value of Fairfield’s plant assets (15 year life, straight-line) were overstated by $10,000,000 and Fairfield had unreported intangible assets (5 year life, straight-line) with a fair value of $8,000,000. During 2019 Fairfield reported net income of $2,400,000 and...
On January 1, 2020, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company...
On January 1, 2020, Palka, Inc., acquired 70 percent of the
outstanding shares of Sellinger Company for $1,789,900 in cash. The
price paid was proportionate to Sellinger’s total fair value,
although at the acquisition date, Sellinger had a total book value
of $2,250,000. All assets acquired and liabilities assumed had fair
values equal to book values except for a patent (six-year remaining
life) that was undervalued on Sellinger’s accounting records by
$297,000. On January 1, 2021, Palka acquired an additional...
Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter...
Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter reported net income of $180,000 and paid total dividends of $40,000. At the year end of 2020, the market value of this 15% investment indicates the value of $68,000. On January 1, 2021, Rogers purchased an additional 30% of Procter for $310,000. During 2021, Procter reported net income of $300,000 and paid dividends of $40,000. a. Prepare the January 1, 2021 entry to adjust...
I LILIUL SHUIU Allan report for 2021? 5. Anderson acquires 17 percent of the outstanding voting shares of Barringer on January 1, 2019, for $179,400 and categorizes the investment as an available-for-sale security. An additional 16 percent of the stock is purchased on January 1, 2020, for $201,300, which gives Anderson the ability to significantly influence Barringer. Barringer has a book value of $870,000 at January 1, 2019, and records net income of $90,000 for that year. Barringer paid dividends...
Anderson acquires 11 percent of the outstanding voting shares of Barringer on January 1, 2019, for $109,000 and categorizes the investment as an available-for-sale security. An additional 20 percent of the stock is purchased on January 1, 2020, for $220,000, which gives Anderson the ability to significantly influence Barringer. Barringer has a book value of $900,000 at January 1, 2019, and records net income of $140,000 for that year. Barringer paid dividends of $60,000 during 2019. The book values of...
On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,050,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $810,000, retained earnings of $360,000, and a noncontrolling interest fair value of $450,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing....
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1.297,100 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date. Sellinger had a total book value of $1.510,000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $333.000. On January 1, 2021. Palka...
On January 1, 2020, Palka, Inc., acquired 70 percent of the
outstanding shares of Sellinger Company for $1,789,900 in cash. The
price paid was proportionate to Sellinger’s total fair value,
although at the acquisition date, Sellinger had a total book value
of $2,250,000. All assets acquired and liabilities assumed had fair
values equal to book values except for a patent (six-year remaining
life) that was undervalued on Sellinger’s accounting records by
$297,000. On January 1, 2021, Palka acquired an additional...
Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter reported net income of $180,000 and paid total dividends of $40,000. At the year end of 2020, the market value of this 15% investment indicates the value of $68,000. On January 1, 2021, Rogers purchased an additional 30% of Procter for $310,000. During 2021, Procter reported net income of $300,000 and paid dividends of $40,000. a. Prepare the January 1, 2021 entry to adjust...
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