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Flag this Question Question 372 pts Nautilus Co. acquired 100% of XYZ Corp. on January 2,...
Pilot Inc. acquired 60% of Surfing Co. on January 1, 2019. At the time of acquisition,...
Pilot Inc. acquired 60% of Surfing Co. on January 1, 2019. At the time of acquisition, total excess fair value was attributed to customer base and amortized at a rate of $15,000 per year. During 2019, Pilot sold goods with a cost of $595,000 for $850,000 to Surfing. Surfing still owned 10% of the goods at the end of the year. In 2020, Pilot sold goods with a cost of $800,000 to Surfing for $1,000,000, and Surfing still owned 28%...
Flag this Question Question 402 pts Clearwater Co. owned all of the voting common stock of...
Flag this Question Question 402 pts Clearwater Co. owned all of the voting common stock of Kelley, Inc., On January 2, 2020 Clearwater sold equipment to Kelley for $350,000. The equipment had cost Clearwater $425,000. At the time of the sale, the balance in accumulated depreciation was $125,000. The equipment had a remaining useful life of eight years and no salvage value. For the consolidated balance sheet at December 31, 2020, at what amount would the equipment (net) be included?...
need these answered 1781 LPP Strico acquired 100% of Block, Inc. on Jan 1 2011, Stripe...
need these answered
1781 LPP Strico acquired 100% of Block, Inc. on Jan 1 2011, Stripe sold goods t o the 6 0 0 Black still owned 30% of the goods at year end. Cost of goods sold was $500 and $2.500.000 for Block. What was the consolidated one and a posto for 100.000 of pod solid was 55,700.000 Cleveland Corp. owned all of the voting common stock of Columbus Co. During 2010, Clevelandmade cash sales of $500,000 to Columbus....
Flag this Question Question 412 pts Clearwater Co. owned all of the voting common stock of...
Flag this Question Question 412 pts Clearwater Co. owned all of the voting common stock of Kelley, Inc. On January 2, 2020 Clearwater sold equipment to Kelley for $350,000. The equipment had cost Clearwater $425,000. At the time of the sale, the balance in accumulated depreciation was $125,000. The equipment had a remaining useful life of eight years and no salvage value. For the consolidated balance sheet at December 31, 2021, at would amount would the equipment (net) be included?...
3. Intercompany sales of inventory (20 points) Parent Co. acquired 100% of Sub, Inc. on January...
3. Intercompany sales of inventory (20 points) Parent Co. acquired 100% of Sub, Inc. on January 1, 2021. During 2021, Parent sold goods to Sub for $260,000 that cost Parent $170,000. Sub still owned 30% of the goods at the end of the year. In their pre-consolidation books, cost of goods sold was $1,050,000 for Parent and $375,000 for Sub. a. Prepare all consolidation entries related to inventory and cost of goods sold for 2021. b. Compute consolidated cost of...
w ith Co. This is worth 52 points Smith Co. acquired 100% of Cars Carson, Inc. for $520.000 the end of the year. In...
w ith Co. This is worth 52 points Smith Co. acquired 100% of Cars Carson, Inc. for $520.000 the end of the year. In their pre-con and $750,000 for Carson, Inc. ne, for of Carson Inc 2017 During 2017. Sm cost Smith Co $300.000 Carson Inc still owned or pre-consolidation books cost of goods sold was 2017 During 2017. Smith Co. sold goods to 0.000. Carson, Inc. still owned 40% of the goods at Ok, cost of goods sold was...
6-The separate income statements Hartford Corporation and its wholly owned subsidiary, Sacramento Co., for 2020 are...
6-The separate income statements Hartford Corporation and its wholly owned subsidiary, Sacramento Co., for 2020 are presented below: Hartford Sacramento Sales Revenue $390,000 $68,250 Cost of Goods Sold 160,000 38,000 Gross Profit 230,000 30,250 Operating Expenses 80,000 16,000 Sacramento's net income $ 14,250 Hartford's net income from its own $150,000 operations Note that Hartford's income statement includes no investment-related accounting or adjustments for Sacramento. During 2020, Hartford sold merchandise costing $6,750 to Sacramento for $15,000. At the end of 2020,...
Question 3 1.5 pts Sloan Co, acquired a packaging machine from Vintage Corp on January 1,...
Question 3 1.5 pts Sloan Co, acquired a packaging machine from Vintage Corp on January 1, 2016. In payment for the $4,575,000 machine, Sloan Co, issued a five-year installment note to be paid in five equal payments at the end of each year. The payments include interest at the rate of 8%. What is the annual payment? 915,000 O 366,000 O 1,145,838 O 1,027,670
question 2 Question 5 2-On Jan 2, 2020, Parent sells to its wholly owned investee equipment...
question 2
Question 5
2-On Jan 2, 2020, Parent sells to its wholly owned investee equipment that had cost $250,000. The selling price was $180,000 and accumulated depreciation on that date was $75,000. The subsidiary depreciates the equipment over its remaining life of 10 years. Required: a. Compute the difference between the annual depreciation expense when Parent owned the equipment and depreciation expense recorded by the subsidiary. b. Compute the gain on sale recorded by the parent. c. Prepare the...
On January 1, 2018, Pride, Inc. acquired 80% ofthe outstanding voting common stock of Strong Corp....
On January 1, 2018, Pride, Inc. acquired 80% ofthe outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Stongs stock. Ofthis payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Stones books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired. As of December 31, 2018, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride Inc Strong Corp Revenues $...
Pilot Inc. acquired 60% of Surfing Co. on January 1, 2019. At the time of acquisition, total excess fair value was attributed to customer base and amortized at a rate of $15,000 per year. During 2019, Pilot sold goods with a cost of $595,000 for $850,000 to Surfing. Surfing still owned 10% of the goods at the end of the year. In 2020, Pilot sold goods with a cost of $800,000 to Surfing for $1,000,000, and Surfing still owned 28%...
Flag this Question Question 402 pts Clearwater Co. owned all of the voting common stock of Kelley, Inc., On January 2, 2020 Clearwater sold equipment to Kelley for $350,000. The equipment had cost Clearwater $425,000. At the time of the sale, the balance in accumulated depreciation was $125,000. The equipment had a remaining useful life of eight years and no salvage value. For the consolidated balance sheet at December 31, 2020, at what amount would the equipment (net) be included?...
need these answered
1781 LPP Strico acquired 100% of Block, Inc. on Jan 1 2011, Stripe sold goods t o the 6 0 0 Black still owned 30% of the goods at year end. Cost of goods sold was $500 and $2.500.000 for Block. What was the consolidated one and a posto for 100.000 of pod solid was 55,700.000 Cleveland Corp. owned all of the voting common stock of Columbus Co. During 2010, Clevelandmade cash sales of $500,000 to Columbus....
Flag this Question Question 412 pts Clearwater Co. owned all of the voting common stock of Kelley, Inc. On January 2, 2020 Clearwater sold equipment to Kelley for $350,000. The equipment had cost Clearwater $425,000. At the time of the sale, the balance in accumulated depreciation was $125,000. The equipment had a remaining useful life of eight years and no salvage value. For the consolidated balance sheet at December 31, 2021, at would amount would the equipment (net) be included?...
3. Intercompany sales of inventory (20 points) Parent Co. acquired 100% of Sub, Inc. on January 1, 2021. During 2021, Parent sold goods to Sub for $260,000 that cost Parent $170,000. Sub still owned 30% of the goods at the end of the year. In their pre-consolidation books, cost of goods sold was $1,050,000 for Parent and $375,000 for Sub. a. Prepare all consolidation entries related to inventory and cost of goods sold for 2021. b. Compute consolidated cost of...
w ith Co. This is worth 52 points Smith Co. acquired 100% of Cars Carson, Inc. for $520.000 the end of the year. In their pre-con and $750,000 for Carson, Inc. ne, for of Carson Inc 2017 During 2017. Sm cost Smith Co $300.000 Carson Inc still owned or pre-consolidation books cost of goods sold was 2017 During 2017. Smith Co. sold goods to 0.000. Carson, Inc. still owned 40% of the goods at Ok, cost of goods sold was...
6-The separate income statements Hartford Corporation and its wholly owned subsidiary, Sacramento Co., for 2020 are presented below: Hartford Sacramento Sales Revenue $390,000 $68,250 Cost of Goods Sold 160,000 38,000 Gross Profit 230,000 30,250 Operating Expenses 80,000 16,000 Sacramento's net income $ 14,250 Hartford's net income from its own $150,000 operations Note that Hartford's income statement includes no investment-related accounting or adjustments for Sacramento. During 2020, Hartford sold merchandise costing $6,750 to Sacramento for $15,000. At the end of 2020,...
Question 3 1.5 pts Sloan Co, acquired a packaging machine from Vintage Corp on January 1, 2016. In payment for the $4,575,000 machine, Sloan Co, issued a five-year installment note to be paid in five equal payments at the end of each year. The payments include interest at the rate of 8%. What is the annual payment? 915,000 O 366,000 O 1,145,838 O 1,027,670
question 2
Question 5
2-On Jan 2, 2020, Parent sells to its wholly owned investee equipment that had cost $250,000. The selling price was $180,000 and accumulated depreciation on that date was $75,000. The subsidiary depreciates the equipment over its remaining life of 10 years. Required: a. Compute the difference between the annual depreciation expense when Parent owned the equipment and depreciation expense recorded by the subsidiary. b. Compute the gain on sale recorded by the parent. c. Prepare the...
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