Homework Answers
| If the land of market price increases post it's purchase still it is presented in balance sheet with it's historical cost I.e. purchase cost. | ||||||||||||
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Here investment in shares of a company will be classified as long term investment and any Investment classified as long term investments should be carried in the financial statements at cost. However, provision for diminution shall be made to recognize a decline, other than temporary, in the value of the investments, such reduction being determined and made for each investment individually. Here there was no decline of costs but the fair value of the investments gone up. Therefore the value of the shares will be disclosed in the balance sheet with its purchase cost. Therefore your answer will be a. W92000000 & W49000000 respectively. |
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3 Asian Company purchased land for W92,000,000 in 2003. At December 31, 2020, an appraisal determined...
explain each please , thank you very much ! ct answer to each question. Show Section B: Select the correct answ...
explain each please , thank you very much !
ct answer to each question. Show Section B: Select the correct answer working if necessary. 40 points. 1. If total liabilities decreased by ¥45,000 and equity in time, then total assets must change by what amount uity increased by $10,000 during a period of at amount and direction during that same period? ¥55,000 increase b. Y35,000 decrease ¥35,000 increase x45,000 decrease d. 2. Equity is decreased by all of the following...
Chen Group acquired 25% of the outstanding ordinary shares of Cho Ltd. on December 31, 2019....
Chen Group acquired 25% of the outstanding ordinary shares of Cho Ltd. on December 31, 2019. The purchase price was ¥165000000 for 50000 shares. Cho declared and paid an ¥80 per share cash dividend on June 30 and on December 31, 2020. Cho reported net income of ¥73000000 for 2020. The fair value of Cho's shares was X3550 per share at December 31, 2020. At what amount is the investment reported on the statement of financial position under each of...
Pacific Fishing Inc.'s actively traded non-strategic investments as of December 31, 2020, are as follows: Enviroclean...
Pacific Fishing Inc.'s actively traded non-strategic investments as of December 31, 2020, are as follows: Enviroclean common shares Northern Utilities common shares Imperial Oil common shares Farmer Solar Limited common shares Cost $17,700 42,850 25,300 34,900 Fair Value $19,600 42,130 24,33e 32,030 Pacific Fishing Inc. had no investments prior to 2020. Required: 1. Prepare the fair value adjustment at December 31, 2020, based on the information provided. Pacific Fishing Inc.'s actively traded non-strategic investments as of December 31, 2020, are...
On December 31, 2016, Akron purchased 5 Percent of Zip's common shares on the open market...
On December 31, 2016, Akron purchased 5 Percent of Zip's common shares on the open market in exchange for $24,000. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $99,000. During the next two years, the following information is available for Zip Company: Income Dividends 2016 2017 2018 Common Stock Fair Value (12/31) $480,000 396,000 499,000 77,000 91,800 7,300 15,600 At December 31, 2017, Zip reports a net book value of...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the open market in exchange for $16,800. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $96,250. During the next two years, the following information is available for Zip Company: Income Dividends Declared Common Stock Fair Value (12/31) 2016 $322,000 2017 $81,000 $6,300 385,000 2018 92,000 14,700 479,000 At December 31, 2017, Zip reports a net...
Chen Group acquired 20% of the outstanding ordinary shares of Cho Ltd. on December 31, 2019....
Chen Group acquired 20% of the outstanding ordinary shares of Cho Ltd. on December 31, 2019. The purchase price was ¥120000000 for 50000 shares. Cho declared and paid an ¥70 per share cash dividend on June 30 and on December 31, 2020. Cho reported net income of ¥74000000 for 2020. The fair value of Cho’s shares was ¥2600 per share at December 31, 2020. At what amount is the investment reported on the statement of financial position under each of...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the open market in exchange for $16,800. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $97,000. During the next two years, the following information is available for Zip Company: Income Dividends Declared Common Stock Fair Value (12/31) 2016 $324,000 2017 $70,000 $7,100 388,000 2018 82,000 14,200 481,000 At December 31, 2017, Zip reports a net...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the open market in exchange for $17,100. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $95,000. During the next two years, the following information is available for Zip Company: Income Dividends Declared Common Stock Fair Value (12/31) 2016 $313,000 2017 $68,000 $6,600 380,000 2018 85,000 14,400 470,000 At December 31, 2017, Zip reports a net...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the open market in exchange for $15,400. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $93,500. During the next two years, the following information is available for Zip Company: Income Dividends Declared Common Stock Fair Value (12/31) 2016 $313,000 2017 $70,000 $7,800 374,000 2018 90,000 15,100 476,000 At December 31, 2017, Zip reports a net...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the...
On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company's common shares on the open market in exchange for $14,100. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $96,500. During the next two years, the following information is available for Zip Company: Income Dividends Declared Common Stock Fair Value (12/31) 2016 $327,000 2017 $82,000 $6,600 386,000 2018 86,000 15,900 475,000 At December 31, 2017, Zip reports a net...
explain each please , thank you very much !
ct answer to each question. Show Section B: Select the correct answer working if necessary. 40 points. 1. If total liabilities decreased by ¥45,000 and equity in time, then total assets must change by what amount uity increased by $10,000 during a period of at amount and direction during that same period? ¥55,000 increase b. Y35,000 decrease ¥35,000 increase x45,000 decrease d. 2. Equity is decreased by all of the following...
Chen Group acquired 25% of the outstanding ordinary shares of Cho Ltd. on December 31, 2019. The purchase price was ¥165000000 for 50000 shares. Cho declared and paid an ¥80 per share cash dividend on June 30 and on December 31, 2020. Cho reported net income of ¥73000000 for 2020. The fair value of Cho's shares was X3550 per share at December 31, 2020. At what amount is the investment reported on the statement of financial position under each of...
Pacific Fishing Inc.'s actively traded non-strategic investments as of December 31, 2020, are as follows: Enviroclean common shares Northern Utilities common shares Imperial Oil common shares Farmer Solar Limited common shares Cost $17,700 42,850 25,300 34,900 Fair Value $19,600 42,130 24,33e 32,030 Pacific Fishing Inc. had no investments prior to 2020. Required: 1. Prepare the fair value adjustment at December 31, 2020, based on the information provided. Pacific Fishing Inc.'s actively traded non-strategic investments as of December 31, 2020, are...
On December 31, 2016, Akron purchased 5 Percent of Zip's common shares on the open market in exchange for $24,000. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $99,000. During the next two years, the following information is available for Zip Company: Income Dividends 2016 2017 2018 Common Stock Fair Value (12/31) $480,000 396,000 499,000 77,000 91,800 7,300 15,600 At December 31, 2017, Zip reports a net book value of...
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