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On December 31, 2017, PanTech Company invests $39,000 in SoftPlus, a variable interest entity. In contractual...
On December 31, 2017, PanTech Company invests $21,000 in SoftPlus, a variable interest entity. In contractual...
On December 31, 2017, PanTech Company invests $21,000 in SoftPlus, a variable interest entity. In contractual agreements completed on that date, PanTech established itself as the primary beneficiary of SoftPlus. Previously, PanTech had no equity interest in SoftPlus. Immediately after PanTech’s investment, SoftPlus presents the following balance sheet: Cash $ 21,000 Long-term debt $ 126,000 Marketing software 147,000 Noncontrolling interest 63,000 Computer equipment 42,000 PanTech equity interest 21,000 Total assets $ 210,000 Total liabilities and equity $ 210,000 Each of...
please answer all parts On December 31, 2017, PanTech Company invests $43,000 in SoftPlus. a variable...
please answer all parts
On December 31, 2017, PanTech Company invests $43,000 in SoftPlus. a variable interest entity. In contractual agreements completed on that date, Pantech established itself as the primary beneficiary of SoftPlus. Previously. PanTech had no equity interest in SoftPlus Immediately after PanTech's investment, SoftPlus presents the following balance sheet: $ Cash Marketing software Computer equipment Total assets $ 43,000 301.000 86,000 $430,000 Long-term debt Noncontrolling interest Pantech equity interest Total liabilities and equity 258,000 129.000 43,000 430,000...
On January 1, 2017, Pinnacle Corporation exchanged $3,767,500 cash for 100 percent of the outstanding voting...
On January 1, 2017, Pinnacle Corporation exchanged $3,767,500 cash for 100 percent of the outstanding voting stock of Strata Corporation. On the acquisition date, Strata had the following balance sheet: Cash $ 315,000 Accounts payable $ 403,000 Accounts receivable 355,000 Long-term debt 3,050,000 Inventory 433,000 Common stock 1,500,000 Buildings (net) 2,250,000 Retained earnings 1,545,000 Licensing agreements 3,145,000 $ 6,498,000 $ 6,498,000 Pinnacle prepared the following fair-value allocation: Fair value of Strata (consideration transferred) $ 3,767,500 Carrying amount acquired 3,045,000 Excess...
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...
On January 1, 2017, Pinnacle Corporation exchanged $3,608,000 cash for 100 percent of the outstanding voting...
On January 1, 2017, Pinnacle Corporation exchanged $3,608,000 cash for 100 percent of the outstanding voting stock of Strata Corporation. On the acquisition date, Strata had the following balance sheet: Cash $ 159,000 Accounts payable $ 376,000 Accounts receivable 308,000 Long-term debt 2,760,000 Inventory 434,000 Common stock 1,500,000 Buildings (net) 2,000,000 Retained earnings 1,465,000 Licensing agreements 3,200,000 $ 6,101,000 $ 6,101,000 Pinnacle prepared the following fair-value allocation: Fair value of Strata (consideration transferred) $ 3,608,000 Carrying amount acquired 2,965,000 Excess...
Tyler Company acquired all of Jasmine Company’s outstanding stock on January 1, 2016, for $280,200 in...
Tyler Company acquired all of Jasmine Company’s outstanding stock on January 1, 2016, for $280,200 in cash. Jasmine had a book value of only $199,400 on that date. However, equipment (having an eight-year remaining life) was undervalued by $56,000 on Jasmine’s financial records. A building with a 20-year remaining life was overvalued by $15,900. Subsequent to the acquisition, Jasmine reported the following: Net Income Dividends Declared 2016 $ 79,800 $ 10,000 2017 64,200 40,000 2018 42,200 20,000 In accounting for...
Following are financial statements for Moore Company and Kirby Company for 2018: Moore Kirby Sales $...
Following are financial statements for Moore Company and Kirby Company for 2018: Moore Kirby Sales $ (800,000 ) $ (600,000 ) Cost of goods sold 500,000 400,000 Operating and interest expenses 100,000 160,000 Net income $ (200,000 ) $ (40,000 ) Retained earnings, 1/1/18 $ (990,000 ) $ (550,000 ) Net income (200,000 ) (40,000 ) Dividends declared 130,000 0 Retained earnings, 12/31/18 $ (1,060,000 ) $ (590,000 ) Cash and receivables $ 217,000 $ 180,000 Inventory 224,000 160,000 Investment...
Following are financial statements for Moore Company and Kirby Company for 2018: $ Kirby (600,000) 400,000...
Following are financial statements for Moore Company and Kirby Company for 2018: $ Kirby (600,000) 400,000 160,000 (40,000) (550,000) (40,000) $ $ Sales Cost of goods sold Operating and interest expenses Net income Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Kirby Equipment (net) Buildings Accumulated depreciation—buildings Other assets Total assets Liabilities Common stock Retained earnings, 12/31/18 Total liabilities and equity Moore $ (800,000) 500,000 100,000 $ (200,000) $ (990,000) (200,000) 130,000...
On January 1, 2017, McIlroy, Inc., acquired a 60 percent interest in the common stock of...
On January 1, 2017, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $392,400. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $231,900. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $261,600. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $81,700 and an unrecorded customer list (15-year remaining life) assessed at a...
please answer all parts
On December 31, 2017, PanTech Company invests $43,000 in SoftPlus. a variable interest entity. In contractual agreements completed on that date, Pantech established itself as the primary beneficiary of SoftPlus. Previously. PanTech had no equity interest in SoftPlus Immediately after PanTech's investment, SoftPlus presents the following balance sheet: $ Cash Marketing software Computer equipment Total assets $ 43,000 301.000 86,000 $430,000 Long-term debt Noncontrolling interest Pantech equity interest Total liabilities and equity 258,000 129.000 43,000 430,000...
Following are financial statements for Moore Company and Kirby Company for 2018: $ Kirby (600,000) 400,000 160,000 (40,000) (550,000) (40,000) $ $ Sales Cost of goods sold Operating and interest expenses Net income Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Kirby Equipment (net) Buildings Accumulated depreciation—buildings Other assets Total assets Liabilities Common stock Retained earnings, 12/31/18 Total liabilities and equity Moore $ (800,000) 500,000 100,000 $ (200,000) $ (990,000) (200,000) 130,000...
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