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Pandora Inc. purchased 60% of the outstanding stock of Sawyer Company for $450,000 plus S25,000 in...
Problem 3 On January 3, 2016, Perpetual Industries acquired 80% of Sawyer Corporations voting stock. Total goodwill of...
Problem 3 On January 3, 2016, Perpetual Industries acquired 80% of Sawyer Corporations voting stock. Total goodwill of $1,000,000 was recognized at the date of acquisition, allocated $850,000 to the controlling interest and $150,000 to the noncontrolling interest. Sawyer's reported net assets and liabilities had a book value that approximated fair value at the date of acquisition, but it had previously unreported customer lists (5years life SL) valued at $500,000. It is now December 31, 2019, for years after the...
On June 30th, 2018 Parker, Inc. acquired 80% of Sawyer Company for $800,000. The remaining 20%...
On June 30th, 2018 Parker, Inc. acquired 80% of Sawyer Company for $800,000. The remaining 20% of Sawyer's outstanding shares continue to trade at a collective value of $200,000. On the acquisition date, Sawyer has the following accounts: Current Assets Land Buildings Patent Liabilities Book Value $210,000 170,000 300,000 -0- (280,000) Fair Value $210,000 250,000 450,000 120,000 (280,000) The buildings have a 10-year life and the patent has a 6-year life. Parker reported Net Income for 2018 of $530,000 (excluding...
unsure if i completed correctly LO 42,496 27. Parker, Inc., acquires 70 percent of Sawyer Company...
unsure if i completed correctly
LO 42,496 27. Parker, Inc., acquires 70 percent of Sawyer Company for $420,000. The remaining 30 percent of Sawyer's outstanding shares continue to trade at a collective value of $174,000. On the acquisition dato, Sawyer has the following accounts: Book Fair Value Value Current assets $210,000 $210,000 Land 170,000 180,000 Buildings 300,000 330,000 Liabilities (280,000) (280,000) The buildings have a 10-year remaining life. In addition, Sawyer holds a patent worth $140,000 that has a five-year...
Parker, Inc., acquires 70 percent of Sawyer Company for $420,000. The remaining 30 percent of Sawyer's...
Parker, Inc., acquires 70 percent of Sawyer Company for $420,000. The remaining 30 percent of Sawyer's outstanding shares continue to trade at a collective value of $174,000. On the acquisition date, Sawyer has the following accounts: Current assets Land Buildings Liabilities Book Value $ 210,000 170,000 300,000 (280,000) Fair Value $ 210,000 180,000 330,000 (280,000) The buildings have a 10-year remaining life. In addition, Sawyer holds a patent worth $140,000 that has a five-year remaining life but is not recorded...
Juliana Corporation purchased all of the outstanding stock of Caldwell Inc., paying $3,900,000 cash. Juliana assumed...
Juliana Corporation purchased all of the outstanding stock of Caldwell Inc., paying $3,900,000 cash. Juliana assumed all of the liabilities of Caldwell. Book values and fair values of acquired assets and liabilities were: Current assets (net) Property, plant, & equip. (net) Liabilities Book Value $ 280,000 1,580,000 350,000 Fair Value $ 480,000 2,100,000 790,000 Juliana would record goodwill of: Multiple Choice $ 6,520,000. O $2,110,000 $ 440,000. $ 2,480,000
On January 1, 2018, Chester Inc. acquires 100% of Festus Corp.'s outstanding common stock by exchanging...
On January 1, 2018, Chester Inc. acquires 100% of Festus Corp.'s outstanding common stock by exchanging 37,500 shares of Chester's $2 par value common voting stock. On January 1, 2018, Chester's voting common stock had a fair value of $40 per share. Festus' voting common shares were selling for $6.50 per share. Festus' balances on the acquisition date, just prior to acquisition are listed below. Book Value Fair Value Cash $ 30,000 Accounts Receivable 120,000 $ 120,000 Inventory 200,000 230,000...
7. Rangers, Inc. acquires all of the outstanding common stock of Slowly Industries for $450,000 cash....
7. Rangers, Inc. acquires all of the outstanding common stock of Slowly Industries for $450,000 cash. On the acquisition date, the subsidiary had Common Stock of $40,000 and Retained Earnings of $160,000. A patent unrecorded by Slowly was valued at $158,000. Required: a. Prepare the entry on Ranger's books to record the purchase. b. Prepare all necessary consolidation entries. 8. On January 2, 2020, Kuehler Corporation's stockholders' equity accounts were as follows: Common Stock, $1 par $100,000 Additional paid-in-capital 350,000...
On June 30th, 2018 Parker, Inc. acquires 80% of Sawyer Company for $800,000. The remaining 20% of...
On June 30th, 2018 Parker, Inc. acquires 80% of Sawyer Company for $800,000. The remaining 20% of Sawyer’s outstanding shares continue to trade at a collective value of $200,000. On the acquisition date, Sawyer has the following accounts: Book Value Fair Value Current Assets $210,000 $210,000 Land 170,000 250,000 Buildings 300,000 450,000 Patent -0- 120,000 Liabilities (280,000) (280,000) The buildings have a 10-year life and the patent has a 6-year life. Parker reported Net Income for 2018 of $530,000 (excluding any income from Sawyer), and Sawyer separately reported Net Income of $175,000. Sawyer...
32. Prime Publishing, Inc., purchased 100 percent of the outstanding common stock of Select Media, Inc.,...
32. Prime Publishing, Inc., purchased 100 percent of the outstanding common stock of Select Media, Inc., on January 1, 2014, for $3,000,000. The following schedule out- lines how the purchase price was allocated at the time of acquisition: $3,000,000 1,400,000 1,600,000 Price paid ......... Select Media's shareholders' equity.... Excess of cost over book value ....... Attributed to: Buildings: 10-year remaining life ...... Customer Relationships: 9-year useful life....... Copyrights: Indefinite useful life....... Goodwill ............... 80,000 450,000 470,000 600,000 Select Media is...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 25% of the outstanding common...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 25% of the outstanding common stock of Melody Corporation at a cost of $450,000. Melody Corporation had 400,000 shares of common stock outstanding. At the date of purchase, the book value of Melody's net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $100,000 for machinery...
Problem 3 On January 3, 2016, Perpetual Industries acquired 80% of Sawyer Corporations voting stock. Total goodwill of $1,000,000 was recognized at the date of acquisition, allocated $850,000 to the controlling interest and $150,000 to the noncontrolling interest. Sawyer's reported net assets and liabilities had a book value that approximated fair value at the date of acquisition, but it had previously unreported customer lists (5years life SL) valued at $500,000. It is now December 31, 2019, for years after the...
On June 30th, 2018 Parker, Inc. acquired 80% of Sawyer Company for $800,000. The remaining 20% of Sawyer's outstanding shares continue to trade at a collective value of $200,000. On the acquisition date, Sawyer has the following accounts: Current Assets Land Buildings Patent Liabilities Book Value $210,000 170,000 300,000 -0- (280,000) Fair Value $210,000 250,000 450,000 120,000 (280,000) The buildings have a 10-year life and the patent has a 6-year life. Parker reported Net Income for 2018 of $530,000 (excluding...
unsure if i completed correctly
LO 42,496 27. Parker, Inc., acquires 70 percent of Sawyer Company for $420,000. The remaining 30 percent of Sawyer's outstanding shares continue to trade at a collective value of $174,000. On the acquisition dato, Sawyer has the following accounts: Book Fair Value Value Current assets $210,000 $210,000 Land 170,000 180,000 Buildings 300,000 330,000 Liabilities (280,000) (280,000) The buildings have a 10-year remaining life. In addition, Sawyer holds a patent worth $140,000 that has a five-year...
Parker, Inc., acquires 70 percent of Sawyer Company for $420,000. The remaining 30 percent of Sawyer's outstanding shares continue to trade at a collective value of $174,000. On the acquisition date, Sawyer has the following accounts: Current assets Land Buildings Liabilities Book Value $ 210,000 170,000 300,000 (280,000) Fair Value $ 210,000 180,000 330,000 (280,000) The buildings have a 10-year remaining life. In addition, Sawyer holds a patent worth $140,000 that has a five-year remaining life but is not recorded...
Juliana Corporation purchased all of the outstanding stock of Caldwell Inc., paying $3,900,000 cash. Juliana assumed all of the liabilities of Caldwell. Book values and fair values of acquired assets and liabilities were: Current assets (net) Property, plant, & equip. (net) Liabilities Book Value $ 280,000 1,580,000 350,000 Fair Value $ 480,000 2,100,000 790,000 Juliana would record goodwill of: Multiple Choice $ 6,520,000. O $2,110,000 $ 440,000. $ 2,480,000
7. Rangers, Inc. acquires all of the outstanding common stock of Slowly Industries for $450,000 cash. On the acquisition date, the subsidiary had Common Stock of $40,000 and Retained Earnings of $160,000. A patent unrecorded by Slowly was valued at $158,000. Required: a. Prepare the entry on Ranger's books to record the purchase. b. Prepare all necessary consolidation entries. 8. On January 2, 2020, Kuehler Corporation's stockholders' equity accounts were as follows: Common Stock, $1 par $100,000 Additional paid-in-capital 350,000...
32. Prime Publishing, Inc., purchased 100 percent of the outstanding common stock of Select Media, Inc., on January 1, 2014, for $3,000,000. The following schedule out- lines how the purchase price was allocated at the time of acquisition: $3,000,000 1,400,000 1,600,000 Price paid ......... Select Media's shareholders' equity.... Excess of cost over book value ....... Attributed to: Buildings: 10-year remaining life ...... Customer Relationships: 9-year useful life....... Copyrights: Indefinite useful life....... Goodwill ............... 80,000 450,000 470,000 600,000 Select Media is...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 25% of the outstanding common stock of Melody Corporation at a cost of $450,000. Melody Corporation had 400,000 shares of common stock outstanding. At the date of purchase, the book value of Melody's net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $100,000 for machinery...
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