Homework Answers
| Account Titles and Explanation | Debit | Credit |
| E) | ||
| Common Stock | $ 7,000,000.00 | |
| AOCI | $ 1,800,000.00 | |
| Retained Earnings | $ 500,000.00 | |
| Treasury Stock | $ 300,000.00 | |
| Investment in Senyo | $ 8,000,000.00 | |
| To eliminate Senyo’s equity and the book value portion of the investment account | ||
|
(R) |
||
| In-process R&D | $ 1,500,000.00 | |
| Goodwill (balancing) | $ 6,000,000.00 | |
| Land | $ 500,000.00 | |
| Investment in Senyo (15,000,000 - $8,000,000) | $ 7,000,000.00 | |
| To revalue Senyo’s identifiable net assets to fair value, recognize goodwill, and eliminate the remainder of the investment account. |
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Please show all work.
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Please show all work.
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