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JJU Total points awarded He Problem 1-6 (LO 1-3) On January 1, Puckett Company paid $1.30...
On January 1, Puckett Company paid $2.04 million for 68,000 shares of Harrison's voting common stock,...
On January 1, Puckett Company paid $2.04 million for 68,000 shares of Harrison's voting common stock, which represents a 40 percent investment. No allocation to goodwill or other specific account was made. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison distributed a dividend of $2 per share during the year and reported net income of $627,000. What is the balance in the Investment in Harrison account found in Puckett's financial records...
6 and 7 show solution losses. 1. Puckett Company paid $1.6 million for 50.000 shares of...
6 and 7 show solution
losses. 1. Puckett Company paid $1.6 million for 50.000 shares of Harrison's voting con which represents a 40 percent investment. No allocation to goodwill or other specific accoun stock, which represents a 40 percent inve was made. Signific de. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison declared a Spe hod. Harrison declared a $2 per share dividend during the year and reported net income of...
On January 1, Belleville Company paid $2,760,000to acquire 69,000 shares of O'Fallon's voting common stock, which...
On January 1, Belleville Company paid $2,760,000to acquire 69,000 shares of O'Fallon's voting common stock, which represents a 40% investment. No allocations to goodwill or other specific accounts were made. Significant influence over O'Fallon is achieved by this acquisition, and so Bellville applies the equity method. O'Fallon declared a $1 per share dividend during the year and reported net income of $596,000. What is the balance in the investment in O'Fallon account found in Bellvile's financial records as of December...
On January 1, Belleville Company paid $1,970,000 to acquire 98,500 shares of O'Fallon’s voting common stock,...
On January 1, Belleville Company paid $1,970,000 to acquire 98,500 shares of O'Fallon’s voting common stock, which represents a 40 percent investment. No allocations to goodwill or other specific accounts were made. Significant influence over O'Fallon is achieved by this acquisition, and so Belleville applies the equity method. O'Fallon declared a $2 per share dividend during the year and reported net income of $598,000. What is the balance in the Investment in O'Fallon account found in Belleville’s financial records as...
Multiple Choice Questions 1. Gaw Company owns 15% of the common stock of Trace Corporation and...
Multiple Choice Questions 1. Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110,000 for 2008 and paid dividends of $60,000 on October 1, 2008. How much income should Gaw recognize on this investment in 2008? A. $16,500 Noinfluence B.$9,000 C. $25,500 (If company makes a loss or Profit doesn't D. $7,500 E. $50,000 60,000 X 15.. 2. Yaro Company owns 30% of...
Problem 6-28 (LO 6-3) Cairns owns 70 percent of the voting stock of Hamilton, Inc. The...
Problem 6-28 (LO 6-3) Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parent's interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton On January 1, 2014, Hamilton sold $2,500,000 in 10-year bonds to the public at 105. The bonds had a cash...
Problem 6-28 (LO 6-3) Cairns owns 70 percent of the voting stock of Hamilton, Inc. The...
Problem 6-28 (LO 6-3) Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parent's interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton On January 1, 2014, Hamilton sold $2,500,000 in 10-year bonds to the public at 105. The bonds had a cash...
Explanation Show my answ! 14 Problem 3-23 (LO 3-1, 3-4) 2.31 ints awarded Following are selected...
Explanation Show my answ! 14 Problem 3-23 (LO 3-1, 3-4) 2.31 ints awarded Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018: Scored Stanza (632,000 158.000 210,000 eBook Print Revenues Cost of goods sold Depreciation expense Investment income Dividends declared Retained earnings 1/1/18 Current assets Copyrights Royalty agreements Investment in stanza Liabilities Common stock Additional paid-in capital Penske (708,000) 252.800 159,000 Not given 80.000 (758,000) 400,000 1,060,000 690,000 Not given (690,000) (600,000) ($20...
Problem 5-17 (LO 5-3, 5-4, 5-5) On January 1, 2017, Corgan Company acquired 80 percent of...
Problem 5-17 (LO 5-3, 5-4, 5-5) On January 1, 2017, Corgan Company acquired 80 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,440,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $870,000, retained earnings of $420,000, and a noncontrolling interest fair value of $360,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to...
On January 1, 2019, Lion Company paid $960,000 for 16,000 shares of Wolf Company's voting common...
On January 1, 2019, Lion Company paid $960,000 for 16,000 shares of Wolf Company's voting common stock, which was a 10% interest in Wolf. Lion does not have the ability to exercise significant influence over the operating and financial policies of Wolf. Lion received dividends of $1.00 per share from Wolf on October 2, 2019. Wolf reported net income of $450,000 for the year ended December 31, 2019, and the ending market price of its shares was $64. On July...
On January 1, Puckett Company paid $2.04 million for 68,000 shares of Harrison's voting common stock, which represents a 40 percent investment. No allocation to goodwill or other specific account was made. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison distributed a dividend of $2 per share during the year and reported net income of $627,000. What is the balance in the Investment in Harrison account found in Puckett's financial records...
6 and 7 show solution
losses. 1. Puckett Company paid $1.6 million for 50.000 shares of Harrison's voting con which represents a 40 percent investment. No allocation to goodwill or other specific accoun stock, which represents a 40 percent inve was made. Signific de. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison declared a Spe hod. Harrison declared a $2 per share dividend during the year and reported net income of...
Multiple Choice Questions 1. Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110,000 for 2008 and paid dividends of $60,000 on October 1, 2008. How much income should Gaw recognize on this investment in 2008? A. $16,500 Noinfluence B.$9,000 C. $25,500 (If company makes a loss or Profit doesn't D. $7,500 E. $50,000 60,000 X 15.. 2. Yaro Company owns 30% of...
Problem 6-28 (LO 6-3) Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parent's interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton On January 1, 2014, Hamilton sold $2,500,000 in 10-year bonds to the public at 105. The bonds had a cash...
Problem 6-28 (LO 6-3) Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parent's interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton On January 1, 2014, Hamilton sold $2,500,000 in 10-year bonds to the public at 105. The bonds had a cash...
Explanation Show my answ! 14 Problem 3-23 (LO 3-1, 3-4) 2.31 ints awarded Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018: Scored Stanza (632,000 158.000 210,000 eBook Print Revenues Cost of goods sold Depreciation expense Investment income Dividends declared Retained earnings 1/1/18 Current assets Copyrights Royalty agreements Investment in stanza Liabilities Common stock Additional paid-in capital Penske (708,000) 252.800 159,000 Not given 80.000 (758,000) 400,000 1,060,000 690,000 Not given (690,000) (600,000) ($20...
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