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Gant Company purchased 20 percent of the outstanding shares of Temp Company for $71,000 on January...
Gant Company purchased 30 percent of the outstanding shares of Temp Company for $74,000 on January...
Gant Company purchased 30 percent of the outstanding shares of Temp Company for $74,000 on January 1, 20X6. The following results are reported for Temp Company: 20X6 20X7 20X8 Net income $ 41,000 $ 36,000 $ 53,000 Dividends paid 10,000 26,000 15,000 Fair value of shares held by Gant: January 1 74,000 93,000 90,000 December 31 93,000 90,000 101,000 Required: Determine the amounts reported by Gant as income from its investment in Temp for each year and the...
Do not copy others answer, thank you. P2-19 Investments Carried at Fair Value and Equity Method...
Do not copy others answer, thank you.
P2-19 Investments Carried at Fair Value and Equity Method Gant Company purchased 20 percent of the outstanding shares of Temp Company for $70,000 on January 1, 20X6. The following results are reported for Temp Company: 20X6 20x7 20x8 $40,000 15,000 $35,000 30,000 $60,000 20,000 Net Income Dividends Paid Fair Value of Shares Held by Gant: January 1 December 31 70,000 89,000 89,000 86,000 86,000 97,000 Required Determine the amounts reported by Gant as...
Ravine Corporation purchased 30 percent ownership of Valley Industries for $90,000 on January 1, 20X6, when...
Ravine Corporation purchased 30 percent ownership of Valley Industries for $90,000 on January 1, 20X6, when Valley had capital stock of $240,000 and retained earnings of $60,000. During the period of January 1, 20X6, through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $10,000 each year. The following data were reported by the companies for the years 20X6 through 20X9: Dividends Declared Year Operating Income, Ravine Corporation Net Income, Valley Industries Ravine Valley 20X6...
On January 1, 2020, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company...
On January 1, 2020, Palka, Inc., acquired 70 percent of the
outstanding shares of Sellinger Company for $1,789,900 in cash. The
price paid was proportionate to Sellinger’s total fair value,
although at the acquisition date, Sellinger had a total book value
of $2,250,000. All assets acquired and liabilities assumed had fair
values equal to book values except for a patent (six-year remaining
life) that was undervalued on Sellinger’s accounting records by
$297,000. On January 1, 2021, Palka acquired an additional...
On January 4, Year 1, Ferguson Company purchased 164,000 shares of Silva Company directly from one...
On January 4, Year 1, Ferguson Company purchased 164,000 shares of Silva Company directly from one of the founders for a price of $33 per share. Silva has 410,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $630,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $1,101,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva. Required: A. Provide the...
Company T had 32,000 outstanding shares of common stock, par value $10 per share. On January...
Company T had 32,000 outstanding shares of common stock, par value $10 per share. On January 1 of the current year, Company P purchased some of Company T’s shares as a long-term investment at $23 per share. At the end of the current year, Company T reported the following: income, $48,000, and cash dividends declared during the year, $19,500. The fair value of Company T stock at the end of the current year was $20 per share. 2-a. Prepare the...
instructions On January 4, Year 1, Ferguson Company purchased 192,400 shares of Siva Company directly from...
instructions On January 4, Year 1, Ferguson Company purchased 192,400 shares of Siva Company directly from one of the founders for a price of $35 per share. Silva has 520,000 shares outstanding, including the Daniels shares. On July 2, Year 1. Silva paid $683,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $1,007,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva Required: A Provide...
Company T had 32,000 outstanding shares of common stock, par value $10 per share. On January 1 of the current year, Comp...
Company T had 32,000 outstanding shares of
common stock, par value $10 per share. On January 1 of the current
year, Company P purchased some of Company T’s shares as a long-term
investment at $23 per share. At the end of the current year,
Company T reported the following: income, $48,000, and cash
dividends declared during the year, $19,500. The fair value of
Company T stock at the end of the current year was $20 per
share.
2-a. Prepare the...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1.297,100 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date. Sellinger had a total book value of $1.510,000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $333.000. On January 1, 2021. Palka...
On January 4, Year 1, Ferguson Company purchased 140,400 shares of Silva Company directly from one...
On January 4, Year 1, Ferguson Company purchased 140,400 shares of Silva Company directly from one of the founders for a price of $28 per share. Silva has 540,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $791,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $916,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva. Required: A. Provide the...
Do not copy others answer, thank you.
P2-19 Investments Carried at Fair Value and Equity Method Gant Company purchased 20 percent of the outstanding shares of Temp Company for $70,000 on January 1, 20X6. The following results are reported for Temp Company: 20X6 20x7 20x8 $40,000 15,000 $35,000 30,000 $60,000 20,000 Net Income Dividends Paid Fair Value of Shares Held by Gant: January 1 December 31 70,000 89,000 89,000 86,000 86,000 97,000 Required Determine the amounts reported by Gant as...
On January 1, 2020, Palka, Inc., acquired 70 percent of the
outstanding shares of Sellinger Company for $1,789,900 in cash. The
price paid was proportionate to Sellinger’s total fair value,
although at the acquisition date, Sellinger had a total book value
of $2,250,000. All assets acquired and liabilities assumed had fair
values equal to book values except for a patent (six-year remaining
life) that was undervalued on Sellinger’s accounting records by
$297,000. On January 1, 2021, Palka acquired an additional...
instructions On January 4, Year 1, Ferguson Company purchased 192,400 shares of Siva Company directly from one of the founders for a price of $35 per share. Silva has 520,000 shares outstanding, including the Daniels shares. On July 2, Year 1. Silva paid $683,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $1,007,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva Required: A Provide...
Company T had 32,000 outstanding shares of
common stock, par value $10 per share. On January 1 of the current
year, Company P purchased some of Company T’s shares as a long-term
investment at $23 per share. At the end of the current year,
Company T reported the following: income, $48,000, and cash
dividends declared during the year, $19,500. The fair value of
Company T stock at the end of the current year was $20 per
share.
2-a. Prepare the...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1.297,100 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date. Sellinger had a total book value of $1.510,000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $333.000. On January 1, 2021. Palka...
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