Is this correct?Homework Answers
Add Answer to:
Is this correct?
Sam Inc. is a 90% owned subsidiary of Paul Corp. Paul sold land...
Sonaya is a 90% owned subsidiary of Pareto Corp. , acquired in 25X1 at price $4,500...
Sonaya is a 90% owned subsidiary of Pareto Corp. , acquired in 25X1 at price $4,500 in excess of book value, because the undervaluation of Sonaya 's inventory was sold in 20X1. The fair value of non-controlling interest on acquisition date is equal to $10,500 and Pareto Corp. intends to acquire Sonaya for 100%. On that date, Sonaya had Capital stock of $ 80,000 and retained Earning of $20,000 .Comparative financial Statements for Pareto Corp. and Sonaya for the year...
3-During 2020, Parent sells land to Subsidiary for $226,800. The land had a book value of...
3-During 2020, Parent sells land to Subsidiary for $226,800. The land had a book value of $159,000. The land is then sold to an unaffiliated party for $303,000 in 2024. Required: a. Prepare the consolidation entry related to the land sale for 2020. b. Prepare the consolidation entry related to the land sale for 2021. c. Prepare the consolidation entry related to the land for 2024. d. What will be the gain on sale on the 2024 consolidated income statement?...
A parent company sells land to its wholly-owned subsidiary in 2015, reporting a gain of $35,000....
A parent company sells land to its wholly-owned subsidiary in 2015, reporting a gain of $35,000. In 2020, the subsidiary sells the land to an outside developer and reports a gain of $60,000. In the 2020 consolidation working paper, the elimination of this transaction will result in: A. A $95,000 decrease in land B. A $60,000 increase in investment in subsidiary C. A $35,000 increase in gain on sale of land D. A $35,000 decrease in beginning retained earnings
The following information is available concerning transactions between a parent and its wholly-owned subsidiary for the...
The following information is available concerning transactions between a parent and its wholly-owned subsidiary for the current year. The subsidiary purchased land from its parent in a prior year, at a cost of $400,000. The parent had reported the land on its books at $300,000. The parent sells merchandise to the subsidiary. The subsidiary’s beginning inventory includes intercompany profit of $50,000, and its ending inventory includes intercompany profit of $65,000. Total sales from the parent to the subsidiary were $600,000....
Subsidiary 46. Prepare consolidation spreadsheet for intercompany sale of land-Equity method LOS Assume a parent company...
Subsidiary 46. Prepare consolidation spreadsheet for intercompany sale of land-Equity method LOS Assume a parent company acquired its subsidiary on January 1, 2017, at a purchase price that was $270,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. X of that excess, $180,000 was assigned to an unrecorded Patent owned by the subsidiary that is being amortized over a 10-year period. The [A] Patent asset has been amortized as part of the parent's...
Prepare consolidation spreadsheet for intercompany sale of land - Equity method Assume that a parent company acquired i...
Prepare consolidation spreadsheet for intercompany sale of land - Equity method Assume that a parent company acquired its subsidiary on January 1, 2014, at a purchase price that was $300,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. Of that excess, $200,000 was assigned to an unrecorded Patent owned by the subsidiary that is being amortized over a 10-year period. The [A] Patent asset has been amortized as part of the parent's equity...
Flag this Question Question 392 pts During 2019, Brooke sold to its subsidiary, Cabana, land with...
Flag this Question Question 392 pts During 2019, Brooke sold to its subsidiary, Cabana, land with a book value of $507,000. The selling price was $700,000. In its pre-consolidation accounting records, Brooke should: a. Recognize a "Gain on Sale of Land" of $193.000 b. Defer recognition of a "Gain on Sale of Land" entry until Cabana sells the land to a third party C. Recognize the gain over the asset's life d. Not recognize a gain
In 2011, Parla Corporation sold land to its subsidiary, Sidd Corporation, for $38,000. It had a...
In 2011, Parla Corporation sold land to its subsidiary, Sidd Corporation, for $38,000. It had a book value of $24,000. In the next year (2012), Sidd sold the land for $41,000 to an unaffiliated firm. The 2011 unrealized gain from the intercompany sale: a. should be eliminated from consolidated net income by a working paper entry that debits land for $14,000. b. should be recognized in consolidation in 2011 by a working paper entry. c. should be eliminated from consolidated...
Popcorn Inc. and Pretzel Inc. are related companies subject to consolidation. During the year, Pretzel Inc....
Popcorn Inc. and Pretzel Inc. are related companies subject to consolidation. During the year, Pretzel Inc. sold land to Popcorn Inc. for $600,000 cash that had a BV of $500,000 and a FMV of $700,000. The elimination entry at the time of consolidation for this transaction would be: Question 2 options: a) Debit Gain on Sale of Land $200,000, Credit Land $200,000 b) Debit Land $100,000; Credit Loss on Sale of Land $100,000 c) Debit Land $80,000. Debit Gain on...
Prepare consolidation spreadsheet for intercompany sale of land - Equity Method Assume a parent company acquired...
Prepare consolidation spreadsheet for intercompany sale of land - Equity Method Assume a parent company acquired its subsidiary on January 1, 2017, at a purchase price that was $270,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. Of that excess, $180,000 was assigned to an unrecorded patent owned by the subsidiary that is being amortized over a 10 year period. The [A] Patent asset has been amortized as part of the parent's equity...
3-During 2020, Parent sells land to Subsidiary for $226,800. The land had a book value of $159,000. The land is then sold to an unaffiliated party for $303,000 in 2024. Required: a. Prepare the consolidation entry related to the land sale for 2020. b. Prepare the consolidation entry related to the land sale for 2021. c. Prepare the consolidation entry related to the land for 2024. d. What will be the gain on sale on the 2024 consolidated income statement?...
Subsidiary 46. Prepare consolidation spreadsheet for intercompany sale of land-Equity method LOS Assume a parent company acquired its subsidiary on January 1, 2017, at a purchase price that was $270,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. X of that excess, $180,000 was assigned to an unrecorded Patent owned by the subsidiary that is being amortized over a 10-year period. The [A] Patent asset has been amortized as part of the parent's...
Prepare consolidation spreadsheet for intercompany sale of land - Equity method Assume that a parent company acquired its subsidiary on January 1, 2014, at a purchase price that was $300,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. Of that excess, $200,000 was assigned to an unrecorded Patent owned by the subsidiary that is being amortized over a 10-year period. The [A] Patent asset has been amortized as part of the parent's equity...
Flag this Question Question 392 pts During 2019, Brooke sold to its subsidiary, Cabana, land with a book value of $507,000. The selling price was $700,000. In its pre-consolidation accounting records, Brooke should: a. Recognize a "Gain on Sale of Land" of $193.000 b. Defer recognition of a "Gain on Sale of Land" entry until Cabana sells the land to a third party C. Recognize the gain over the asset's life d. Not recognize a gain
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 42 minutes ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 1 hour ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 2 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 3 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 4 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 4 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 5 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 7 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 6 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 8 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 9 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 9 hours ago