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On January 1, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This...
On January I, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This...
On January I, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Sacco having a book value of $10,000 was actually worth $40,000 with a six-year remaining life. Any goodwill associated with this acquisition is considered to have an indefinite life. During 2017, Sacco reported net income of $50,000 and paid dividends of $20,000 while in 2018 it reported...
RUL ne Exam 1 Sunday September 20, 2020 6:00 pm - 6:00 PHI 220201 ACCT-4008-01 My...
RUL ne Exam 1 Sunday September 20, 2020 6:00 pm - 6:00 PHI 220201 ACCT-4008-01 My courses Question 33 Not yet answered Marked out of 2.50 Flag question On January 1, 2020, Archer, Incorporated, paid $100,000 for a 35% interest in Harley Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Harley having a book value of $10,000 was actually worth $22,000 with a six-year remaining life. Any goodwill associated...
TunaCo purchases 25% of Stanley, Inc. on January 1 of the current year for $505,000. This...
TunaCo purchases 25% of Stanley, Inc. on January 1 of the current year for $505,000. This acquisition gives TunaCo the ability to significantly influence Stanley's operating and financing policies. Stanley reports assets on that date of $1,600,000 with liabilities of $400,000. One building with a 15-year remaining life has a book value of $100,000 and a fair market value of $400,000. Any remaining excess must be Goodwill. During the current year, Stanley reports net income of $140,000 while paying dividends...
On January 1, 2017, Alison, Inc., paid $70,800 for a 40 percent interest in Holister Corporation's...
On January 1, 2017, Alison, Inc., paid $70,800 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $235,000 and liabilities of $95,000. A patent held by Holister having a $8,900 book value was actually worth $25,400. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017, Holister earned income of $45,700 and declared and paid dividends of $15,000. In...
On January 1, 2017, Alison, Inc., paid $79,100 for a 40 percent interest in Holister Corporation's...
On January 1, 2017, Alison, Inc., paid $79,100 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $253,000 and liabilities of $117,000. A patent held by Holister having a $5,900 book value was actually worth $38,900. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017. Holister earned Income of $41,750 and declared and paid dividends of $14,000. In...
On January 1, 2017, Alison, Inc., paid $83,800 for a 40 percent interest in Holister Corporation’s...
On January 1, 2017, Alison, Inc., paid $83,800 for a 40 percent interest in Holister Corporation’s common stock. This investee had assets with a book value of $290,500 and liabilities of $117,000. A patent held by Holister having a $13,600 book value was actually worth $31,600. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017, Holister earned income of $40,700 and declared and paid dividends of $14,000. In...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk Trail, Inc., for $4,400,000 in cash. Both companies provide commercial Internet support services but serve markets in different industries. Ridae Road made the investment to gain access to Sauk Trail's board of directors and thus facilitate future cooperative agreements between the two firms. Ridge Road quickly obtained several seats on Sauk Trail's board which gave it the ability to significantly influence Sauk Trail's operating...
On 1 January 2018, Gamma, Inc. paid $225,000 for a 20 percent interest in Subsidiary Corporation’s...
On 1 January 2018, Gamma, Inc. paid $225,000 for a 20 percent interest in Subsidiary Corporation’s common stock. This investee had assets with a book value of $890,000 and liabilities of $650,000. A patent held by subsidiary having a $55,000 book value was actually worth $200,000. This patent had a 5-year remaining life. Any further excess cost associated with this acquisition was attributed to Goodwill. During 2018, subsidiary earned income of $24,000 and paid dividends of $4,800. In 2019, it...
On January 1, 2015, Bactin Corporation acquired 10% of Oakton Company for $100,000. On that date,...
On January 1, 2015, Bactin Corporation acquired 10% of Oakton Company for $100,000. On that date, the total book value and fair value of Oakton's net assets was $900,000. Any difference between cost and fair value is attributable to goodwill. In 2015, Oakton reported net income of $60,000 and paid dividends of $30,000. On January 1, 2016, Bactin Corporation bought another 10% of Oakton for $100,000, and on that date, the book value and fair value of Oakton's net assets...
On January 1, 2017, Alison, Inc., paid $91,300 for a 40 percent interest in Holister Corporation’s...
On January 1, 2017, Alison, Inc., paid $91,300 for a 40 percent
interest in Holister Corporation’s common stock. This investee had
assets with a book value of $243,500 and liabilities of $87,500. A
patent held by Holister having a $6,000 book value was actually
worth $60,000. This patent had a six-year remaining life. Any
further excess cost associated with this acquisition was attributed
to goodwill. During 2017, Holister earned income of $35,200 and
declared and paid dividends of $12,000. In...
On January I, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Sacco having a book value of $10,000 was actually worth $40,000 with a six-year remaining life. Any goodwill associated with this acquisition is considered to have an indefinite life. During 2017, Sacco reported net income of $50,000 and paid dividends of $20,000 while in 2018 it reported...
RUL ne Exam 1 Sunday September 20, 2020 6:00 pm - 6:00 PHI 220201 ACCT-4008-01 My courses Question 33 Not yet answered Marked out of 2.50 Flag question On January 1, 2020, Archer, Incorporated, paid $100,000 for a 35% interest in Harley Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Harley having a book value of $10,000 was actually worth $22,000 with a six-year remaining life. Any goodwill associated...
On January 1, 2017, Alison, Inc., paid $70,800 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $235,000 and liabilities of $95,000. A patent held by Holister having a $8,900 book value was actually worth $25,400. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017, Holister earned income of $45,700 and declared and paid dividends of $15,000. In...
On January 1, 2017, Alison, Inc., paid $79,100 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $253,000 and liabilities of $117,000. A patent held by Holister having a $5,900 book value was actually worth $38,900. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017. Holister earned Income of $41,750 and declared and paid dividends of $14,000. In...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk Trail, Inc., for $4,400,000 in cash. Both companies provide commercial Internet support services but serve markets in different industries. Ridae Road made the investment to gain access to Sauk Trail's board of directors and thus facilitate future cooperative agreements between the two firms. Ridge Road quickly obtained several seats on Sauk Trail's board which gave it the ability to significantly influence Sauk Trail's operating...
On January 1, 2017, Alison, Inc., paid $91,300 for a 40 percent
interest in Holister Corporation’s common stock. This investee had
assets with a book value of $243,500 and liabilities of $87,500. A
patent held by Holister having a $6,000 book value was actually
worth $60,000. This patent had a six-year remaining life. Any
further excess cost associated with this acquisition was attributed
to goodwill. During 2017, Holister earned income of $35,200 and
declared and paid dividends of $12,000. In...
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