Homework Answers
Pheonix's consolidated retained earnings balance at December 31, 2021 = $306,875.
As, Pheonix applies the equity method to account for its investment the retained earning of sedona is eliminated while consolidating.
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(The following information applies to the questions displayed below) On January 1, 2019, Phoenix Co, acquired...
(The following information applies to the questions displayed below.) On January 1, 2019, Phoenix Co. acquired...
(The following information applies to the questions displayed below.) On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books....
Required information [The following information applies to the questions displayed below.) On January 1, 2019, Phoenix...
Required information [The following information applies to the questions displayed below.) On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $684.000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $478,800. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $86,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $684,000 cash. At January 1, 2019, Sedona’s net assets had a total carrying amount of $478,800. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $86,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
[The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed...
[The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42,400 cash per...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $42,500 face value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $12,547 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $20,825...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown Co borrowed cash from First Bank byssuing a $47.000 face value, four-year term note that had an 7 percent annual interest rate. The notes to be repaid by making annual cash payments of $13,876 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase and that generated rental revenues of $23,500 cash per...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $46,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $7,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,000. Required: 1. Prepare the year-end journal entry for...
Required information (The following information applies to the questions displayed below.) Duval Co. issues four-year bonds...
Required information (The following information applies to the questions displayed below.) Duval Co. issues four-year bonds with a $109,000 par value on January 1, 2019, at a price of $104,910. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 1. Prepare a straight-line amortization table for these bonds. (Round your answers to the nearest dollar amount.) Unamortized Discount Carrying Value Semiannual Period-End 1/01/2019 6/30/2019 12/31/2019 6/30/2020 12/31/2020 6/30/2021 12/31/2021 6/30/2022 12/31/2022
7 Required information [The following information applies to the questions displayed below.] On January 4, David...
7 Required information [The following information applies to the questions displayed below.] On January 4, David Company acquired all of the net assets (assets and liabilities) of William Company for $140,000 cash. The two companies merged, with David Company surviving. On the date of acquisition, William's balance sheet included the following. Part 1 of 2 william 075 Balance Sheet at January Cash Company $36,000 73,000 $109,000 points Property and equipment (net) Total ansets 02:3622 6,000 30,000 73,000 Liabilities Common stock...
(The following information applies to the questions displayed below.) On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books....
Required information [The following information applies to the questions displayed below.) On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $684.000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $478,800. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $86,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $684,000 cash. At January 1, 2019, Sedona’s net assets had a total carrying amount of $478,800. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $86,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
[The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42,400 cash per...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $42,500 face value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $12,547 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $20,825...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown Co borrowed cash from First Bank byssuing a $47.000 face value, four-year term note that had an 7 percent annual interest rate. The notes to be repaid by making annual cash payments of $13,876 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase and that generated rental revenues of $23,500 cash per...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $46,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $7,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,000. Required: 1. Prepare the year-end journal entry for...
Required information (The following information applies to the questions displayed below.) Duval Co. issues four-year bonds with a $109,000 par value on January 1, 2019, at a price of $104,910. The annual contract rate is 5%, and interest is paid semiannually on June 30 and December 31. 1. Prepare a straight-line amortization table for these bonds. (Round your answers to the nearest dollar amount.) Unamortized Discount Carrying Value Semiannual Period-End 1/01/2019 6/30/2019 12/31/2019 6/30/2020 12/31/2020 6/30/2021 12/31/2021 6/30/2022 12/31/2022
7 Required information [The following information applies to the questions displayed below.] On January 4, David Company acquired all of the net assets (assets and liabilities) of William Company for $140,000 cash. The two companies merged, with David Company surviving. On the date of acquisition, William's balance sheet included the following. Part 1 of 2 william 075 Balance Sheet at January Cash Company $36,000 73,000 $109,000 points Property and equipment (net) Total ansets 02:3622 6,000 30,000 73,000 Liabilities Common stock...
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