Homework Answers
Since Corzine Inc has acquired 15% of Hammon Co shares and does not exercise significant influence over Hammon Co, we have adopted the Fair value accounting method for the investemt
| Date | Particulars | Debit | Credit |
| 1/1/2021 | Investment in Associate | $ 62,400.00 | |
| Bank | $ 62,400.00 | ||
| (To record the acquistion of 15 % common stock in Hammom Co | |||
| 12/31/2021 | Bank | $ 5,400.00 | |
| Dividend Income (36000*15%) | $ 5,400.00 | ||
| (To record dividend received from Hammon Co) | |||
| 12/31/2021 | Investment in Associate | $ 17,600.00 | |
| Fair Value Adjustment | $ 17,600.00 | ||
| (To record th Investment of Hammom Co at fair value at year end) |
Add Answer to:
On January 1, 2021. Corzine Inc. acquired 15% of Hammon Co.'s outstanding common stock for $62.400...
Blue Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Blue Inc. acquired 20% of the outstanding common stock of
Theresa Kulikowski Inc. on December 31, 2020. The purchase price
was $1,111,200 for 46,300 shares. Kulikowski Inc. declared and paid
an $0.80 per share cash dividend on June 30 and on December 31,
2021. Kulikowski reported net income of $788,000 for 2021. The fair
value of Kulikowski’s stock was $27 per share at December 31, 2021.
Assume that the security is a trading security.
Prepare the journal entries for Blue...
Vaughn Inc. acquired all of the outstanding common stock of Roberts Co. on January 1, 2020,...
Vaughn Inc. acquired all of the outstanding common stock of Roberts Co. on January 1, 2020, for $276,000. Annual amortization of $21,000 resulted from this acquisition. Vaughn reported net income of $80,000 in 2020 and $60,000 in 2021 and paid $24,000 in dividends each year. Roberts reported net income of $50,000 in 2020 and $57,000 in 2021 and paid $12,000 in dividends each year. What is the Investment in Roberts Co. balance on Vaughn's books as of December 31, 2021,...
Pearl Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc, on December 31,...
Pearl Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc, on December 31, 2020. The purchase price was $1,294,800 for 49,800 shares. Kulikowski Inc. declared and paid an $0.75 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $764,000 for 2021. The fair value of Kulikowski's stock was $29 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Pearl...
Monty Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Monty Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Monty...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,031,800 for 46,900 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $714,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Oriole...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $998,800 for 45,400 shares. Kulikowski Inc, declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $708,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Teal...
Grouper Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Grouper Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Grouper...
Marin Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Marin Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,053,400 for 45,800 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $742,000 for 2021. The fair value of Kulikowski's stock was $26 per share at December 31, 2021. Assume that the security is a trading security Prepare the journal entries for Marin...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference....
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction...
On January 1, 2021, Cameron Inc. bought 20%
of the outstanding common stock of Lake Construction Company for
$240 million cash, giving Cameron the ability to exercise
significant influence over Lake’s operations. At the date of
acquisition of the stock, Lake's net assets had a fair value of
$600 million. Its book value was $500 million. The difference was
attributable to the fair value of Lake's buildings and its land
exceeding book value, each accounting for one-half of the
difference....
Blue Inc. acquired 20% of the outstanding common stock of
Theresa Kulikowski Inc. on December 31, 2020. The purchase price
was $1,111,200 for 46,300 shares. Kulikowski Inc. declared and paid
an $0.80 per share cash dividend on June 30 and on December 31,
2021. Kulikowski reported net income of $788,000 for 2021. The fair
value of Kulikowski’s stock was $27 per share at December 31, 2021.
Assume that the security is a trading security.
Prepare the journal entries for Blue...
Pearl Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc, on December 31, 2020. The purchase price was $1,294,800 for 49,800 shares. Kulikowski Inc. declared and paid an $0.75 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $764,000 for 2021. The fair value of Kulikowski's stock was $29 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Pearl...
Monty Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Monty...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,031,800 for 46,900 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $714,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Oriole...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $998,800 for 45,400 shares. Kulikowski Inc, declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $708,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Teal...
Grouper Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Grouper...
Marin Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,053,400 for 45,800 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $742,000 for 2021. The fair value of Kulikowski's stock was $26 per share at December 31, 2021. Assume that the security is a trading security Prepare the journal entries for Marin...
On January 1, 2021, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $240 million cash, giving Cameron the ability to exercise significant influence over Lake's operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $600 million. Its book value was $500 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference....
On January 1, 2021, Cameron Inc. bought 20%
of the outstanding common stock of Lake Construction Company for
$240 million cash, giving Cameron the ability to exercise
significant influence over Lake’s operations. At the date of
acquisition of the stock, Lake's net assets had a fair value of
$600 million. Its book value was $500 million. The difference was
attributable to the fair value of Lake's buildings and its land
exceeding book value, each accounting for one-half of the
difference....
Most questions answered within 3 hours.
-
Is oxygen difluoride polar or nonpolar?
nonpolar
polar
ionic
none of the above
asked 8 minutes ago -
Starting from rest, a car accelerates at a constant rate of 2.6
m/s2 for a time...
asked 5 minutes ago -
A pharmaceutical company wants to answer the question whether
time for a drug in pill form...
asked 7 minutes ago -
) Assume that in the market for widgets, demand is highly
elastic compared to supply. If...
asked 18 minutes ago -
Why is a personal interview the most important step in the sales
selection process? What are...
asked 28 minutes ago -
In Python rOverlap (x1, y1, w1, h1, x2, y2, w2, h2) A rectangle
is axis-aligned if...
asked 28 minutes ago -
If we observe in a protein solution that DNA is causing a
mixture 260/280 ratio ~0.9,...
asked 38 minutes ago -
Explain the steps involved in making cDNA from mRNA, and how you
would create a cDNA...
asked 39 minutes ago -
A beta (β) particle is described by which of the following?
Select the correct answer below:...
asked 42 minutes ago -
A new machine costs $150,000, lasts 10 years, has an annual
O&M cost of $50,000, and...
asked 45 minutes ago -
A newspaper in a large Midwestern city reported that the
National Association of Realtors said that...
asked 46 minutes ago -
1. Develop a use case diagram for the bank case study described
in Chapter 1. 2....
asked 56 minutes ago