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In January 2014, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc.,...
In January 2017, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc.,...
In January 2017, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc., for $768,000. This investment gave Domingo the ability to exercise significant influence over Martes, whose balance sheet on that date showed total assets of $4,134,000 with liabilities of $964,000. Any excess of cost over book value of the investment was attributed to a patent having a remaining useful life of 10 years. In 2017, Martes reported net income of $198,000. In 2018, Martes reported...
6 and 7 show solution losses. 1. Puckett Company paid $1.6 million for 50.000 shares of...
6 and 7 show solution
losses. 1. Puckett Company paid $1.6 million for 50.000 shares of Harrison's voting con which represents a 40 percent investment. No allocation to goodwill or other specific accoun stock, which represents a 40 percent inve was made. Signific de. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison declared a Spe hod. Harrison declared a $2 per share dividend during the year and reported net income of...
QUESTION 8 During January 2017, Larry, Inc. acquired 30% of the outstanding common stock of Fred...
QUESTION 8 During January 2017, Larry, Inc. acquired 30% of the outstanding common stock of Fred Co. for $1,400,000. This Investment gave Larry the ability to exercise significant influence over Fred. Fred's assets on that date were recorded at $6,400,000 with liabilities of $3,000,000. Any excess of cost over book value of Larry's investment was attributed to unrecorded patents having a remaining useful life of twenty years. In 2017, Fred reported net income of $600,000. For 2018, Fred reported net...
On January 3, 2015, Matteson Corporation acquired 40 percent of the outstanding common stock of O'Toole...
On January 3, 2015, Matteson Corporation acquired 40 percent of the outstanding common stock of O'Toole Company for $1,246,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $904,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2015, O'Toole reported...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O’Toole...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O’Toole Company for $1,390,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $913,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2018, O’Toole reported...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O’Toole...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O’Toole Company for $1,267,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $883,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2018, O’Toole reported...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O’Toole...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O’Toole Company for $1,416,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $837,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2018, O’Toole reported...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O Toole Company for $1,209,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $840,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2018, O'Toole...
On January 1, 2014, Ridge Road Company acquired 25 percent of the voting shares of Sauk...
On January 1, 2014, Ridge Road Company acquired 25 percent of the voting shares of Sauk Trail, Inc. for $4,300,000 in cash. Both companies provide commercial Internet support services but serve markets in different industries. Ridge 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, 2014, Smokey acquired 75% of the common stock of Bear and accounts for...
On January 1, 2014, Smokey acquired 75% of the common stock of Bear and accounts for the purchase using the equity method. At that date, the excess of fair value of net identifiable assets over book value was 600,000, all of which was attributed to depreciable assets with a remaining useful life of 10 years. Net income of the Smokey was 500,000 and net income of Bear was 250,000. What was the amount of consolidated net income for the year...
In January 2017, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc., for $768,000. This investment gave Domingo the ability to exercise significant influence over Martes, whose balance sheet on that date showed total assets of $4,134,000 with liabilities of $964,000. Any excess of cost over book value of the investment was attributed to a patent having a remaining useful life of 10 years. In 2017, Martes reported net income of $198,000. In 2018, Martes reported...
6 and 7 show solution
losses. 1. Puckett Company paid $1.6 million for 50.000 shares of Harrison's voting con which represents a 40 percent investment. No allocation to goodwill or other specific accoun stock, which represents a 40 percent inve was made. Signific de. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison declared a Spe hod. Harrison declared a $2 per share dividend during the year and reported net income of...
QUESTION 8 During January 2017, Larry, Inc. acquired 30% of the outstanding common stock of Fred Co. for $1,400,000. This Investment gave Larry the ability to exercise significant influence over Fred. Fred's assets on that date were recorded at $6,400,000 with liabilities of $3,000,000. Any excess of cost over book value of Larry's investment was attributed to unrecorded patents having a remaining useful life of twenty years. In 2017, Fred reported net income of $600,000. For 2018, Fred reported net...
On January 3, 2015, Matteson Corporation acquired 40 percent of the outstanding common stock of O'Toole Company for $1,246,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $904,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2015, O'Toole reported...
On January 3, 2018, Matteson Corporation acquired 30 percent of the outstanding common stock of O Toole Company for $1,209,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $840,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2018, O'Toole...
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