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1. Pancake Investment in Syrup -
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3. Pancake Investment in Syrup -
4. Balance Sheet -
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3) Pancake Corporation saw the potential for vertical integration and purchases a 15% interest in Syrup...
Attendance no. Question 2 Stilt Corporation purchased a 40% interest in the common stock of Shallow...
Attendance no. Question 2 Stilt Corporation purchased a 40% interest in the common stock of Shallow Company for $2,660,000 on January 1, 2013, when the book value of Shallow's net equity was $6,000,000. Shallow's book values equaled their fair values except for the following items: Book Value Inventories $450,000 Land 100,000 Building-net 400,000 Equipment-net 350,000 Fair Value $500,000 450,000 200,000 400,000 Difference $ 50,000 350,000 (200,000) 50,000 Required: 1. Prepare a schedule to allocate any excess purchase cost to identifiable...
Problem 5 Sally Corporation's stockholders' equity on December 31, 2014 was as follows: 10% cumulative preferred...
Problem 5 Sally Corporation's stockholders' equity on December 31, 2014 was as follows: 10% cumulative preferred stock, $100 par value, callable at $105, with one year dividends in arrears Common stock, $1 par value Additional paid-in capital Retained earnings Total stockholders' equity $10,000 50,000 150,000 160,000 $370,000 On January 1, 2015, Panera Corporation paid $500,000 for a 70% interest in Sally's common stock. On January 1, 2015, the book values of Sally's assets and liabilities were equal to fair values....
On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for $344,000...
On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for $344,000 in cash. At the acquisition date, the book values and fair values of Stitch's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Stitch. The stockholders' equity accounts of the two companies at the acquisition date are: Pleat Stitch Common Stock ($5 par value) $ 500,000 $ 200,000 Additional...
On January 3, 20X9, Redding Company acquired 80 percent of Frazer Corporation's common stock for $344,000...
On January 3, 20X9, Redding Company acquired 80 percent of Frazer Corporation's common stock for $344,000 in cash. At the acquisition date, the book values and fair values of Frazer's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Frazer. The stockholders' equity accounts of the two companies at the acquisition date are: REDDING: Common Stock ($5 par) $500,000; Additional Paid-in capital $300,000; Retained Earnings...
22) On January 1, 2014, Benson Corporation paid $800,000 to purchase 40% of the outstanding stock...
22) On January 1, 2014, Benson Corporation paid $800,000 to purchase 40% of the outstanding stock of Kroger Company. Kroger Company reported net income of $200,000 for the year ending December 31, 2014 and paid cash dividends of $60,000 during 2014. On January 1, 2015, Benson Corporation sells its entire investment in Kroger Company for $1,100,000. Benson Corporation will report a(n): A) realized gain on the sale of $300,000. B) unrealized gain on the sale of $300,000. C) realized gain...
22) On January 1, 2014, Benson Corporation paid $800,000 to purchase 40% of the outstanding stock...
22) On January 1, 2014, Benson Corporation paid $800,000 to purchase 40% of the outstanding stock of Kroger Company. Kroger Company reported net income of $200,000 for the year ending December 31, 2014 and paid cash dividends of $60,000 during 2014. On January 1, 2015, Benson Corporation sells its entire investment in Kroger Company for $1,100,000. Benson Corporation will report a(n): A) realized gain on the sale of $300,000. B) unrealized gain on the sale of $300,000. C) realized gain...
Saud Corporation acquired 70% of Rama Corporation’s common stock on 1-1-2019, for $294,000 in cash. At...
Saud Corporation acquired 70% of Rama Corporation’s common stock on 1-1-2019, for $294,000 in cash. At the acquisition date, the book values and fair values of Rama’s assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 30% of the total book value of Rama. The stockholders’ equity of the two companies at the date of the purchase are: Saud Rama Common stock ($10 par value) $400,000 $180,000 ...
Muscat Company purchased a 90% interest in Dhofar Corporation for O.R. 2,340,000 on January 1, 2013. Dhofar Corporation...
Muscat Company purchased a 90% interest in Dhofar Corporation for O.R. 2,340,000 on January 1, 2013. Dhofar Corporation had O.R. 1,650,000 of common stock and O.R. 1,050,000 of retained earnings on that date. The following values were determined for Dhofar Corporation on the date of purchase: Book Value Fair Value Inventory O. R 240,000 O.R 300,000 Land 2,400,000 2,700,000 Equipment 1,620,000 1,800,000 Instructions: 1. Prepare the January 1, 2013, workpaper entries to eliminate the investment account and allocate the difference...
* Exercise 5-15 A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January...
* Exercise 5-15 A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2014. The common stock balance of Saxton Corporation was $2,953,800 on this date, and the balance in retained earnings was The cost of the investment to Palm Incorporated was $3,774,000. The balance sheet information available for Saxton Corporation on the acquisition date revealed these values: Inventory (FIFO) Equipment (net) Land Book Value $687,400 1,988,100 1,630,600 Fair Value $798,200 1,988,100 1,961,300 The equipment was...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred stock-$90 par value, nonvoting and nonparticipating: 9% cumulative dividend Common stock - $25 par value Retained earnings 2,700,000 5,600,000 14,000,000 Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2013, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over...
Attendance no. Question 2 Stilt Corporation purchased a 40% interest in the common stock of Shallow Company for $2,660,000 on January 1, 2013, when the book value of Shallow's net equity was $6,000,000. Shallow's book values equaled their fair values except for the following items: Book Value Inventories $450,000 Land 100,000 Building-net 400,000 Equipment-net 350,000 Fair Value $500,000 450,000 200,000 400,000 Difference $ 50,000 350,000 (200,000) 50,000 Required: 1. Prepare a schedule to allocate any excess purchase cost to identifiable...
Problem 5 Sally Corporation's stockholders' equity on December 31, 2014 was as follows: 10% cumulative preferred stock, $100 par value, callable at $105, with one year dividends in arrears Common stock, $1 par value Additional paid-in capital Retained earnings Total stockholders' equity $10,000 50,000 150,000 160,000 $370,000 On January 1, 2015, Panera Corporation paid $500,000 for a 70% interest in Sally's common stock. On January 1, 2015, the book values of Sally's assets and liabilities were equal to fair values....
* Exercise 5-15 A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2014. The common stock balance of Saxton Corporation was $2,953,800 on this date, and the balance in retained earnings was The cost of the investment to Palm Incorporated was $3,774,000. The balance sheet information available for Saxton Corporation on the acquisition date revealed these values: Inventory (FIFO) Equipment (net) Land Book Value $687,400 1,988,100 1,630,600 Fair Value $798,200 1,988,100 1,961,300 The equipment was...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred stock-$90 par value, nonvoting and nonparticipating: 9% cumulative dividend Common stock - $25 par value Retained earnings 2,700,000 5,600,000 14,000,000 Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2013, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over...
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