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Option is (a).
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Burleigh Ltd has purchased 100% of Palm Beach Ltd for a cash payment of $800,000. The...
Impairment of assets (i need PART B answer , PLEASE) Aero Ltd has determined that its...
Impairment of assets (i need PART B answer , PLEASE) Aero Ltd has determined that its aviation division is a cash–generating unit (CGU). Information as at 30th June 2020 is as follows: $ Buildings – At cost 600,000 Equipment – At cost 500,000 Inventory 25,000 Land 250,000 Receivables 150,000 Goodwill 90,000 Total 1,615,000 Additional information: Buildings - Accumulated depreciation as at 30 June 2020: $100,000 Equipment - Accumulated depreciation as at 30 June 2020: $200,000 Aero Ltd calculated the value...
On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common...
On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow: Cash $ 150,000 Accounts receivable 180,000 Capitalized software costs 320,000 Goodwill 100,000 Liabilities (130,000 ) Net assets $ 620,000 On June 1, Renn’s accounts receivable had a fair value of $140,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $200,000. All other...
Parent Ltd. purchased 100% of the shares of Subsidiary Inc. for $150,000. At the date of...
Parent Ltd. purchased 100% of the shares of Subsidiary Inc. for $150,000. At the date of acquisition, the following information is provided below: Total assets shown on balance sheet of S Inc. Total liabilities shown on balance sheet of S Inc Goodwill shown on S Inc. balance sheet included in assets above Excess of fair value over carrying amount of S Inc. land Total assets of parent including the investment in Subsidiary Inc. Total liabilities of parent $144,000 24,000 7,500...
Question 1 King Ltd acquired 100% of the share capital of Sing Ltd on 1 July...
Question 1 King Ltd acquired 100% of the share capital of Sing Ltd on 1 July 2015, for $356,000. At the acquisition date, the equity of Sing Ltd comprise of the following: $ Share capital 200,000 Retained earnings 80,000 Total 280,000 The identifiable net assets of Sing Ltd were recorded at fair value at the date of acquisition, except for inventory that had a fair value which was $2,000 higher than its carrying amount, and an item of plant...
Aye Ltd acquired 90% interest in Bee Ltd on 1 January 20x1, for which the purchase...
Aye Ltd acquired 90% interest in Bee Ltd on 1 January 20x1, for which the purchase consideration was structured as follows: · Cash of $800,000. · A parcel of freehold land with carrying amount of $300,000 in the books of Aye Ltd but had a fair value of $400,000 as at 1 January 20x1. · A contingent payment of $100,000 payable in two years from the acquisition- date if Bee Ltd meets specific profit targets. On 1 January 20x1, based...
On 30 June 2020, the statement of financial position of Wolfe Ltd showed the following non-...
On 30 June 2020, the statement of financial position of Wolfe Ltd showed the following non- current assets after charging depreciation: Land $400,000 Buildings $200,000 Accum. depn. - buildings (100,000) $100,000 Equipment $150,000 Accum. depn. - equipment (50.000) $100,000 Goodwill $40,000 The company has adopted fair value for the valuation of non-current assets. In the previous year, the company had valued land down from its original value of $410,000 to $400,000. On 30 June 2020, and independent valuer assessed the...
Hitech Ltd acquired all of the issued share capital of Lotech Ltd on 30 June 2016...
Hitech Ltd acquired all of the issued share capital of Lotech Ltd on 30 June 2016 for a cash consideration of $400,000 At that time the net assets of Lotech Ltd were represented as follows: Share capital 300,000 Retained earnings 50,000 Net assets 350,000 When Hitech acquired its investment in Lotech the following information applied: Land held by Lotech had a fair value $10,000 greater than the carrying value A contingent liability relating to an unsettled legal claim with a...
Determine the amount of goodwill that prover should report in its current financial statement. P1-33 Goodwill...
Determine the amount of goodwill that prover should report in
its current financial statement.
P1-33 Goodwill Assigned to Multiple Reporting Units The fair values of assets and liabilities held by three reporting units and other information related to the reporting units owned by Prover Company are as follows: Reporting Unit Cash & Receivables Inventory Land Buildings Equipment Accounts Payable Fair Value of Reporting Unit Carrying Value of Investment Goodwill Included in Carrying Value $ 30,000 60,000 20,000 100,000 140.000 40,000...
Answer question (b), do not copy others answer. (b) Determine the amount of goodwill that prover...
Answer question (b), do not copy others answer.
(b) Determine the amount of goodwill that prover should report
in its current financial statement.
P1-33 Goodwill Assigned to Multiple Reporting Units The fair values of assets and liabilities held by three reporting units and other information related to the reporting units owned by Prover Company are as follows: Reporting Unit Cash & Receivables Inventory Land Buildings Equipment Accounts Payable Fair Value of Reporting Unit Carrying Value of Investment Goodwill Included in...
On January 1, 2021, Casey Corporation exchanged $3,213,000 cash for 100 percent of the outstanding voting...
On January 1, 2021, Casey Corporation exchanged $3,213,000 cash for 100 percent of the outstanding voting stock of Kennedy Corporation. Casey plans to maintain Kennedy as a wholly owned subsidiary with separate legal status and accounting information systems. At the acquisition date, Casey prepared the following fair-value allocation schedule: Fair value of Kennedy (consideration transferred) Carrying amount acquired Excess fair value to buildings (undervalued) to licensing agreements (overvalued) to goodwill (indefinite life) $ $ 3,213,000 2,600,000 $ 613,000 344,000 (149,000)...
Parent Ltd. purchased 100% of the shares of Subsidiary Inc. for $150,000. At the date of acquisition, the following information is provided below: Total assets shown on balance sheet of S Inc. Total liabilities shown on balance sheet of S Inc Goodwill shown on S Inc. balance sheet included in assets above Excess of fair value over carrying amount of S Inc. land Total assets of parent including the investment in Subsidiary Inc. Total liabilities of parent $144,000 24,000 7,500...
On 30 June 2020, the statement of financial position of Wolfe Ltd showed the following non- current assets after charging depreciation: Land $400,000 Buildings $200,000 Accum. depn. - buildings (100,000) $100,000 Equipment $150,000 Accum. depn. - equipment (50.000) $100,000 Goodwill $40,000 The company has adopted fair value for the valuation of non-current assets. In the previous year, the company had valued land down from its original value of $410,000 to $400,000. On 30 June 2020, and independent valuer assessed the...
Determine the amount of goodwill that prover should report in
its current financial statement.
P1-33 Goodwill Assigned to Multiple Reporting Units The fair values of assets and liabilities held by three reporting units and other information related to the reporting units owned by Prover Company are as follows: Reporting Unit Cash & Receivables Inventory Land Buildings Equipment Accounts Payable Fair Value of Reporting Unit Carrying Value of Investment Goodwill Included in Carrying Value $ 30,000 60,000 20,000 100,000 140.000 40,000...
Answer question (b), do not copy others answer.
(b) Determine the amount of goodwill that prover should report
in its current financial statement.
P1-33 Goodwill Assigned to Multiple Reporting Units The fair values of assets and liabilities held by three reporting units and other information related to the reporting units owned by Prover Company are as follows: Reporting Unit Cash & Receivables Inventory Land Buildings Equipment Accounts Payable Fair Value of Reporting Unit Carrying Value of Investment Goodwill Included in...
On January 1, 2021, Casey Corporation exchanged $3,213,000 cash for 100 percent of the outstanding voting stock of Kennedy Corporation. Casey plans to maintain Kennedy as a wholly owned subsidiary with separate legal status and accounting information systems. At the acquisition date, Casey prepared the following fair-value allocation schedule: Fair value of Kennedy (consideration transferred) Carrying amount acquired Excess fair value to buildings (undervalued) to licensing agreements (overvalued) to goodwill (indefinite life) $ $ 3,213,000 2,600,000 $ 613,000 344,000 (149,000)...
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