Please do all of
the consolidation entriesHomework Answers
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Please do all of
the consolidation entries
On January 1, 2016 a Syracuse, NY based company...
Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $109,600. At...
Price Corporation acquired 100 percent ownership of Saver
Company on January 1, 20X8, for $109,600. At that date, the fair
value of Saver's buildings and equipment was $15,000 more than the
book value. Accumulated depreciation on this date was $15,000.
Buildings and equipment are depreciated on a 10-year basis.
Although goodwill is not amortized, Price’s management concluded at
December 31, 20X8, that goodwill involved in its acquisition of
Saver shares had been impaired and the correct carrying value was
$2,600....
Branson paid $607,500 cash for all of the outstanding common stock of Wolfpack, Inc., on January...
Branson paid $607,500 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $373,000 (common stock of $200,000 and retained earnings of $173,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $199,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack’s former owners an additional $45,000 if Wolfpack’s income...
Branson paid $576,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January...
Branson paid $576,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $374,000 (common stock of $200,000 and retained earnings of $174,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $192,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack’s former owners an additional $74,000 if Wolfpack’s income...
Branson paid $621,000 cash for all of the outstanding common stock of Wolfpack, Inc., on January...
Branson paid $621,000 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $433,000 (common stock of $200,000 and retained earnings of $233,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $160,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack’s former owners an additional $70,000 if Wolfpack’s income...
please answer all Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in...
please answer all
Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $405,000 in cash. The subsidiarys stockholders' equity accounts totaled $389,000 and the noncontrolling interest had a fair value of $45,000 on that day. However a building (with a nine-year remaining life) in Brey's accounting records was undervalued by $27,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (four year remaining life) Brey reported net...
Inferring consolidation entries from consolidated financial statements-Cost method Assume a paren...
Inferring consolidation entries from consolidated financial statements-Cost method Assume a parent company acquired a subsidiary on January 1, 2012. The purchase price was $1,362,000 in excess of the subsidiary's book value of Stockholders' Equity on the acquisition date, and that excess was assigned to the following [A] assets [A] Asset Property, plant and equipment (PPE), net Patent Goodwill Original Amount Original Useful Life 20 years 12 years Indefinite $300,000 432,000 630,000 $1,362,000 The parent company uses the cost method of...
Branson paid $544,600 cash for all of the outstanding common stock of Wolfpack, Inc., on January...
Branson paid $544,600 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. Un inalte, uie Subidy had a book value of $389,000 (common stock of $200,000 and retained earnings of $189,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $142,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $62,000 if Wolfpack's Income exceeded...
Problem 3-34 (LO 3-3a, 3-3b, 3-7) Branson paid $585,200 cash for all of the outstanding common...
Problem 3-34 (LO 3-3a, 3-3b, 3-7) Branson paid $585,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $375,000 (common stock of $200,000 and retained earnings of $175,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $196,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit $ 51,500 $ 46,500 50,000 190,000 67,750 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies Totals 250,000 442,500 107,000 93,500 166,500 448,250 19,000 $966,250 $966,250 During 2017, Abernethy reported net...
Allison Corporation acquired all of the outstanding voting stock of Mathias, Inc., on January 1, 2020,...
Allison Corporation acquired all of the outstanding voting stock of Mathias, Inc., on January 1, 2020, in exchange for $6,264,500 in cash. Allison intends to maintain Mathias as a wholly owned subsidiary. Both companies have December 31 fiscal year-ends. At the acquisition date, Mathias's stockholders' equity was $2,095,000 including retained earnings of $1,595,000 At the acquisition date, Allison prepared the following fair-value allocation schedule for its newly acquired subsidiary: $6,264,500 2,095,000 $4,169,500 Consideration transferred Mathias stockholders' equity Excess fair over...
Price Corporation acquired 100 percent ownership of Saver
Company on January 1, 20X8, for $109,600. At that date, the fair
value of Saver's buildings and equipment was $15,000 more than the
book value. Accumulated depreciation on this date was $15,000.
Buildings and equipment are depreciated on a 10-year basis.
Although goodwill is not amortized, Price’s management concluded at
December 31, 20X8, that goodwill involved in its acquisition of
Saver shares had been impaired and the correct carrying value was
$2,600....
please answer all
Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $405,000 in cash. The subsidiarys stockholders' equity accounts totaled $389,000 and the noncontrolling interest had a fair value of $45,000 on that day. However a building (with a nine-year remaining life) in Brey's accounting records was undervalued by $27,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (four year remaining life) Brey reported net...
Inferring consolidation entries from consolidated financial statements-Cost method Assume a parent company acquired a subsidiary on January 1, 2012. The purchase price was $1,362,000 in excess of the subsidiary's book value of Stockholders' Equity on the acquisition date, and that excess was assigned to the following [A] assets [A] Asset Property, plant and equipment (PPE), net Patent Goodwill Original Amount Original Useful Life 20 years 12 years Indefinite $300,000 432,000 630,000 $1,362,000 The parent company uses the cost method of...
Branson paid $544,600 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. Un inalte, uie Subidy had a book value of $389,000 (common stock of $200,000 and retained earnings of $189,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $142,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $62,000 if Wolfpack's Income exceeded...
Problem 3-34 (LO 3-3a, 3-3b, 3-7) Branson paid $585,200 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subsidiary had a book value of $375,000 (common stock of $200,000 and retained earnings of $175,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $196,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners...
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit $ 51,500 $ 46,500 50,000 190,000 67,750 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies Totals 250,000 442,500 107,000 93,500 166,500 448,250 19,000 $966,250 $966,250 During 2017, Abernethy reported net...
Allison Corporation acquired all of the outstanding voting stock of Mathias, Inc., on January 1, 2020, in exchange for $6,264,500 in cash. Allison intends to maintain Mathias as a wholly owned subsidiary. Both companies have December 31 fiscal year-ends. At the acquisition date, Mathias's stockholders' equity was $2,095,000 including retained earnings of $1,595,000 At the acquisition date, Allison prepared the following fair-value allocation schedule for its newly acquired subsidiary: $6,264,500 2,095,000 $4,169,500 Consideration transferred Mathias stockholders' equity Excess fair over...
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