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On January 1, 2020 Garner Corporation purchased 30% of the ordinary shares outstanding of Landon Corporation...
Question: On January 1, 2020, Sunland Corporation purchased 36% of the common stock outstanding of Blossom...
Question: On January 1, 2020, Sunland Corporation purchased 36% of the common stock outstanding of Blossom Corporation for $67,000. During 2020, Blossom Corporation reported net income of $220,000 and paid cash dividends of $100,000. The balance of the Stock Investments - Blossom account on the books of Sunland Corporation at December 31,2020 is: a) 713,200 b) 749,200 c) 634,000 d) 670,000
On January 1, 2020, Allen Corporation purchased 30% of the 15,000 outstanding common shares of Towne...
On January 1, 2020, Allen Corporation purchased 30% of the 15,000 outstanding common shares of Towne Corporation at $15 per share as a long-term investment. On the date of purchase, the book value and the fair value of the net assets of Towne Corporation were equal. During the year, Towne Corporation reported net income of $12,000. Towne Corporation declared and paid cash dividends of $4,000 on December 30, 2020, to shareholders on record. As of December 31, 2020, common shares...
On January 1, 2020, Loko Corporation purchased 25% of the common stock outstanding of Temne Corporation...
On January 1, 2020, Loko Corporation purchased 25% of the common stock outstanding of Temne Corporation for $270,000. During 2020, Temne Corporation repo of $80,000 and paid cash dividends of $40,000. The balance of the Stock Investments- Loko account on the books of Temne Corporation at December 31, 2020 is a. $270,000 b. $280,000 C. $350,000 d. $310,000
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 30% of the outstanding common...
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 30% of the outstanding common stock of Melody Corporation at a cost of $600,000. Melody Corporation had 800,000 shares of common stock outstanding. At the date of purchase, the book value of Melody's net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $200,000 for machinery...
Problem- 2 On January 1, 2013, American Corporation purchased 25% of the outstanding ordinary shares of...
Problem- 2 On January 1, 2013, American Corporation purchased 25% of the outstanding ordinary shares of Short Supplies for $210,000 cash. On that date, Short's book value and fair value were both $840,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2013, was $80,000. During 2013, Short also paid cash dividends in the amount of $24,000. Required: Compute the amount that would be reported for the investment on American Corporation's financial statements...
On January 1, 2020, President Corporation purchased 120,000 common shares of Senator Ltd. for $24.50 per...
On January 1, 2020, President Corporation purchased 120,000 common shares of Senator Ltd. for $24.50 per share. At the time, Senator had 600,000 shares outstanding. At the time of purchase, Senator's equipment was undervalued by $88,000 and had a remaining useful life of 11 years. Both companies have a December 31 year-end. On May 31, Senator declared and paid a cash dividend of $0.25 per share. On December 31, 2020, Senator reported a net income of $360,000. The shares in...
On January 1, 2020, President Corporation purchased 120,000 common shares of Senator Ltd. for $24.50 per...
On January 1, 2020, President Corporation purchased 120,000 common shares of Senator Ltd. for $24.50 per share. At the time, Senator had 600,000 shares outstanding. At the time of purchase, Senator's equipment was undervalued by $88,000 and had a remaining useful life of 11 years. Both companies have a December 31 year-end. On May 31, Senator declared and paid a cash dividend of $0.25 per share. On December 31, 2020, Senator reported a net income of $360,000. The shares in...
Pablo Corporation purchased 25,000 shares of common stock of the Twister Corporation for $40 per share...
Pablo Corporation purchased 25,000 shares of common stock of the Twister Corporation for $40 per share on January 2, 2020 and has significant influence. Twister Corporation had 100,000 shares of common stock outstanding during 2020, paid cash dividends of $150,000 during 2020, and reported net income of $500,000 for 2020. Pablo Corporation should report revenue from investment for 2020 in the amount of Answer:
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
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...
On January 1, 2020, Allen Corporation purchased 30% of the 15,000 outstanding common shares of Towne Corporation at $15 per share as a long-term investment. On the date of purchase, the book value and the fair value of the net assets of Towne Corporation were equal. During the year, Towne Corporation reported net income of $12,000. Towne Corporation declared and paid cash dividends of $4,000 on December 30, 2020, to shareholders on record. As of December 31, 2020, common shares...
On January 1, 2020, Loko Corporation purchased 25% of the common stock outstanding of Temne Corporation for $270,000. During 2020, Temne Corporation repo of $80,000 and paid cash dividends of $40,000. The balance of the Stock Investments- Loko account on the books of Temne Corporation at December 31, 2020 is a. $270,000 b. $280,000 C. $350,000 d. $310,000
Problem 4 (20 pts) On January 1, 2020, Jordan Inc. purchased 30% of the outstanding common stock of Melody Corporation at a cost of $600,000. Melody Corporation had 800,000 shares of common stock outstanding. At the date of purchase, the book value of Melody's net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $200,000 for machinery...
On January 1, 2020, President Corporation purchased 120,000 common shares of Senator Ltd. for $24.50 per share. At the time, Senator had 600,000 shares outstanding. At the time of purchase, Senator's equipment was undervalued by $88,000 and had a remaining useful life of 11 years. Both companies have a December 31 year-end. On May 31, Senator declared and paid a cash dividend of $0.25 per share. On December 31, 2020, Senator reported a net income of $360,000. The shares in...
On January 1, 2020, President Corporation purchased 120,000 common shares of Senator Ltd. for $24.50 per share. At the time, Senator had 600,000 shares outstanding. At the time of purchase, Senator's equipment was undervalued by $88,000 and had a remaining useful life of 11 years. Both companies have a December 31 year-end. On May 31, Senator declared and paid a cash dividend of $0.25 per share. On December 31, 2020, Senator reported a net income of $360,000. The shares in...
Pablo Corporation purchased 25,000 shares of common stock of the Twister Corporation for $40 per share on January 2, 2020 and has significant influence. Twister Corporation had 100,000 shares of common stock outstanding during 2020, paid cash dividends of $150,000 during 2020, and reported net income of $500,000 for 2020. Pablo Corporation should report revenue from investment for 2020 in the amount of Answer:
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
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