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On January I, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This...
On January 1, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This...
On January 1, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Sacco having a book value of $10,000 was actually worth $40,000 with a six-year remaining life. Any goodwill associated with this acquisition is considered to have an indefinite life. During 2017, Sacco reported net income of $50,000 and paid dividends of $20,000 while in 2018 it reported...
On January 1, 2017, Alison, Inc., paid $70,800 for a 40 percent interest in Holister Corporation's...
On January 1, 2017, Alison, Inc., paid $70,800 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $235,000 and liabilities of $95,000. A patent held by Holister having a $8,900 book value was actually worth $25,400. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017, Holister earned income of $45,700 and declared and paid dividends of $15,000. In...
On January 1, 2017, Alison, Inc., paid $79,100 for a 40 percent interest in Holister Corporation's...
On January 1, 2017, Alison, Inc., paid $79,100 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $253,000 and liabilities of $117,000. A patent held by Holister having a $5,900 book value was actually worth $38,900. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017. Holister earned Income of $41,750 and declared and paid dividends of $14,000. In...
On January 1, 2017, Alison, Inc., paid $83,800 for a 40 percent interest in Holister Corporation’s...
On January 1, 2017, Alison, Inc., paid $83,800 for a 40 percent interest in Holister Corporation’s common stock. This investee had assets with a book value of $290,500 and liabilities of $117,000. A patent held by Holister having a $13,600 book value was actually worth $31,600. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017, Holister earned income of $40,700 and declared and paid dividends of $14,000. In...
TunaCo purchases 25% of Stanley, Inc. on January 1 of the current year for $505,000. This...
TunaCo purchases 25% of Stanley, Inc. on January 1 of the current year for $505,000. This acquisition gives TunaCo the ability to significantly influence Stanley's operating and financing policies. Stanley reports assets on that date of $1,600,000 with liabilities of $400,000. One building with a 15-year remaining life has a book value of $100,000 and a fair market value of $400,000. Any remaining excess must be Goodwill. During the current year, Stanley reports net income of $140,000 while paying dividends...
On 1 January 2018, Gamma, Inc. paid $225,000 for a 20 percent interest in Subsidiary Corporation’s...
On 1 January 2018, Gamma, Inc. paid $225,000 for a 20 percent interest in Subsidiary Corporation’s common stock. This investee had assets with a book value of $890,000 and liabilities of $650,000. A patent held by subsidiary having a $55,000 book value was actually worth $200,000. This patent had a 5-year remaining life. Any further excess cost associated with this acquisition was attributed to Goodwill. During 2018, subsidiary earned income of $24,000 and paid dividends of $4,800. In 2019, it...
Arm, Inc. acquired 15% of Waist Corporation on January 1, 2017, for $410,000 when the book value of Waist’s net assets w...
Arm, Inc. acquired 15% of Waist Corporation on January 1, 2017, for $410,000 when the book value of Waist’s net assets was $1,050,000. During 2017, Waist reported net income of $230,000 and paid dividends of $90,000. On January 1, 2017, Arm purchased an additional 25% of Waist for $510,000. Any excess of cost over book value was attributable to goodwill (No amortization). On that same date, Arm changed to the equity method. During 2018, Waist reported net income of $480,000...
On January 1, 2017, Alison, Inc., paid $91,300 for a 40 percent interest in Holister Corporation’s...
On January 1, 2017, Alison, Inc., paid $91,300 for a 40 percent
interest in Holister Corporation’s common stock. This investee had
assets with a book value of $243,500 and liabilities of $87,500. A
patent held by Holister having a $6,000 book value was actually
worth $60,000. This patent had a six-year remaining life. Any
further excess cost associated with this acquisition was attributed
to goodwill. During 2017, Holister earned income of $35,200 and
declared and paid dividends of $12,000. In...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk Trail, Inc., for $4,400,000 in cash. Both companies provide commercial Internet support services but serve markets in different industries. Ridae 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, 2018, an investor company acquired 30% of an investee company’s common stock for...
On January 1, 2018, an investor company acquired 30% of an investee company’s common stock for $600,000. As a result of this transaction, the investor can exert significant influence over the investee. During each year ended December 31, 2018 and 2019 the investee reported $120,000 of net income and $50,000 of dividends. On January 1, 2018, the book value of the investee’s net assets was $2,000,000 and all individual net assets had appraised fair values that equaled their reported book...
On January 1, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Sacco having a book value of $10,000 was actually worth $40,000 with a six-year remaining life. Any goodwill associated with this acquisition is considered to have an indefinite life. During 2017, Sacco reported net income of $50,000 and paid dividends of $20,000 while in 2018 it reported...
On January 1, 2017, Alison, Inc., paid $70,800 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $235,000 and liabilities of $95,000. A patent held by Holister having a $8,900 book value was actually worth $25,400. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017, Holister earned income of $45,700 and declared and paid dividends of $15,000. In...
On January 1, 2017, Alison, Inc., paid $79,100 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $253,000 and liabilities of $117,000. A patent held by Holister having a $5,900 book value was actually worth $38,900. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2017. Holister earned Income of $41,750 and declared and paid dividends of $14,000. In...
On January 1, 2017, Alison, Inc., paid $91,300 for a 40 percent
interest in Holister Corporation’s common stock. This investee had
assets with a book value of $243,500 and liabilities of $87,500. A
patent held by Holister having a $6,000 book value was actually
worth $60,000. This patent had a six-year remaining life. Any
further excess cost associated with this acquisition was attributed
to goodwill. During 2017, Holister earned income of $35,200 and
declared and paid dividends of $12,000. In...
On January 1, 2017, Ridge Road Company acquired 30 percent of the voting shares of Sauk Trail, Inc., for $4,400,000 in cash. Both companies provide commercial Internet support services but serve markets in different industries. Ridae 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...
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