Holiday Bakery owns 60 percent of Farmco Products Company’s stock. On January 1, 20X9, inventory reported...
Holiday Bakery owns 60 percent of Farmco Products Company’s stock. On January 1, 20X9, inventory reported by Holiday included 23,000 bags of flour purchased from Farmco at $18 per bag. By December 31, 20X9, all the beginning inventory purchased from Farmco Products had been baked into products and sold to customers by Holiday. There were no transactions between Holiday and Farmco during 20X9.
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Both Holiday Bakery and Farmco Products price their sales at cost plus 50 percent markup for profit. Holiday reported income from its baking operations of $313,000, and Farmco reported net income of $263,000 for 20X9.
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Holiday Bakery owns 60 percent of Farmco Products Company’s
stock. On January 1, 20X9, inventory reported...
Clean Air Products owns 80 percent of the stock of Superior Filter Company which it acquired...
Clean Air Products owns 80 percent of the stock of Superior Filter Company which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 cent of the book value of Superior Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: Clean Air Products Superior Filter Com Debit Credit Debit 103,000 117,000 193,000 Credit Cash and Accounts Receivable Inventory...
Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, fo...
Pop Corporation acquired 70 percent of Soda Company's voting
common shares on January 1, 20X2, for $119,000. At that date, the
noncontrolling interest had a fair value of $51,000 and Soda
reported $70,000 of common stock outstanding and retained earnings
of $33,000. The differential is assigned to buildings and
equipment, which had a fair value $29,000 higher than book value
and a remaining 10-year life, and to patents, which had a fair
value $38,000 higher than book value and a...
Protecto Corporation purchased 60 percent of Strand Company's outstanding shares on January 1, 20X1, for $27,000...
Protecto Corporation purchased 60 percent of Strand Company's outstanding shares on January 1, 20X1, for $27,000 more than book value. At that date, the fair value of the noncontrolling interest was $17,000 more than 40 percent of Strand's book value. The full amount of the differential is considered related to patents and is being amortized over an eight-year period. In 20X1, Strand purchased a piece of land for $70,000 and later in the year sold it to Protecto for $84,000....
On January 1, 2017, James Company purchased 100 percent of the outstanding voting stock of Nolan,...
On January 1, 2017, James Company purchased 100 percent of the outstanding voting stock of Nolan, Inc., for $1,000,000 in cash and other consideration. At the purchase date, Nolan had common stock of $500,000 and retained earnings of $185,000. James attributed the excess of acquisition-date fair value over Nolan’s book value to a trade name with an estimated 25-year remaining useful life. James uses the equity method to account for its investment in Nolan. During the next two years, Nolan...
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....
Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on Augus...
Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Spark Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: $ Spark Filter Company Debit Credit $ 109,000 114,000 185,000 Plug Products Debit Credit 146,000 231,000 277,000 260,400 170,000...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1,...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $307,000. Accumulated depreciation on this date was $13,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9 Peanut Company Snoopy Company Debit Credit Debit Credit Cash...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1,...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $304,000. Accumulated depreciation on this date was $12,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9233 186,880 60,880 12. 12.000 Peanut Company Snoopy Company Debit...
19. On January 1, 2018, Perfect Footgear acquired 60 percent of the voting stock of Shine Sports for $900,000 in ca...
19. On January 1, 2018, Perfect Footgear acquired 60 percent of the voting stock of Shine Sports for $900,000 in cash. The fair value of the noncontrolling interest was $500,000. Shine's book value was $600,000. Date-of-acquisition revaluation information for Shine's net assets is as follows: Plant assets, with a remaining life of 10 years, straight-line, were overvalued by $300,000. Identifiable intangible assets, previously unrecorded, with an 8-year life, straight- line, are valued at $480,000 It is now December 31, 2020,...
Please show formulas!! The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned...
Please show formulas!!
The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Saloon Corporation Company Assets Cash & Receivables $113,000 $ 48,000 Inventory 166,000 109,000 Buildings & Equipment (net) 312,000 289,000 Investment in Saloon Company 224,500 Total Assets $815,500 $446,000 Liabilities & Equity Accounts Payable $117,500 $ 67,000 Common Stock 182,000 142,000 Retained Earnings 516,000 237,000 Total...
Clean Air Products owns 80 percent of the stock of Superior Filter Company which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 cent of the book value of Superior Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: Clean Air Products Superior Filter Com Debit Credit Debit 103,000 117,000 193,000 Credit Cash and Accounts Receivable Inventory...
Pop Corporation acquired 70 percent of Soda Company's voting
common shares on January 1, 20X2, for $119,000. At that date, the
noncontrolling interest had a fair value of $51,000 and Soda
reported $70,000 of common stock outstanding and retained earnings
of $33,000. The differential is assigned to buildings and
equipment, which had a fair value $29,000 higher than book value
and a remaining 10-year life, and to patents, which had a fair
value $38,000 higher than book value and a...
Protecto Corporation purchased 60 percent of Strand Company's outstanding shares on January 1, 20X1, for $27,000 more than book value. At that date, the fair value of the noncontrolling interest was $17,000 more than 40 percent of Strand's book value. The full amount of the differential is considered related to patents and is being amortized over an eight-year period. In 20X1, Strand purchased a piece of land for $70,000 and later in the year sold it to Protecto for $84,000....
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....
Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Spark Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: $ Spark Filter Company Debit Credit $ 109,000 114,000 185,000 Plug Products Debit Credit 146,000 231,000 277,000 260,400 170,000...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $307,000. Accumulated depreciation on this date was $13,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9 Peanut Company Snoopy Company Debit Credit Debit Credit Cash...
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $304,000. Accumulated depreciation on this date was $12,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9233 186,880 60,880 12. 12.000 Peanut Company Snoopy Company Debit...
19. On January 1, 2018, Perfect Footgear acquired 60 percent of the voting stock of Shine Sports for $900,000 in cash. The fair value of the noncontrolling interest was $500,000. Shine's book value was $600,000. Date-of-acquisition revaluation information for Shine's net assets is as follows: Plant assets, with a remaining life of 10 years, straight-line, were overvalued by $300,000. Identifiable intangible assets, previously unrecorded, with an 8-year life, straight- line, are valued at $480,000 It is now December 31, 2020,...
Please show formulas!!
The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Saloon Corporation Company Assets Cash & Receivables $113,000 $ 48,000 Inventory 166,000 109,000 Buildings & Equipment (net) 312,000 289,000 Investment in Saloon Company 224,500 Total Assets $815,500 $446,000 Liabilities & Equity Accounts Payable $117,500 $ 67,000 Common Stock 182,000 142,000 Retained Earnings 516,000 237,000 Total...
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