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Please help me answer this question. E 6-3 Computation of net income for upstream and downstream...
Please answer it. E 6-3 Computation of net income for upstream and downstream sales of land...
Please answer it.
E 6-3 Computation of net income for upstream and downstream sales of land Patay Corporation acquired a 90 percent interest in Satay Corporation, when the book value of Satay's net assets was equal to their fair value in 2014. On January 1, 2015, Patay sold land with a book value of $50,000 to Satay for $75,000 and, at the same time, Satay sold land with a book value of $20,000 to Patay for $25,000. Both Patay and...
Upstream versus downstream inventory profits and net income attributable to the noncontrolling interest Assume that on...
Upstream versus downstream inventory profits and net income attributable to the noncontrolling interest Assume that on January 1, 2012, a parent company acquired a 90% interest in a subsidiary's voting common stock. On the date of acquisition, the fair value of the subsidiary's net assets equaled their reported book values. There were no intercompany sales during 2012. During the year ended December 31, 2013, the companies made $300,000 of intercompany sales. All intercompany sales include profits of 30% of selling...
Preparing a consolidated income statement-Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory...
Preparing a consolidated income statement-Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory profits A parent company purchased a 70% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $300,000 in excess of the subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $180,000 and to an unrecorded Trademark valued at $120,000. The building asset...
Preparing a consolidated income statement—Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory...
Preparing a consolidated income statement—Cost method
with noncontrolling interest, AAP and upstream and downstream
intercompany inventory profits
A parent company purchased a 70% controlling interest in its
subsidiary several years ago. The aggregate fair value of the
controlling and noncontrolling interest was $300,000 in excess of
the subsidiary’s Stockholders’ Equity on the acquisition date. This
excess was assigned to a building that was estimated to be
undervalued by $180,000 and to an unrecorded Trademark valued at
$120,000. The building asset...
E 6-7 Non-depreciable asset downstream sale Vasquez SA is a 90 percent-owned subsidiary of Fernando SA....
E 6-7 Non-depreciable asset downstream sale Vasquez SA is a 90 percent-owned subsidiary of Fernando SA. The book value of Vasquez SA was equal to fair value when Fernando SA acquired Vasquez SA. In 2013, Fernando SA sold land with a book value of $500,000 to Vasquez SA for $600,000. Vasquez SA's net income in 2013 and 2014 was $600,000 and $460,000, respectively. Vasquez SA sold the land to an outside party in 2014. cs REQUIRED 1. What is the...
1. Correction of consolidated net income Pop Corporation paid $1,800,000 for a 90 percent interest in...
1. Correction of consolidated net income Pop Corporation paid $1,800,000 for a 90 percent interest in Son Corporation on January 1, 2019: Son's total book value was $1,800,000. The excess was allocated as follows: $60,000 to undervalued equipment with a three-year remaining useful life and $140,000 to goodwill. The income statements of Pop and Son for 2019 are summarized as follows (in thousands): Pop Son Sales $4.000 1,600 Income from Son 180 Cost of sales (2,000) (800) Depreciation expense (400)...
P7-24 Computation of Consolidated Net Income LO 7-3, 7-4 Package Corporation acquired 90 percent ownership of...
P7-24 Computation of Consolidated Net Income LO 7-3, 7-4 Package Corporation acquired 90 percent ownership of Sack Grain Company on January 1, 20X4, for $122,400 when the fair value of Sack's net assets was $20,000 higher than its $116,000 book value. The increase in value was attributed to amortizable assets with a remaining life of 10 years. At that date, the fair value of the noncontrolling interest was equal to $13,600. During 20X4, Sack sold land to Package at a...
Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES...
Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in thousands) Sales revenue $ 14,650 Service revenue 3,800 Total revenue $ 18,450 Operating expenses: Cost of goods sold 7,400 Selling 2,600 General and administrative 1,700 Total operating expenses 11,700 Operating income 6,750 Interest expense 220 Income before income taxes 6,530 Income tax expense 2,700 Net income $ 3,830 Balance Sheet Information ($ in...
ay in Protected View Enable Editing 2 Ejercicios de práctica 1. Correction of consolidated net income...
ay in Protected View Enable Editing 2 Ejercicios de práctica 1. Correction of consolidated net income Pop Corporation paid $1,800,000 for a 90 percent interest in Son Corporation on January 1, 2019; Son's total book value was $1,800,000. The excess was allocated as follows: 560,000 to undervalued equipment with a three-year remaining useful life and $140,000 to goodwill. The income statements of Pop and Son for 2019 are summarized as follows (in thousands): Pop Son Sales $4.000 1,600 Income from...
can you help me with this question please... Thank you PROBLEMS P 8-1 Mid Year Acquisition, Overvalued Inventory, Upstream sale of Land On July 1,2014, Adnan SAL acquired 75 percent of Rayan SAL f...
can you help me with this question please... Thank
you
PROBLEMS P 8-1 Mid Year Acquisition, Overvalued Inventory, Upstream sale of Land On July 1,2014, Adnan SAL acquired 75 percent of Rayan SAL for $3,750,000. Rayan SAL holders' equity on July 1, 2014 was $4,850,000. The trial balance for both companies for the year December 31, 2014 is as follows (in thousands): stock Debits Rayan SAL $ 900 $ 1,100 Adnan SAL Cash Accounts receivable Dividend receivable Inventory Land Equipment...
Please answer it.
E 6-3 Computation of net income for upstream and downstream sales of land Patay Corporation acquired a 90 percent interest in Satay Corporation, when the book value of Satay's net assets was equal to their fair value in 2014. On January 1, 2015, Patay sold land with a book value of $50,000 to Satay for $75,000 and, at the same time, Satay sold land with a book value of $20,000 to Patay for $25,000. Both Patay and...
Upstream versus downstream inventory profits and net income attributable to the noncontrolling interest Assume that on January 1, 2012, a parent company acquired a 90% interest in a subsidiary's voting common stock. On the date of acquisition, the fair value of the subsidiary's net assets equaled their reported book values. There were no intercompany sales during 2012. During the year ended December 31, 2013, the companies made $300,000 of intercompany sales. All intercompany sales include profits of 30% of selling...
Preparing a consolidated income statement-Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory profits A parent company purchased a 70% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $300,000 in excess of the subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $180,000 and to an unrecorded Trademark valued at $120,000. The building asset...
Preparing a consolidated income statement—Cost method
with noncontrolling interest, AAP and upstream and downstream
intercompany inventory profits
A parent company purchased a 70% controlling interest in its
subsidiary several years ago. The aggregate fair value of the
controlling and noncontrolling interest was $300,000 in excess of
the subsidiary’s Stockholders’ Equity on the acquisition date. This
excess was assigned to a building that was estimated to be
undervalued by $180,000 and to an unrecorded Trademark valued at
$120,000. The building asset...
E 6-7 Non-depreciable asset downstream sale Vasquez SA is a 90 percent-owned subsidiary of Fernando SA. The book value of Vasquez SA was equal to fair value when Fernando SA acquired Vasquez SA. In 2013, Fernando SA sold land with a book value of $500,000 to Vasquez SA for $600,000. Vasquez SA's net income in 2013 and 2014 was $600,000 and $460,000, respectively. Vasquez SA sold the land to an outside party in 2014. cs REQUIRED 1. What is the...
1. Correction of consolidated net income Pop Corporation paid $1,800,000 for a 90 percent interest in Son Corporation on January 1, 2019: Son's total book value was $1,800,000. The excess was allocated as follows: $60,000 to undervalued equipment with a three-year remaining useful life and $140,000 to goodwill. The income statements of Pop and Son for 2019 are summarized as follows (in thousands): Pop Son Sales $4.000 1,600 Income from Son 180 Cost of sales (2,000) (800) Depreciation expense (400)...
P7-24 Computation of Consolidated Net Income LO 7-3, 7-4 Package Corporation acquired 90 percent ownership of Sack Grain Company on January 1, 20X4, for $122,400 when the fair value of Sack's net assets was $20,000 higher than its $116,000 book value. The increase in value was attributed to amortizable assets with a remaining life of 10 years. At that date, the fair value of the noncontrolling interest was equal to $13,600. During 20X4, Sack sold land to Package at a...
ay in Protected View Enable Editing 2 Ejercicios de práctica 1. Correction of consolidated net income Pop Corporation paid $1,800,000 for a 90 percent interest in Son Corporation on January 1, 2019; Son's total book value was $1,800,000. The excess was allocated as follows: 560,000 to undervalued equipment with a three-year remaining useful life and $140,000 to goodwill. The income statements of Pop and Son for 2019 are summarized as follows (in thousands): Pop Son Sales $4.000 1,600 Income from...
can you help me with this question please... Thank
you
PROBLEMS P 8-1 Mid Year Acquisition, Overvalued Inventory, Upstream sale of Land On July 1,2014, Adnan SAL acquired 75 percent of Rayan SAL for $3,750,000. Rayan SAL holders' equity on July 1, 2014 was $4,850,000. The trial balance for both companies for the year December 31, 2014 is as follows (in thousands): stock Debits Rayan SAL $ 900 $ 1,100 Adnan SAL Cash Accounts receivable Dividend receivable Inventory Land Equipment...
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