Homework Answers
IN THE BOOKS OF PRIVATE CORP
JOURNAL ENTRIES.
Dr. Cr
1) Business Purchase. a/c. 32800
Liquidator of Secret Co. 32800
2) Cash. a/c. 3000
Account receivables. a/c. 6000
Inventory. a/c. 15000
Building & Equipment. a/c. 42000
Account Payable. 1800
Bonds Payable. 15000
Business Purchase. 32800
Capital Reserve (b/f). 16400
3) Liquidator of Secret Co. a/c. 32800
Shares of Private Corp. 32800
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pter 5 Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Bool Vatue E5-3 Consolidation Entries with...
Chapter 4 Consolidation of Wholly Owned Subsidiaries Acquired ar More than Book Value 179 -12 Consolidation...
Chapter 4 Consolidation of Wholly Owned Subsidiaries Acquired ar More than Book Value 179 -12 Consolidation Entries with Differential On June 10, 20X8, Tower Corporation acquired 100 percent of Brown Company's common stock. Sum- marized balance sheet data for the two companies immediately after the stock acquisition are as follows: Tower Corp. Item $ 15,000 30,000 80,000 120,000 100,000 $345,000 Brown Company Book Value Fair Value $ 5,000 $ 5,000 10,000 10,000 20,000 25,000 50,000 70,000 Cash Accounts Receivable Inventory...
Consolidation of Less-Than-Wholly-Owned Subsidiaries Acquired at More than Book Value
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Majority-Owned Subsidiary Acquired et Higher than Book Value LO 5-2 E5-6 Professor Corporation acquired 70 percent of Scholar Corporation's common stock on December 31, 20x4, for $102,200. The fair value of the noncontrolling interest at that date was determined to be $43,800. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Professor Scholar Item Corporation Corporation S s0,300 Cash $ 21,000 Accounts Receivable 90,000 44,000 Inventory 130,000 75,000 Land 60,000...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Series Company Book Value Fair Value $ 22,000 $ 22,000 11,000 11,000 27,000 32,000 60,000 80,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Playoff Corp. $ 32,000 31,000 94,000 122,000 146,000 $425,000 $ 11,000...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Series Company Book Value Fair Value $ 7,000 $ 7,000 19,000 19,000 29,000 34,000 55,000 75,000 Total $ 17,000 39,000 85,000 123,000 144,000 $408,000 $ 21,000 130,000 38,000 219,000 $408,000 $110,000 $ 5,000 12,000 14,000...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...
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consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET...
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Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details...
Project: Using Microsoft Excel, prepare CONSOLIDATION
WORKSHEET (spreadsheet) for Salmon and
Perch. See project details below.
o On December 31, 20X8, Defoe Corporation acquired 80 percent of
Crusoe Company's common
stock for $104,000 cash. The fair value of the non-controlling
interest at that date was determined to be $26,000. Data from the
balance sheets of the two companies included the following amounts
as of the date of acquisition:
On that date, the book values of Crusoe's assets and liabilities...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below....
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Defoe Corporation $90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 $614,000 $120,000 200,000...
Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common...
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On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Series Company Book Value Fair Value $ 22,000 $ 22,000 11,000 11,000 27,000 32,000 60,000 80,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Playoff Corp. $ 32,000 31,000 94,000 122,000 146,000 $425,000 $ 11,000...
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On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Series Company Book Value Fair Value $ 25,000 $ 25,000 23,000 23,000 37,000 42,000 68,000 88,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 35,000 43,000 85,000 138,000 174,000 $475,000 $ 23,000...
consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: On that date,...
Project: Using Microsoft Excel, prepare CONSOLIDATION
WORKSHEET (spreadsheet) for Salmon and
Perch. See project details below.
o On December 31, 20X8, Defoe Corporation acquired 80 percent of
Crusoe Company's common
stock for $104,000 cash. The fair value of the non-controlling
interest at that date was determined to be $26,000. Data from the
balance sheets of the two companies included the following amounts
as of the date of acquisition:
On that date, the book values of Crusoe's assets and liabilities...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Defoe Corporation $90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 $614,000 $120,000 200,000...
Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information is for the investor company and the investee company on January 1, 2013, prepared immediately before this transaction. Book Values Investor Investee Receivables & inventories $100,000 $50,000 Land 200,000 100.000 Property & equipment 225.000 100.000 Total assets $525,000 $250,000 Liabilities $150,000 $80,000 Common stock ($2 par) 20,000 10,000 Additional paid-in capital 280.000 150.000 Retained...
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