Chapter 07-assignment

Required information On January 1, 20X2, Power Company acquired 80 percent of Strong Company's outstanding stock for cash. The fair value of the noncontrolling interest was equal to a proportionate share of the book value of Strong Company's net assets at the date of acquisition. Selected balance sheet data at December 31, 20X2 are as follows: Total Assets Liabilities Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Multiple Choice O $35,200 Based on the preceding information, what amount should be reported as noncontrolling interest in net assets in Power Company's December 31, 20X2, consolidated balance sheet? $48,200 $76,800 Power $ 564,000 O $112,800 180,000 150,000 234,000 $ 564,000 Strong $ 216,000 65,000 80,000 96,000 $ 241,000

A6

Purchase at More than Book Value Ramrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January1 20X2, in exchange for 4,000 shares of Ramrod's $20 par value common stock. Balance sheet data for both companies just before the merger are given as follows: Stafford Industries Ramrod Manufacturing Book Value Fair Value Fair Value Balance Sheet Items Book Value $ 30,000 60,000 160,000 30,000 350,000 $ 30,000 60,000 100,000 40,000 400,000 (150,000) $ 480,000 $ 10,000 150,000 $ 70,000 100,000 200,000 50,000 600,000 (250,000) $770,000 70,000 100,000 375,000 80,000 540,000 Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation } $630,000 $ 10,000 145,000 Total Assets $1,165,000 Accounts Payable Bonds Payable Common Stock: $ 50,000 300,000 $ 50,000 310,000 200,000 $20 par value $5 par value Additional Paid-In Capital Retained Earnings 100,000 20,000 40,000 180,000 $770,000 200,000 $ 480,000 Total Liabilities & Equities %$4…

E 1-5 Journal entries to record an acquisition with direct costs and fair value/book value differences On January 1, Pop Corporation pays $400,000 cash and also issues 36,000 shares of $10 par common stock with a market value of $660,000 for all the outstanding common shares of Son Corporation. In addition, Pop pays $60,000 for registering and issuing the 36,000 shares and $140,000 for the other direct costs of the business combination, in which Son Corporation is dissolved. Summary balance sheet information for the companies immediately before the merger is as follows (in thousands):   Pop Book Value Son Book Value Son Fair Value Cash $ 700 $ 80 $ 80 Inventories   240  160  200 Other current assets    60   40   40 Plant assets—net   520  360  560 Total assets $1,520 $640 $880 Current liabilities  $ 320  $ 60  $ 60 Other liabilities   160  100   80 Common stock, $10 par   840  400…

Power Corporation acquired 70 percent of Silk Corporation’s common stock on December 31, 20x2. Balance sheet datafor the two companies immediately following acquisition follow 4. What amount of investment in Silk will be reported?A. P 0 C. P 150,500B. P 140,000 D. P 215,0005. What amount of liabilities will be reported?A. P265,000 C. P 622,000B. P 436,500 D. P 701,5006. What amount will be reported as non-controlling interest?A. P 42,000 C. P 60,900B. P 52,500 D. P 64,500

compute for the consolidated asset

Axel Corporation acquires 100% of the stock of Wheal Company on December 31, Year 4. The following information pertains to Wheal Company on the date of acquisition: CASE 5-1 Accounting Entries for Consolidation of Intercorporate Book Value Fair Value Investments $ 40,000 60,000 50,000 Property, plant, and equipment (net).... 100,000 $ 40,000 55,000 75,000 200,000 30,000 Cash Accounts receivable. Inventory.. Secret formula (patent)... Total assets.. $250,000 $400,000 $ 30,000 $ 30,000 22,000 Accounts payable Accrued employee pensions. Long-term debt .. Capital stock.. Other contributed capital Retained earnings... 20,000 40,000 100,000 25,000 38,000 35,000 Total liabilities and equity. $250,000 $ 90,000 Axel Corporation issues $110,000 par value ($350,000 market value on December 31, Year 4) of its own stock to the shareholders of Wheal Company to consummate the transaction, and Wheal Company becomes a wholly owned, consolidated subsidiary of Axel Corporation. Required: a. Prepare…

ksk.09

Q7- On January 1, 20X8, Zeta Company acquired 85 percent of Theta Company's common stock for $100,000 cash. The fair value of the noncontrolling interest was determined to be 15 percent of the book value of Theta at that date. What portion of the retained earnings reported in the consolidated balance sheet prepared immediately after the business combination assigned to the noncontrolling interest? a- None b- 15 percent c- 100 percent d- Cannot be determined With calculations please

PCn reported the book value of its net assets at $200,000 when Z Co acquired 100 % ownership The fair value of P's net assets was determined to be $255,000 on that date, what amount of goodwil will be reported in consolidated financial statements presented immediately following the combination if 2 paid $330,000 for the acquisition Select one 25,000 Ob 20.000 €75,000

Power Corporation acquired 70 percent of Silk Corporation’s common stock on December 31, 20x2. Balance sheet datafor the two companies immediately following acquisition follow: 1. What amount of inventory will be reported?A. P 179,000 C. P 210,500B. P 200,000 D. P 215,0002. What amount of goodwill will be reportedA. P 0 C. P 40,000B. P 28,000 D. P 52,0003. What amount of total assets will be reported?A. P 1,081,000 C. P 1,196,500B. P 1,121,000 D. P 1,231,50

CONSOLIDATION - INTERCOMAPANY PROFIT Answer it with solution:

answer quickly

1. Matray acquired 16,000 ordinary shares of Petros on 1 April 20X9. On 31 December 20X8Petros’s accounts showed a share premium of $4,000 and retained earnings of $15,000. The fairmarket value of non-controlling interest at acquisition was $7,000.Below are the statements of financial position for the two companies as at 31 December 20X9:Matray PetrosNon-current assets:Property, plant and equipment 39,000 33,000Investment in Petros 50,000Current assets 78,000 40,000Total assets 167,000 73,000Equity and liabilitiesEquityOrdinary shares of: $1 each 100,000: 50c each 10,000Share premium 7,000 4,000Retained earnings 40,000 39,000Current liabilities 20,000 20,000Total equity and liabilities 167,000 73,000Required:Prepare the consolidated statement of financial position of Matray as at 31 December 20X9. Assumeprofits have accrued evenly throughout the year

Holder Inc acquired 150,000 $1 ordinary shares in Sub Inc on 1 July 20X6 at a cost of $300,000. Sub Inc's reserves at 1 July 20X6 were $36,000 and its issued ordinary share capital was $200,000. The fair value of the non-controlling interest at acquisition was $100,000. At 30 June 20X9 Sub Inc's reserves were $16,000. What is the goodwill arising on consolidation?

for required b have to prepare consolidation for entries G S A I D E TI G *

Please help me with calculation thanku

Please finish this problem

Please answer numbers 17 and 18. Thank you

Can you please help with this problem. thanks

H1. Account

subject: financial accounting

M9-23 Assigning Purchase Price in Acquisitions Jasper Company acquired 80% of Fey Company at the beginning of the current year. Jasper paid $150,000 more than the book value of Eex's stockholders' equity and determined that this excess purchase price related to intangible assets. How does the $150,000 appear on the consolidated Jasper Company balance sheet if the intangible assets acquired related to (a) patents or, alternatively, (b) goodwill? How would each scenario affect the consolidated income statement?

kk.2

Hh1.

CONSOLIDATION FOR SMES (excluding Intercompany Sales) PROBLEM I. P Corporation, an SME, paid P3,000,000 for a 90% interest in S Company on January 1, 2019. The stockholders of S Company included share capital of P2,000,000 and retained earnings of P1,000,000. Of the excess of total consideration (purchase price plus NCI) over book value, P200,000 is attributable to undervalued inventories and the remainder to goodwill. All inventories are sold in 2019. S's net income for the year is P522,500 and P's net income is P1,500,000 including dividends received from S in the amount of P90,000. 1. How much is the NCI at the end of 2019? 2. Net Income Attributable to Parent.

What is the Consolidated/Group Net Income for 20x1, considering the intercompany transactionsA. 356,500  B. 362,200  C. 363,075 D. 387,375

Give me correct answer with explanation