2019 to Frieza Company, an unrelated entity, for P110,000. The consolidated income statement of Vegeta and its subsidia

Q: On January 1, 2021, Herwin Company acquired 40%of GIC Company by purchasing 8,000 shares for…

A: Solution Given % acquired by Herwin 40% Number of shares purchased 8000 Purchase…

Q: P Company acquired an 80% interest in S Company on January 1, 2011, for an amount equal to book…

A: The parent company is the company that has acquired a controlling interest in another company which…

Q: Goku Corporation is an 80% owns subsidiary of Vegeta Corporation. In 2018, Goku sold land net cost…

A: Income statement is the summary showing costs and revenues to calculate the gross and net losses and…

Q: On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, Barre Corporation,…

A: Working Note: 1. The original cost of the asset is = $60,000 2. The Accumulated depreciation is =…

Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $195,000 and…

A: Journal entry is the practice of recording commercial transactions for the first time in the books…

Q: On January 1, 2021, ABC Company acquired all of the assets and assumed all of the liabilities of…

A: P1,280,000

Q: Choco, Inc. acquires 15% of Cake Corporation on January 1, 2020, for $130,000 when the book value of…

A: Acquisition of Cake Corporation on January 1, 2020, by Choco=$130,000 Additional 30% acquisition of…

Q: Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1,…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: On January 1, 2021, ABC Company acquired all of the assets and assumed all of the liabilities of…

A: SOLUTION GOODWILL IS AN INTANGIBLE ASSETS THAT ACCOUNTS FOR EXCESS PURCHASE PRICE OF ANOTHER…

Q: Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1,…

A: Consolidation worksheet is prepared in order to use the same for preparing the consolidation…

Q: Company A owns 90 percent of the common stock of Company B. At the beginning of 2021, Company B sold…

A: Gains on sale of land recognised in financial statement is sales value - cost of land.   However…

Q: On July 1, 2019, Killearn Company acquired 88,000 of the outstanding shares of Shaun Company for $13…

A: SOLUTION-A THE EQUITY INCOME TO BE RECOGNIZED BY COMPANY K DURING EACH OF THIS YEARS- PARTICULARS…

Q: of GHI Company, which it purchased for P42,000 above underlying book value of P604,800 on December…

A: A Controlling interest of Nits Enterprise 60% B Non controlling Interest (100% - 60%) 40% C…

Q: Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On June 30, 2018, Parent Company sold some land to its subsidiary for $240,000. The land had cost…

A: As on December 31,2018 the land is not sold by subsidiary.  Land was sold by subsidiary  to outsider…

Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $193,000 and…

A: SOLUTION- JOURNAL ENTRIES IS A RECORD OF BUSINESS TRANSACTIONS IN THE ACCOUNTING BOOKS OF A…

Q: Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black…

A: Eliminating the inter company transactions Inventory in stock of Sanchez= P 285000*30%= P 85500…

Q: oku Corporation is an 80% owns subsidiary of Vegeta Corporation. In 2018, Goku sold land net cost of…

A: Consolidated income statement includes the summary of cost and revenues of the parent and subsidiary…

Q: On January 1, 2018, Potter Corporation purchased 80% of Draco Company’s outstanding shares for…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: Grumpy is a 90%-owned subsidiary of Margot Corporation, acquired at book value several years ago.…

A: The question is related to Consolidated Financial Statements and is multiple choice question.…

Q: on for the business combination, ABC Co. incurred transaction costs amounting to ₱400,000 for legal,…

A: GOODWILL IS AN INTANGIBLE ASSETS THAT ACCOUNTS FOR EXCESS PURCHASE PRICE OF ANOTHER COMPANY.

Q: will be the amount of goodwill that would be reported immediately after the combination under the…

A:

Q: ABC Corp owns 60% of the outstanding shares of GHI Company, which it purchased for P42,000 above…

A:

Q: Marie Co. sold inventories on May 1, 2021 to its 75% owned subsidiary, Paz Company. The inventories…

A: Stake of Marie Co in Paz company = 75% Minority stake(Non-controlling interest) = 25% Of the total…

Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $250,000 and…

A: Journal entry:   It is a systematic record of a financial transaction of a company recorded in…

Q: Patay Corporation acquired a 90 percent interest in Satay Corporation, when the book value of…

A: Consolidated net income is the total of the net income of parent company (the one who acquires…

Q: Belden, Inc., acquires 30 percent of the outstanding voting shares of Sheffield, Inc., on January 1,…

A: The annual amortization as follows: Annual Amortization = Purchase Price - net book Value Remaining…

Q: On January 1, 2018, Panorama Company acquired 80% of Scann Corporation for $6,400,000.At the time of…

A: 1.Investment in S at December 31,2018 = $6,400,000 * 80% + $300,000 * 80% = $5,120,000 + $240,000 =…

Q: Rlex corporation acquired 80% of Slex on Mar. 31,2019 for P260,000. Immediately after the business…

A: Given, On 31.03.2019, Plex corporation acquired 80% of Slex corporation  Cost of acquisition =…

Q: 1) Calculate Investment in Scann shown on Panorama's ledger at December 31, 2018 and 2019. 2)…

A:

Q: On January 1, 2018, Panorama Company acquired 80% of Scann Corporation for $6,400,000.At the time of…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: On July 1, 2019, Killearn Company acquired 105,000 of the outstanding shares of Shaun Company for…

A: When a corporation acquires another corporation, the accounting treatment of the invested capital or…

Q: Grumpy is a 90%-owned subsidiary of Margot Corporation, acquired at book value several years ago.…

A: Non-Controlling Interest or Minority Interest is the proportionate share in Subsidiary not owned by…

Q: Adora Inc. acquired one hundred percent of Alvah Co. on January 1, 2018, at a price in excess of the…

A: Solution Equipment is a non-current or long term asset account which report the cost of Equipment.…

Q: On January 1, 2020, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company…

A: Consolidated financial statements(CFS) are statements in which the financial statements of both the…

Q: The retained investment is to be held at FVTOCI. What is the gain on sale of investment that should…

A: the gain on sale of an investment should be P2,000,000 gain from the remeasurement of investment…

Q: Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, in exchange for $351,000…

A: SOLUTION- GROSS PROFIT  ALSO CALLED GROSS INCOME IS CALCULATED BY SUBTRACTING THE COST OF GOOD SOLD…

Q: Echo, Inc., purchased 10 percent of ProForm Corporation on January 1, 2017, for $345,000 and…

A: a. The income to be reported in 2017 in connection with its ownership of Company P can be determined…

Q: How much is the realized profit to be allocated to non-controlling interest in 2022?

A: If goods have been sold from one company to another within the group with profit and if aportion of…

Q: On January 1, 2018, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction…

A: 1.Journal entries--year 2018

Q: Goku Corporation is an 80% owns subsidiary of Vegeta Goku sold land net cost of P30,000 to Vegeta…

A: Consolidated income statement includes the summary of cost and revenues of the parent and subsidiary…

Q: Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 2018. At that date,…

A: Purchase consideration: $152,000 Book value of net assets acquired: $80,000 Balance sheet fair value…

Q: Grumpy is a 90%-owned subsidiary of Margot Corporation, acquired at book value several years ago.…

A: Building sold to Grumpy by Margot at $15000. Realized gain on sale of building in the hands of…

Q: On January 1, 2010, XYZ Corp. acquired 90% of the voting common stock of ABC Corp. Amortization…

A: Consolidation is a process in which the financials of two or more companies are merged together.…

Q: Ocean, Inc. acquired 15% of River Co. on January 1, 2022 for $94,500 and appropriately accounted for…

A: The acquisition of another company's stock can be done by the company for two reasons: investment or…

Q: hoco, Inc. acquires 15% of Cake Corporation on January 1, 2020, for $130,000 when the book value of…

A: Step 1 The purchase of 15% shares did not qualify as an investment in associate; therefore, the…

Q: On January 1, 2020, Chamberlain Corporation pays $586,800 for a 60 percent ownership in Neville.…

A: As a result, the consolidated net income is the amount of these firms' revenue and expenses. The…

Q: Pedro Corporation owns an 80% interest in Simon Company. In the consolidated financial statements on…

A: Pedro Corporation owns an 80% share in Simon Company, according to the question. The share capital…

Q: Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black…

A: Answer - 229,700

Q: Highpoint owns a 95 percent majority voting interest in Middlebury. In turn, Middlebury owns an 80…

A: Hey, since there are multiple sub-parts posted, we will answer the three sub-parts. If you want any…