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- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Turner Company owns 40% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on its common shares. What effect did this dividend have on Turner’s 2016 financial statements? Explain the reasoning for this effect.
- Turner Company owns 40% of the outstanding stock of ICA Company. During the current year, ICA paid a $5million cash dividend on its common shares. What effect did this dividend have on Turner’s 2018 financial statements? Explain the reasoning for this effect.On December 31, 2016, Sannibel Company acquired a 20% interest in Edelweiss Company for $135,000. During 2017, Edelweiss had net income of $75,000 and paid a cash dividend of $30,000. If you applied the fair value method, what would be the debit balance in the Investment in Stock: Edelweiss Company account at the end of 2017?Superior Company owns 40% of the outstanding stock of Bernard Company. During 2016, Bernard paid a $100,000 cash dividend on its common shares. What effect did this dividend have on Superior’s 2016 financial statements?
- During the fourthquarter of 2018, Rainbarrel, Inc. generated excess cash, which the company invested in equitysecurities as follows:Nov 16 Purchased 1,200 common shares as an investment in equity securities,paying $6 per share. Rainbarrel owns less than 10% of the outstandingstock in the companies in which it invests.Dec 16 Received cash dividend of $0.35 per share on the equity securities.Dec 31 Adjusted the equity securities to fair value of $4 per share.2018Requirements1. Open T-accounts for Cash (including its beginning balance of $23,000), Investment inEquity Securities, Dividend Revenue, and Unrealized Gain (Loss) on Equity Securities.2. Journalize the foregoing transactions and post to the T-accounts.3. Show how to report the short-term investment on Rainbarrel’s balance sheet atDecember 31, 2018.4. Show how to report whatever should appear on Rainbarrel’s income statement for the yearended December 31, 2018.5. Rainbarrel sold the equity securities for $6,000 on January 14,…On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? Group of answer choices P1,060,000 Cr. P1,035,000 Cr. No entry P40,000 Dr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? Group of answer choices a. P40,000 Dr. b. No entry c. P1,035,000 Cr. d. P1,060,000 Cr.
- On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? a. P1,035,000 Cr. b. No entry c. P40,000 Dr. d. P1,060,000 Cr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? A. No entry B. 40,000 debit C. 1,035,000 credit D. 1,060,000 creditOn July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At the date, the equity of Marcus was P4,000,000. with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shoes the profits and losses made by Marcus during 2015 to 2019: Year 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the investment in associate account be debited/credited in 2018? A. 1,060,000 Cr B. No entry C. 40,000 Dr D. 1,035,000 Cr
