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- b) Demonstrate that in principle the shareholders will be equally well off by subscribing to the issue or by selling their rights. Assume the shareholder has 100 shares c) Explain the impact on the value of the right if the issue is undertaken on the specified terms and the share (cum-rights) price falls to € 1.8 shortly after the shareholders are invited to subscribe to the new issue63 Analyze the following: I – An entity shall classify a noncurrent asset as held for sale when the carrying amount of the asset is recovered through a sale transaction. II – Noncumulative preference dividends in arrears are not paid and not disclosed. III – In computing basic loss per share, the annual preference dividend on cumulative preference shares should be added to the net loss whether declared or not. Given these, we can conclude that: Group of answer choices Only statement II is true. Only statements I and II are true. Statements I and III are not true. Statements II and III are not false.Use the following information for the next five questions: On January 1, 20x1, Bass Co. issued equity instruments in exchange for 75% interest in Guitar Co. On acquisition date, Bass Co. elected to measure non-controlling interest at fair value. Bass Co.'s management believes that the fair value of the consideration transferred correlates to the fair value of the controlling interest acquired and that the fair value of the controlling interest is proportionate to the fair value of the remaining interest. Guitar Co.'s net identifiable assets have carrying amount and fair value of ₱300,000 and ₱360,000, respectively. The difference is attributable to a building with a remaining useful life of 6 years. The December 31, 20x1 statements of financial position of Bass Co. and Guitar Co. are summarized below: Bass Co. Guitar Co. ASSETS Investment in subsidiary (at cost) 300,000 - Other assets 1,372,000 496,000 TOTAL ASSETS 1,672,000 496,000 LIABILITIES AND EQUITY Trade and other payables…
- PT X is negotiating with PT Y to acquire 100% share capital of PT Z. PT Z is currently fully owned by PT Y and meets the business definition as defined in IFRS 3. Share sales must be approved by PT X shareholders and the government. Because the agreement takes time, before the time the share sale is completed, PT X and PT Y make an agreement that: • Both parties are committed to completing legally subject to the necessary agreements;• Determine the purchase price;• Determine that the following decisions and actions can be taken by PT Y only with PT X's approval until the sale of shares, through: o Changes in the management of PT Z; o Dividend payment; and, o New project contracts that exceed USD 200 billion. Does PT X control PT Z as a result of this agreement? Give references from the related IFRS.On August 31, 2002, Rubics Company purchased the following equity securities and irrevocably elected to measure them at fair value through other comprehensive income: Fair Value Security Cost December 31, 2002 ₱ 96,000 ₱ 84,000 152,000 158,000 162,000 146,000 On December 31, 2002, Rubics reclassified its investment in security F from fair value through other comprehensive income to held for trading securities. What total amount of loss on reclassification should be included in Rubics' income statement for the year ended December 31, 2002? 0 b. 16,000 c. 22,000 d. 28,00037. When an entity reduces its interest in an investment in equity securities accounted for by the equity method and changes in to the fair value method. What is the initial measurement of the investment for purposes of subsequent changes in market value? a. Carrying amount at the date of changea. Original costb. Market value at the date of changec. Market value at the date of acquisition
- 18. What is the proper treatment for noncash asset received from a stockholder? Group of answer choices a. The share premium shall be credited for the fair value of the noncash asset. b. The share premium shall be credited for the book value of the noncash asset. c. The income account shall be credited for the fair value of the noncash asset. d. The income account shall be credited for the book value of the noncash asset.On January 1, 20x1, AAA Co. acquired 80% of the equity interests of BBB, Inc. in exchange for cash. Because the former owners of BBB needed to dispose of their investments in BBB by a specified date, they did not have sufficient time to market BBB to multiple potential buyers.As January 1, 20x1, BBB’s identifiable assets and liabilities have fair values of ₱2,400,000 and ₱800,000, respectively. Case #1:AAA Co. elects the option to measure non-controlling interest at fair value. An independent consultant was engaged who determined that the fair value of the 20% non-controlling interest in BBB, Inc. is₱310,000. If AAA Co. paid ₱2,000,000 cash as consideration for the 80% interest in BBB, Inc., how much is thegoodwill (gain on bargain purchase) on the business combination? Case #2:AAA Co. elects the option to measure non-controlling interest at fair value. An independent consultantwas engaged who determined that the fair value of the 20% non-controlling interest in BBB, Inc. is₱310,000.If…9 When making non-cash distributions where the fair market value of the property distirbuted exceeds its adjusted basis, corporations must: a. Defer the gain until such time as the recipient shareholder disposes of all stock in the corporation b. Disclose the adjusted basis info to the recipient shareholder so the shareholder may recognize the gain upon disposition. c. Recognize gain under IRC 311
- Which of the following is NOT included in the cost of an acquired company? (applying section 19 of IFRS for SMEs) a. Contingent consideration determinable at the consummation date of the combination b. Finder’s fee for arranging the combination c. Cost of registering and issuing equity securities d. None of the above[S1] By executing a rights offering, we acknowledge the preemptive right of current ordinary shareholders. [S2] When an initial public offering has been made, the underwriter would remit to the issuing entity cash equal to the total issue price less any issuance cost chargeable against the former. *a. Only S1 is true.b. Only S2 is true.c. Both are true.d. Both are false.4. Assume that the entity is a medium-size and the company policy is to account this type of investment at fair market value, how much investment income should be reported by Jessa Company for 2021? Chevy Company owns 50% of another entity’s preference share capital and 40% of its ordinary share capital. The investee’s share capital outstanding at December 31, 2021 include P5,000,000 of 10% cumulative preference share capital and P10,000,000 of ordinary share capital. The investee reported net income of P6,000,000 for 2021. No dividend was declared for both preference and ordinary share in 2021