On December 01, 2021, SEVENTY-SEVEN Corporation declared equipment with carrying amount of P1,300,000 as property dividend to be distributed on January 31, 2022. The equipment had the following fair value on the following dates: December 01, 2021               1,500,000 December 31, 2021               1,600,000 January 31, 2022                   1,900,000   Journal entry on December 31,2021 should include credit to:

Q: MEME Corporation's Retained Earnings at December 31, 2021 amounted to P2,000,000 On that date, the…

A: Dividends are paid to shareholders of the company as a part of profit distribution. It can be cash…

Q: On January 1, 2021, Eno Company purchased 80% of Zosi Co's P10 par common stock for P2,437,500. On…

A: Non-controlling interest is recognized at fair value, or the value is proportionate to the fair…

Q: On January 1, 2021, Jhan Syric Corporation start commencing its business. It acquires several…

A: When assets are purchased in consideration of ordinary shares and the fair market value of asset is…

Q: On January 1, 2021 CCC acquired all of the identifiable assets and assumed all liabilities of DDD by…

A: The value of goodwill arise on excess payment of consideration over the net identifiable assets. Net…

Q: Cheyenne Corporation began operations on January 1, 2020 when $247,000 was invested by shareholders…

A: Given,   (a)   Dividend income   $          8,800   (b)   Unrealized holding loss   $…

Q: On January 1, 2019, an entity purchased 25% of the outstanding ordinary shares of another entity for…

A:

Q: On December 01, 2021, SEVENTY-SEVEN Corporation declared equipment with carrying amount of…

A: The dividend is paid to shareholders in the form of cash, property or shares from the retained…

Q: On January 1, 2021, Masaya Co. issued equity instruments in exchange for 75% interest in Lungkots…

A: The consolidated benefit is an accounting procedure that allows for the creation of group accounts.…

Q: MEME Corporation’s Retained Earnings at December 31, 2021 amounted to P2,000,000.  On that date, the…

A: The dividend is declared to the shareholders from the retained earnings of the business. The assets…

Q: On January 1, 2021, Masaya Co. issued equity instruments in exchange for 75% interest in Lungkots…

A: Non-controlling interests refer to the minority interest in a company who has ownership in the…

Q: On January 1, 2021, PUP CAF acquired a 10% interest in an investee for P3,000,000. The investment…

A: Working note : 1 Computation of Net Investment Income    $ Share in net income (8000,000 x…

Q: On January 1, 2019, Blackpink Company purchased nontrading equity securities. On December 31, 2019,…

A: Since you have asked two different questions under a single question, kindly resubmit another…

Q: On October 31, 2020, Dylan Company declared its non-current asset (land) as a dividend with a…

A: Property Dividend A property dividend is a type of dividend that replaces cash or stock dividends by…

Q: On January 1, 2021, Bard Ltd. has a Class 8 (20% rate) UCC balance of $32,400. The Class 8 property…

A: When a capital asset is purchased for the purpose of utilization in business, the entire cost price…

Q: On January 1, 2020, Papa acquired all the identifiable assets and assumed all of the liabilities of…

A: Fair Value of the identifiable assets 8000000 Less: Fair Value of the identifiable liabilities…

Q: On January 1, 2020, DEF Company purchased equity securities for P18,000,000. The entity paid the…

A: The fair value change on the financial instrument that is measured at FVOCI is an unrealized…

Q: On December 01, 2021, SEVENTY-SEVEN Corporation declared equipment with carrying amount of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: For letters a to d, identify how much to add or deduct from the Investment in Associate account of…

A: Step 1 Investment in Associate refers to the investment in an entity in which the investor has…

Q: On December 1, 2020, ABC Company declared property dividends in the form of pieces of equipment. On…

A: Property Dividend Property dividend which was declared on the basis of the fair value of the assets…

Q: On January 1, 2021, Jhan Syric Corporation start commencing its business. It acquires several…

A: Share premium is the excess consideration recieved over the par value of the asset.

Q: On January 1, 2021 CcC acquired all of the identifiable assets and assumed all liabilities of DDD by…

A: Consolidated assets are determined according to GAAP. They are those assets which should be listed…

Q: On January 1, 2021, Jhan Syric Corporation start commencing its business. It acquires several…

A: The FV of assets purchase is the FV of consideration given to purchase the assets unless the FV of…

Q: on January 1, 2019 Dotterel Corporation paid $200,000 cash for 40% of the voting common stock of…

A: Goodwill is described as the non-current intangible asset which does not have a definite life. It is…

Q: On November 1,2019, ABC Company’s board of directors declared property dividends distributable on…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On January 1, 20x1, an entity has an outstanding note payable with carrying amount of P1,000,000. On…

A: Gain or loss on the derecognition of the note payable will be the difference of Book value of notes…

Q: On January 1, 2020, Entity A, a public entity, acquired 90% of outstanding ordinary shares of Entity…

A: On the Date of Consolidation, Building is recorded at Fair Value And after consolidation, if any…

Q: On January 1, 2019, an entity purchased 25% of the outstanding ordinary shares of another entity for…

A: Excess of cost over the carrying amount of net assets acquired (Jan 1, 2019):

Q: On January 1, 2018, D, Incorporated, paid $88,959 for a 30% interest in S Corporation. This investee…

A: The Equity in income of S Inc. for 2019 is = $21120.

Q: On January 1, 2021, Grey Co. Acquires 80% of the outstanding voting shares of Cristine Corp.…

A: Goodwill refers to the extra amount of consideration paid over the fair value of the net assets of…

Q: On January 1 2019, an entity purchased 40% of the outstanding ordinary shares of another entity for…

A: As per the equity method, the value of the investment is recognized at cost, and that value…

Q: On January 1, 2021, Masaya Co. issued equity instruments in exchange for 75% interest in Lungkots…

A: The profit attributable to non-controlling interest is determined by multiplying the non-controlling…

Q: On January 1, 2021 CcC acquired all of the identifiable assets and assumed all liabilities of DDD by…

A: On 01.01.2021, CCC acquired net assets to DDD  Purchase consideration = P4800000 Fair value of…

Q: Bull Company is indebted to Apex Company under P 5,000,000, 12% 3-year period Dec. 31, 2018. Because…

A: Total debt till date = Principal debt + accrued interest = P 5000000+ P 600000 = P 5600000

Q: On July 1, 2021, PASSETS acquired all the net assets of SIABS at its underlying book value, which…

A: Amount paid for registering the newly issued shares: P150,000 Amount paid for printing of the stock…

Q: On January 1, 2021, P Corporation purchases from an unrelated person all the outstanding stock of S…

A: It is the section enacted by US Congress to allow taxpayers to consider certain stock purchase…

Q: On January 3, 2019, Martin Company purchased for $500,000 cash a 10% interest in Renner Corp. The…

A: The journal entry here is passed up to December 31, 2019 related to R Corporation and for change…

Q: HULK Corporation declared on December 1, 2021 its 10 brand new fleet of cars costing ₱500,000 each…

A: Dividends are paid when company earns profits and sometimes companies pay dividends to its…

Q: 11. On May 31,2020, Genesis Company has assets and liabilities with the following fair values:…

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: Corporation’s Retained Earnings at December 31, 2021 amounted to P2,000,000.  On that date, the…

A: The retained earnings are decreased with declaration of dividend to shareholders. The dividend can…

Q: On January 1, 2021, Masaya Co. issued equity instruments in exchange for 75% interest in Lungkots…

A: Consolidation is a term used for merging of several companies of an industry. The assets,…

Q: On October 31, 2022, ABC Inc. declared a building held as owner-occupied property with an original…

A: Solution 1: The entry to record the declaration of the property dividends would include a debit to…

Q: On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation,…

A: SOLUTION-   EXPLANATION-   VAT RATE = 12%  SALES (A) 280000 OUTPUT VAT  (B)= (280000 / 1.12 )…

Q: On January 1, 2019, an entity acquired a 10% interest in an investee for 3,000,000. The investment…

A:

Q: On July 1, 2021, PASSETS acquired all the net assets of SIABS at its underlying book value, which…

A: Acqusition cost in Business combination Acqusition cost which are incurred at the time of the…

Q: On January 1, 2021, Grey Co. Acquires 80% of the outstanding voting shares of Cristine Corp.…

A: The following calculations are done for Grey Company.

Q: On January 1, 2019, Aboitiz Corporation acquired 30% of the voting share capital of another entity…

A: As per IAS 28, if any investment is made in associates and joint ventures, the equity method should…

Q: amount of P2,500,000 for P4,000,000. The remaining life of the equipment is 5 years. In December…

A: Given: In this question, Jessa companies financial condition is disclosed : - They acquire 40%…

Q: What amount of unrealized gain or (loss) should be reported in the statement of comprehensive income…

A: The statement of the comprehensive income is the statement that records all the unrealized revenge,…

Q: On October 31, 2020, Dylan Company declared its non-current asset (land) as a dividend with a…

A: Property Dividend: As per GAAP, Property dividends should  be recorded at fair market value, and…

Q: On 1 July 2021, King Ltd acquired all the share capital of Queen Ltd for $1,800,000, and on that…

A: The following table shows the calculation of goodwill on acquisition: Particulars Amount Amount…