need help with the last part. On January 3, 2020, Flint Limited purchased 3,800 (38 %) of the common shares of Sonja Corp. for $519,180. The followinginformation is provided about the identifiable assets and liabilities of Sonja at the date of acquisition:Assets not subject to depreciationAssets subject to depreciation (10 years remaining)Total identifiable assetsLiabilitiesIncome before discontinued operationsDiscontinued operations (net of tax)Net income and comprehensive incomeDividends declared and paid by Sonja November 15, 2020Your answer is correct.During 2020, Sonja reported the following information on its statement of comprehensive income:DateJan. 3,2020Investment in AssociateCasheTextbook and MediaList of AccountsAssume that the 38% interest is enough to make Sonja an associate of Flint, and that Flint is required to apply IFRS for its financialreporting. The fair value of Sonja's shares at December 31, 2020, is $151 per share.Your answer is correct.CashPrepare the journal entry to record Flint's purchase of the Sonja shares on January 3, 2020. (Hint: Any unexplained paymentrepresents unrecognized goodwill of Sonja.) (Credit account titles are automatically indented when the amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationAccount Titles and ExplanationInvestment in Associate(To record dividends collected)Investment in AssociateLoss on Discontinued OperationsInvestment Income or loss(To record investment income or loss)Investment Income or LossInvestment in Associate(To record amortization of fair value difference)- Your answer is partially correct.Carrying Amount$462,000Prepare all necessary journal entries associated with Flint's investment in Sonja for 2020. Depreciable assets are depreciated on astraight-line basis. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts.)Date Account Titles and ExplanationDec. 31,2020802,0001,264,000Loss on Disposal of Investments-FV-OCI103,000Investment in AssociateeTextbook and Media$223,000List of Accounts(82,200 )140,80076,000Fair Value$462,000892,0001,354,000103,000Debit288801005350431236Debit3420519180DebitCreditdeterioratedand that the most FlintPrepare the journal entry if you were informed that Flint's long-term business prospects hadcould expect to recover in the future or to sell its investment in Sonja for at December 31, 2020, is $117 per share. (Credit accounttitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)28880101 1116038484740Credit3420519180Credit160384

Since you have specifically asked for last part, so we have answered the same for you. Journal…

On January 3, 2020, Flint Limited purchased 3,800 (38%) of the common shares of Sonja Corp. for $519,180. The following information is provided about the identifiable assets and liabilities of Sonja at the date of acquisition: Assets not subject to depreciation Assets subject to depreciation (10 years remaining) Total identifiable assets Liabilities Income before discontinued operations Discontinued operations (net of tax) Net income and comprehensive income Dividends declared and paid by Sonja November 15, 2020 Your answer is correct. Date Jan. 3, 2020 Account Titles and Explanation During 2020, Sonja reported the following information on its statement of comprehensive income: Investment in Associate eTextbook and Media Cash List of Accounts Cash Your answer is correct. Assume that the 38% interest is enough to make Sonja an associate of Flint, and that Flint is required to apply IFRS for its financiall reporting. The fair value of Sonja's shares at December 31, 2020, is $151 per share. Investment in Associate Prepare the journal entry to record Flint's purchase of the Sonja shares on January 3, 2020. (Hint: Any unexplained payment represents unrecognized goodwill of Sonja.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (To record dividends collected) Investment in Associate Loss on Discontinued Operations Investment Income or loss (To record investment income or loss) Investment Income or Loss Investment in Associate (To record amortization of fair value difference) Carrying Amount Your answer is partially correct. Dec. 31, 2020 $462,000 Date Account Titles and Explanation 802,000 1,264,000 Loss on Disposal of Investments-FV-OCI 103,000 Prepare all necessary journal entries associated with Flint's investment in Sonja for 2020. Depreciable assets are depreciated on a straight-line basis. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Investment in Associate $223,000 (82,200 ) 140,800 76,000 Fair Value $462,000 1,354,000 Debit 892,000 28880 103,000 53504 31236 3420 Debit 519180 Debit Credit Prepare the journal entry if you were informed that Flint's long-term business prospects had deteriorated and that the most Flint could expect to recover in the future or to sell its investment in Sonja for at December 31, 2020, is $117 per share. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 160384 28880 84740 Credit 3420 519180 Credit 160384

On January 3, 2020, Flint Limited purchased 3,800 (38%) of the common shares of Sonja Corp. for $519,180. The following information is provided about the identifiable assets and liabilities of Sonja at the date of acquisition: Assets not subject to depreciation Assets subject to depreciation (10 years remaining) Total identifiable assets Liabilities Income before discontinued operations Discontinued operations (net of tax) Net income and comprehensive income Dividends declared and paid by Sonja November 15, 2020 Your answer is correct. Date Jan. 3, 2020 Account Titles and Explanation During 2020, Sonja reported the following information on its statement of comprehensive income: Investment in Associate eTextbook and Media Cash List of Accounts Cash Your answer is correct. Assume that the 38% interest is enough to make Sonja an associate of Flint, and that Flint is required to apply IFRS for its financiall reporting. The fair value of Sonja's shares at December 31, 2020, is $151 per share. Investment in Associate Prepare the journal entry to record Flint's purchase of the Sonja shares on January 3, 2020. (Hint: Any unexplained payment represents unrecognized goodwill of Sonja.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (To record dividends collected) Investment in Associate Loss on Discontinued Operations Investment Income or loss (To record investment income or loss) Investment Income or Loss Investment in Associate (To record amortization of fair value difference) Carrying Amount Your answer is partially correct. Dec. 31, 2020 $462,000 Date Account Titles and Explanation 802,000 1,264,000 Loss on Disposal of Investments-FV-OCI 103,000 Prepare all necessary journal entries associated with Flint's investment in Sonja for 2020. Depreciable assets are depreciated on a straight-line basis. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Investment in Associate $223,000 (82,200 ) 140,800 76,000 Fair Value $462,000 1,354,000 Debit 892,000 28880 103,000 53504 31236 3420 Debit 519180 Debit Credit Prepare the journal entry if you were informed that Flint's long-term business prospects had deteriorated and that the most Flint could expect to recover in the future or to sell its investment in Sonja for at December 31, 2020, is $117 per share. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 160384 28880 84740 Credit 3420 519180 Credit 160384

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 19E

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