On June 30, 2021, Crane, Inc. exchanged 5900 shares of Cullumber Corp. $30 par value common stock for a patent owned by IvanhoeCo. The Cullumber stock was acquired in 2021 at a cost of $164000. At the exchange date, Cullumber common stock had a fair value of $47 per share, and the patent had a net carrying value of $309000 on Ivanhoe's books. Crane should record the patent at

Q: .  If the patent has a remaining life of nine years, at what amount should the patent be reported on…

A: Step 1 On consolidated balance sheet, patent is recorded at its fair value on acquisition date less…

Q: On January 1, 2021, Access IT Company exchanged $1,080,000 for 45 percent of the outstanding voting…

A:

Q: On December 1, 2021, ABC Company acquired all the assets and liabilities of XYZ Inc. issuing 100,000…

A: Purchase Consideration = 100000 x 1.90 = 190000 Fair value of assets taken over    Cash…

Q: On May 5, 2021, Eblue Corporation exchanged 40,000 shares of its P25 par value treasury ordinary…

A: Number of shares exchanged = 40,000 The fair market value of shares at the time of exchange = P25…

Q: Book Value Fair Value Book Value Fair Value h P 125,000 75,000 180,000 P 380,000 P 125,000 120,000 P…

A: The question is related to Equity Section of a company. Given : ABC will issue 10,000 shares of its…

Q: On January 1, 2020, Alexis Company purchased marketable equity securities to be held as "trading"…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: ABC Company and XYZ Company have announced terms of an exchange agreement under which ABC will issue…

A: The question is related to Equity Section of a company. Given : ABC will issue 10,000 shares of its…

Q: On January 1 2020, Philippine Airlines purchased 20% of Cebu Pacific's total outstanding ordinary…

A: Introduction: If an investor acquires between 20 to 50% stake in the investee company then it is…

Q: Angkasa Corporation paid Rp5,000,000 for 80% interest on Langit Biru Corporation on January 1, 2020.…

A: While consolidation, Parent company records % share of income in Subsidiary i.e. Equity method.…

Q: 2. Assume Miller accounts for its investment in Marlon using the equity method. Ignoring income…

A:

Q: On August 31, 2021, Nutcraker Corp. issued 100,000 shares of its P20 par value ordinary stock for…

A: The question is related to Business combination. The Nutcracker Crop. Issued 100000 share par value…

Q: On July 1, 2020, Honesty Company exchanged 12,000 shares of its ordinary shares P10 par value held…

A: When shares are issued  for asset then the value of asset will be fair  value of shares or fair…

Q: On January 5, 2020, ABC Co. exchanged 8,000 shares of its P25 par value ordinary shares for a parcel…

A: The land and building held as investments are held to earn rent and increase in value but land and…

Q: market values of P20 and P2,300,000, respectively. Moreover, it agreed to pay an additional P170,000…

A: Purchase Consideration is the amount paid in consideration for the fair value of net assets in…

Q: On July 1, 2021, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $100…

A: Requirement 1:   Pass a journal entry to record investment in shares.

Q: On January 1, 2021, Access IT Company exchanged $1,000,000 for 40 percent of the outstanding voting…

A: Solution : Accounts Access IT ($) Net connect Consolidated entry (Debit ($)) Consolidated…

Q: On December 1, 2021, ABC Company acquired all the assets and liabilities of XYZ Inc. issuing 100,000…

A:

Q: On January 1, 2020, the Gim Corporation purchased equity securities for P2,000,000. The company also…

A: OCI generally includes the incomes/expense/gains/losses that are going to be realized in future but…

Q: On July 1, 2020, Shrek Company exchanged 12,000 shares of its ordinary shares P10 par value held in…

A: Amount should Shrek record for the copyright = Fair value of treasury shares on the date of…

Q: nary shares to acquire all of XYZ’s assets. ABC’s shares are trading at P28, and XYZ’s P10 par value…

A: Shareholder equity includes ordinary shares + Share premium + Retained Earnings

Q: On January 1, 2020, Grand Haven, Inc., reports net assets of $843,200 although equipment (with a…

A: In business combination, when an asset is acquired  then it should be  measured at Fair value

Q: 15. Historical cost and fair value statement of financial position data on January 1, 2021, are as…

A: Ordinary Shares of Octane = P150000 Par Value per Share             = P5

Q: On July 1, 2021, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $135…

A: Acquisition of shares of one company by another needs to be recorded in the books of accounts as…

Q: On January 1, 2020, the Gim Corporation purchased equity securities for P2,000,000. The company also…

A: The investment in financial securities can be reported as trading security, held to maturity…

Q: On February 1, 2021, the Xilon Corporation issued 50,000 shares of its no-par common stock in…

A:

Q: At the beginning of 2021, Gala company purchased equity securities to held for trading for…

A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: On April 1, 2019, Tagaytay Company purchased 25,000 ordinary shares of Sulo Co. at P180 per share, a…

A: Here in this problems which describe the gain which are arised at the time of sale of ordinary…

Q: On January 1, 2021, Access IT Company exchanged $1,000,000 for 40 percent of the outstanding voting…

A: A consolidation worksheet is a sheet that is utilized to produce financial reports for a parent…

Q: :. On January 1, 2020, Riki Co. acquires the entire share capital of Doom Co. by issuing 100,000 new…

A: A business combination is a transaction for which the acquirer/reporting entity obtains control of…

Q: On july 16, 2021, Empe exchanged a land for 15,000 ordinary shares of RH corporation to be held for…

A:

Q: On January 1, 2021, Access IT Company exchanged $1,000,000 for 40 percent of the outstanding voting…

A: Workings:

Q: On July 1, 2021, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $110…

A: The acquisition is a term that When a company purchases some other organization's shares. These…

Q: What amount will be recorded as goodwill on January 1, 2020?

A: Goodwill is the amount which is occurred and takes place when the person pays more than the amount…

Q: On September 1, 2019, Pelican Ltd exchanged 10,000 ordinary shares held in treasury for a used…

A: The treasury stock includes the own shares of the company that are purchased from the shareholders.…

Q: Pod Company purchased 25% of the outstanding ordinary shares of Jobs, Inc. and subsequently used the…

A: Under equity method  for the investment, the investor records the investees dividend and net income…

Q: On July 1, 2021, Gupta Corporation bought 30% of the outstanding common stock of VB Company for $170…

A: The investment by equity method refers to the accounting method in which assets are recognized at a…

Q: what amount will be reported for Shareholders’ Equity in the combined company’s statement of…

A: Consolidated financial statements: In the consolidated financial statement, only the ordinary…

Q: On January 1, 2019, Penn Incorporated paid $350,000 for 70% of Sylvania Company's outstanding…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: On June 30, 2021, ABC Co. acquired 75,000 of DEF Co.'s 100,000 outstanding shares with par value per…

A: Shares:- A firm’s total capital is divided into small equal units, these each units is known as a…

Q: During 2020, Cullumber Company purchased 69000 shares of Marigold Corporation common stock for…

A: Gain or loss on sale of stock is based on the net sale price of the asset and the cost of purchase…

Q: On April 1, 2019, Tagaytay Company purchased 25,000 ordinary shares of Sulo Co. at P180 per share, a…

A: Share represents the ownership claim on the company. It is a share part of the share capital. The…

Q: On September 1, FAITH Inc issued 120,000 shares of its P50 par value ordinary share in exchange for…

A: Assets in the business should always be recorded at their fair value in the business.

Q: On January 1, 2020, Merlo Company acquired 80% of the stocks of Fritzie Company for P2,000,000. On…

A: Cost of sales by Merlo Company to Fritzie Company =800000 - 25% x 800000 = 600000 1)Cost of sales by…

Q: On October 1, 2020, XYZ, Inc. exchanged 2.000 shares of its P500 value ordinary shares held in…

A: Number of shares exchanged = 2,000 The fair market value of shares at the time of exchange = P550…

Q: On January 1, 2020, Panther, Inc., issued securities with a total fair value of $577,000 for 100…

A: Profit = Transfer price - Cost Amortization = Value assigned / Life ( in years )

Q: ABC Company and XYZ Company have announced terms of an exchange agreement under which ABC will issue…

A: Solution  Ordinary share  also called common shares , are stock sold on a public exchange.

Q: On December 1, 2019, PT ABC exchanged 20.000 shares of its Rp10 par value ordinary shares held in…

A: Total equity will increase by = No. of treasury stock x fair value per share on the date of the…

Q: On January 1, 2020, the Gim Corporation purchased equity securities for P2,000,000. The company also…

A: Unrealized Gain / (Loss) = Fair Value - Cost of Investment

Q: elow) Based on the information provided, what amount will be reported for Ordinary Share in the…

A: Ordinary Shares of Octane = P150000 Par Value per Share             = P5 Number of Share = P150000 ÷…