The general ledger of Blossom Corporation as of December 31, 2021, includes the following accounts: Соpyrights $ 48000 Deposits with advertising agency (will be used to promote goodwill) 25000 Discount on bonds payable 68000 Excess of cost over fair value of identifiable net assets of Acquired subsidiary 460000 Trademarks 78000 In the preparation of Blossom's balance sheet as of December 31, 2021, what should be reported as total intangible assets? $538000.
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- nEED IN 10 MINUTES 9. On January 1, 20x1, an entity purchased marketable equity securities for P2,500,000. The entity paid commission and taxes of P190,000. The equity securities do not qualify as financial asset held for trading. The entity made irrevocable election to present unrealized gain and loss in other comprehensive income. The securities have a market value of P2,600,000, and P2,750,000 on December 31, 20x1 and December 31, 20x2. On July 1, 2022, half of the securities are sold for P1,400,000. On July 1, 2022, the net increase/ decrease in retained earnings account is (sample answer: 10,500 increase or 10,500 decrease)The general ledger of Megan Corporation as of December 31, 2018, includes the following accounts: Copyrights $ 30,000 Deposits with advertising agency (will be used to promote goodwill) 27,000 Bond sinking fund 70,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 390,000 Trademarks 120,000 In the preparation of Megan's statement of financial position as of December 31, 2018, what should be reported as total intangible assets?Show the solution in good accounting form Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position?
- Q. In The Process of the Acquisition, Z Incorporation Paid In Cash the Following Expenses (5): Legal fees so, non Accounting fees 20,000 Travel exponses 5,000 Legal fees (SEC) 40, 000 Accounting fees (SEC) 10,000 SEC filing fees 15,000 Required: Prepare the journal entry to record the acquisition expenses please i need answer in tablesQuestion Content Area Corporation A owns 40% of all classes of stock in Corporation B throughout 2021. Corporations A and B are Subchapter C corporations, and they are both domestic corporations. The Board of Directors of Corp. B authorized and paid $600,000 in cash dividends to Corporation A. Assume Corporation A qualifies for the Dividends Received Deduction. For tax purposes, how much does Corporation A realize and recognize on its Form 1120 for 2021? $600,000 realized; $210,000 recognized$390,000 realized; $120,000 recognized$120,000 realized; $600,000 recognized$600,000 realized; $600,000 recognizedNone of the other choices are correct.29. the assets and liabilities of R were stated at their fair values when A acquired it's 80% interest and the fair value method was used to initially measure the NCI. A uses the cost method to account for its investment in R. Net income and dividends for 2021 for the affiliated companies were: A Corp. R Corp. Net Income P105,000 P31,500 Dividends paid 63,000 17,500 Dividends Payable, 1/1 20,000 9,250 Dividends Payable 12/31 31,500 8,750 Retained Earnings of A Corp. in the separate FS at the beginning of the year is P420,000. End of the year evaluation indicates P3,000 impairment in goodwill. The consolidated retained earnings at December 31, 2021 is:
- Question: Differentiate between spot versus future market, corporate charter versus bylaws with examples. Explain the major objectives and limitations of fundamental analysis and differentiate between ordinary and extra ordinary income with example. 3 Meghna cement has posted EBT for the year ended 2019, was 70,9000800 (BDT), and already this company paid BDT 20,50600 in advance for tax purpose. Meghna cement has earned BDT 640,000 as dividend income holding 32% of ACI stock and BDT 430,000 interest from BRAC bond. The corporate tax rate is 38%. Calculate the total tax obligation for this company for the year ended 2019 and adjusting prepayment how much Meghna cement has to pay the NBRPlease answer the exercise step by step and clear. Thank you. Sony Corporation paid $350,000 cash for 42% of the voting common stock of Micro Inc. on January 1, 2021. Book value and fair value information for Inc. in this date is as follows: Assets Cash Accounts receivable Inventories Equipment Book Values $60,000 120,000 80,000 340,000 $ 600,000 Fair Values $60,00 Instructions: 1. Prepare the journal entries for purchased investment. 2. Prepare the analysis of the cost versus the book value of the net assets of the investment bought in Micro Inc by Sony Corporation. 3. Prepare the schedule with the differences between the book value and the fair value of the identifiable net assets of Micro Inc. 4. At the end of the year, Micro Inc was: a. Net Income for $300,000 b. Paid dividends at Dec 31, 2021 for $35,000 Prepare the journal entries related with net income and dividends received Sony Corporation for Micro Inc.1. The following information is from Direct to You Corp.’s (DYC) financial records for its year ended December 31, 2020: Select statement of financial position information: 2020 2019 Investments in financial assets (at fair value through profit or loss [FVPL]) 12,000 10,000 Inventory 575,000 498,000 Property, plant, and equipment (PPE) 1,984,000 1,396,000 Less: accumulated depreciation (650,400) (487,000) Copyright 126,000 135,000 Patents 564,000 417,000 Select statement of comprehensive income information: Depreciation of property, plant, and equipment (334,400) Amortization of patents (65,000) Interest expense (75,000) Impairment loss — copyright (9,000) Gain on sale of PPE 23,000 Additional information: PPE that originally cost $570,000 was sold during the year. 100,000 common shares were issued in 2020 to acquire $450,000 of property, plant, and equipment. DYC is subject to IFRS. What amount of net cash used…
- Background: On December 31, 2021, Company A purchased acquired various assets from Company B as follows:and assumed liabilities does not meet the definition of a business under ASC 805.UmbrellaTableLemon squeezerThe books and records of Company B value these assets at December 31, 2021 as followsUmbrella $100Table $50Lemon squeezer $150Company B determined the fair value for these assets on January 1, 2022 to be as follows:Umbrella $80Table $20Lemon squeezer $100On December 31, 2021, Company A paid $350 for these assets. Question How should the acquired asset be valued and reflected on Company A's books on January 1, 2022? US GAAP standards used: ASC_____,EY FRD Business Combinations, p. Methodology applied: Calculation: Findings: Conclusion:11. The following information pertains to Nonagon Company's biological assets at December 31, 2021: Price of assets in an active market , P 5,000,000 Estimated broker's and dealer's commissions, P 50,000 Transport and other costs expected to be incurred to bring the assets to the market, P 40,000 Selling price in a binding sale agreement, P 5,100,000 At what amount should the biological assets be presented on the statement of financial position?Chapter : Goodwill On January 1, 2021, PT Nain purchased the net asset of PT Wuna which will be an additional division of PT Wuna. As of December 31, 2020, below is the book value of PT Wuna: PT Nain hires Indah Public Appraisal Service Office to calculate the fair value of PT Wuna. The appraiser's report shows that 10% of accounts receivable are uncollectible, the value of stock investment has increased by 25%, inventories are having obsolescence by 10%, while the company's fixed assets are understated by 200,000. Instructions: a. On December 31, 2021, the balance of net assets for Wuna division (including goodwill) amounted to $3.500.000. Company estimates that the present value of net cash flows from Wuna division is $3.350.000. While the fair value less cost to sell is $3.250.000. Prepare the journal entry regarding the situation!