On January 2, Yorkshire Company acquired 38% of the outstanding stock of Fain Company for $380,000. For the year ended December 31, Fain Company earned income of $99,000 and paid dividends of $30,000. Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.

Q: On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date, the…

A: The question is related to the Consolidation. The details are as under  ABC Company Share in XYZ  =…

Q: On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky…

A: NC interest in net income is determined based on the adjusted net income of the subsidiary entity.…

Q: On January 1, year 1, DEF Company purchased 80% of the stock of UVW for P4,000,000 cash. Prior to…

A: GIVEN   On January 1, year 1, DEF Company purchased 80% of the stock of UVW for P4,000,000 cash.…

Q: On May 20, Montero Company paid $180,000 to acquire 55 shares (9%) of ORD Corporation as a long-term…

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Q: At the beginning of the current year, Disgust Company purchased 30,000 shares of an investee's…

A: Solution:- 1)Preparation of journal entries to record the transactions for the current year as…

Q: Duday Corporation incurred the following transactions relating to investment in Efren Corporation…

A: Unrealized gain = Fair value of shares - Sale price of shares=P 192- P190=P2 per share   Amount of…

Q: On January 1, Year 5, Pic Company acquired 7,500 ordinary shares of Sic Company for $726,000. On…

A: Consolidated profit is the combined profits of either all the divisions of the firm or all the…

Q: On January 1 of the current year, Yellow Company purchased 40% of the outstanding ordinary shares of…

A: Reported income: The investor's portion of the joint venture's earnings and losses is included in…

Q: At the beginning of current year, Disgust Company purchased 30,000 shares of an investee's 200,000…

A: Investment income refers to the income earned by a person or business entity on the investments made…

Q: On January 1, 20X4, ABC Company acquired 100,000 ordinary shares of XYZ Company for P5,000,000. At…

A:

Q: Ayayai Corporation purchased 300 common shares of Sigma Inc. for trading purposes for $9,300 on…

A: Purchases of 300 shares for $9300 i.e.$31per share

Q: Draft Co. purchased 14,00 shares of Hamburg Corporation's 40,000 shares of common stock on January.…

A: Introduction Investment in common stock: Investments are the assets representing company’s right to…

Q: Ramiro Company purchased 40% of the outstanding stock of Marco Company on January 1. Marco reported…

A: Investment: It is an asset or item which is purchased and held to generate income or for…

Q: On January 15 of the current year, Thomas Company purchased 2,800 shares of Dillon Company at a…

A: The income ( loss ) is the difference between the total sales price and the total cost of the…

Q: On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain Company for $600,000.…

A: Entry to record the purchase of stock.

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Q: On January 1, 20X7, Phillips Corporation acquired 35 percent of the outstanding shares of Shell…

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Q: On May 20, Montero Co. paid $150,000 to acquire 30 shares (4%) of ORD Corp. as a long-term…

A: An acquisition is when a company purchases most of another company's shares.

Q: Presented below are two independent Ivanhoe Inc. acquired 10% of the 403,000 shares of common stock…

A: Date Particulars Debit Credit June 17, 2022 Available for sale securities (403000*10) $4,030,000…

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Q: On January 4, Year 1, Ferguson Company purchased 168,000 shares of Silva Company directly from one…

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Q: On January 1 of the current year, Yellow Company purchased 40% of the outstanding ordinary shares of…

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Q: On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky…

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Q: On January 1, Year 4, Grant Corporation bought 10,000 (80%) of the outstanding common shares of Lee…

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Q: On Jan 1, 20X8, Banawe Company purchased 80% of the outstanding shares of Malate Company at a cost…

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Q: On January 2, Dundar Mifflin acquired 30% of the outstanding stock of Steve & Company for $105,000.…

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Q: On July 1, 20x6 TRUST Company purchased 80% of the outstanding shares of DUREX Company at a cost of…

A: Trust purchased 80% of Doodle company     At cost   $   1,600,000.00   Net assets of Doodle…

Q: On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky…

A: Consolidated net income is the sum or consolidation of the net income of parent company and its…

Q: On Jan 1, 20X8, Banawe Company purchased 80% of the outstanding shares of Malate Company at a cost…

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Q: Ramiro Company purchased 40% of the outstanding stock of Marco Company on January 1. Marco reported…

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Q: On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky…

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Q: On January 1, Puckett Company paid $1.6 million for 50,000 shares of Harrison’s voting common stock,…

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Q: On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky…

A: Consolidated financial statements are the financial statements of a group consisting of multiple…

Q: On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky…

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Q: On January 1, Tasty Foods purchased 10,000 shares (100%) of Eco-Safe Packaging’s voting stock for…

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Q: On January 2, Dundar Mifflin acquired 30% of the outstanding stock of Steve & Company for $105,000.…

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Q: At the beginning of the current year, WWW Company purchased 10% of RRR Company's outstanding…

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Q: On January 1, 20x2, Pfieter Company purchased 80 percent of the outstanding shares of Sedrosky…

A: Given, Acquiring percentage = 80%

Q: Inn Corporation had 30,000 ordinary shares of NPA Company which it acquired during Year 2 for a…

A: Answer -    Working Note : December 31, Year 2 ledger balance (30,000 shares x 65)…

Q: On January 1, 20x1, ABASE Co. purchased 20,000 out of the 100,000 total outstanding shares of…

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Q: Earth Inc. purchased 13,500 of the common shares of Moon Inc. on January 1, Year 2 for $310,500.…

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Q: On January 2, Yorkshire Company acquired 31% of the outstanding stock of Fain Company for $280,000.…

A:

Q: On January 1 of the current year, Philips Company, an investor, held 10,000 shares of Sunshine…

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.