ADVANCED ACCOUNTING(LL) W/CONNECT
13th Edition
ISBN: 9781260282382
Author: Hoyle
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2, Problem 16P
To determine
Find the amount which Company T record as patented technology (net).
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
6. Tulip Company purchased the net assets of another entity for
P2,000,000. On the sate of the transaction, the acquire had
P800,000 of liabilities
The assets of the acquiree at fair value were $1,900,000 for current
assets and P1,600,000 for noncurrent assets.
What is the amount of gain on bargain purchase?
a. P 700,000
b. P-700,000
c. P 800,000
d. P-800,000
What amount of consolidated goodwill would be recognized from this acquisition?
Multiple Choice
O
$49,800.
O $46,200.
о
$43,800.
O $45,000.
After the business combination on the basis of full-goodwill approach, what amount of liabilities will be reported?
a. P265,000
b. P436,500
c. P622,000
d. P701,500
Chapter 2 Solutions
ADVANCED ACCOUNTING(LL) W/CONNECT
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - What does the term consolidated financial...Ch. 2 - Within the consolidation process, what is the...Ch. 2 - Prob. 5QCh. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Which of the following does not represent a...Ch. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - An acquired entity has a long-term operating lease...Ch. 2 - When does gain recognition accompany a business...Ch. 2 - Prob. 8PCh. 2 - Prob. 9PCh. 2 - Prob. 10PCh. 2 - On June 1, Cline Co. paid 800,000 cash for all of...Ch. 2 - On May 1, Donovan Company reported the following...Ch. 2 - Prob. 13PCh. 2 - Prob. 14PCh. 2 - Prob. 15PCh. 2 - Prob. 16PCh. 2 - On its acquisition-date consolidated balance...Ch. 2 - On its acquisition-date consolidated balance...Ch. 2 - Problems 19 and 20 are based on the following...Ch. 2 - In the December 31, 2017, consolidated balance...Ch. 2 - Prob. 21PCh. 2 - The following book and fair values were available...Ch. 2 - Prob. 23PCh. 2 - Prob. 24PCh. 2 - Prob. 25PCh. 2 - Prob. 26PCh. 2 - Prob. 27PCh. 2 - Prob. 28PCh. 2 - Prob. 29PCh. 2 - Prob. 30PCh. 2 - Prob. 31PCh. 2 - SafeData Corporation has the following account...Ch. 2 - Prob. 33PCh. 2 - Prob. 34PCh. 2 - Prob. 35APACh. 2 - On February 1, Piscina Corporation completed a...Ch. 2 - Prob. 37APBCh. 2 - Prob. 38APBCh. 2 - Prob. 1DYSCh. 2 - Prob. 2DYSCh. 2 - Prob. 3DYSCh. 2 - Prob. 4DYS
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 1. From the data below, determine the goodwill/gain on acquisition? 2. From the data below, determine the total assets of Play Corporation after the acquisition? 3. From the data below, determine the total liabilities of Play Corporation after the acquisition?arrow_forwardHere are the pre-acquisition balance sheets of POP Company and Sicle Company onDecember 31, 20x5:Pop Co. Sicle Co.Book Value Book Value Market ValuesCurrent assets P 5,000,000 P 2,000,000 P 1,500,000Investments 1,000,000 500,000 500,000Land 10,000,000 5,000,000 6,000,000Buildings (net) 40,000,000 25,000,000 16,000,000Equipment (net) 25,000,000 10,000,000 2,000,000Total assets P 81,000,000 P 42,500,000Current liabilities P 4,000,000 P 1,500,000 1,500,000Long-term liabilities 20,000,000 10,000,000 12,000,000Common stocks, P10par 5,000,000 1,000,000Additional paid-incapital 40,000,000 20,000,000Retained earnings 12,000,000 10,000,000Total liabilities &equity P 81,000,000 P 42,500,000In addition to the above Sicle Co. has identifiable tangibles with a fair value of P5,000,000not recognize on its book but appropriately capitalize by Pop.On January 1, 20x6 Pop issues 400,000 shares of its stock, with a par value of P10/share anda market value of 100/share, to acquire Sicle Company’s…arrow_forward4. An entity acquired an investment in equity instrument for P800,000 on 31 March 2020. The direct acquisition costs incurred were P140,000. On 31 December 2020 the fair value of the instrument was P1,100,000 and the transaction costs that would be incurred on sale were estimated at P120,000. If the investment is designated as FA@FVTOCI, what gain would be recognized in the financial statements for the year ended 31 December 2020? Group of answer choices Nil P40,000 P160,000 P420,000arrow_forward
- Do a to h with proper explanation 1. Assume the following data apply shortly after Python Co. acquires Snakes Co.: P Co. (000s) 450 S Co. (000s) Assets 200 Liabilities 250 125 CS 75 35 APIC/OCC 75 30 RE 50 10 P asset s have a fair value = 435k; S' identifiable assets have a P acquires 80% of S's outstanding voting S' assets include pre-acquisition fair value = 300k. stock for $160k cash. Goodwill of 20k, and P's assets (and S' liabilities) reflect a Loan P has made to S for 10k. The DOA consolidated Balance Sheet should show (hint:: your B/S should balance: a+b-c=d+e+f+g) : a. identifiable assets b. Goodwill (algebraic) liabilities C. d. Common Stock e. АPIC/ОСС f. RE g. Noncontrolling interest h. Differentialarrow_forwardIf PROMDI Co., a new company would acquire the net assets of CARDO Co and SYANO Co. PROMDI Co will be issuing 30,000 shares to CARDO and 12,000 shares to SYANO. The following is the balance sheet of PROMDI Co, followed by the fair values and additional unpaid costs incurred by PROMDI in the acquisition: REQUIREMENTS:A. GoodwillB. Consolidated Total Assets at the date of acquisitionC. Consolidated Total Liabilities at the date of acquisitionD. Consolidated Equity at the date of acquisitionarrow_forwardSey PROBLEM 2-3 Condensed Statements of Financial Position of Love Corp. and You Corp. as of December 31, 2021 are as follows: Current assets Noncurrent assets Liabilities Ordinary shares, P20 par Share premium Retained earnings Love P175,000 725,000 65,000 550,000 35,000 250,000 You P65,000 425,000 35,000 300,000 25,000 130,000 On January 1, 2022, Love Corp. issued 35,000 shares with a market value of P25/share for the assets and liabilities of You Corp.arrow_forward
- 38. Determining post-acquisition accounting for AAP from footnote disclosure Pfizer acquired Wyeth in 2009 for approximately $68 billion. Its acquisition footnote reveals the follow- ing assignment of fair values: Amounts Recognized as of Acquisition Date (in millions) Working capital, excluding inventories ... Inventories .. $16,342 8,388 Property, plant and equipment . Identifiable intangible assets, excluding in-process research and development In-process research and development.. Other noncurrent assets.. Long-term debt.. Benefit obligations . Net tax accounts... Other noncurrent liabilities 10,054 37,595 14,918 2,394 (11,187) (3,211) (24,773) (1,908) .... Total identifiable net assets Goodwill ... $48,612 .... 19,954 Net assets acquired . $68,566 Describe the post-acquisition accounting for each of the accounts listed in the fair value assignment disclosure above.arrow_forwardIf the value implied by the purchase price of an acquired company exceeds the fair values of identifiable net assets, the excess should be * accounted for as goodwill. allocated to gain on acquisition allocated to reduce current and long- lived assets. O allocated to reduce long-lived assets. RCo iccuod 6 000 shares of itsarrow_forwardAfter the business combination on the basis of full-goodwill approach, what amount of total assets will be reported? (Use only the given information) a. P1,081,000 b. P1,121,000 c. P1,196,500 d. P1,231,500arrow_forward
- Show the solution in good accounting form Coronation company purchased an entity for 6,000,000 cash on January 31. The book value and fair value of the assets of the acquired entity as of the date of acquisition of follow: Question: What is the good arising from the acquisition? A. 4,450,000 B. 700,000 C. 2,450,000 D. 2,700,000arrow_forwardIf the company's assets in TL: cash 100.000, accounts receivable 50.000, inventory 150.000, and building 200.000 (market value 300.000) and the liabilities 300.000. If the price paid to acquire company 400.000 TL, how much is the goodwill under market value approach? Select one: a. 100.000 b. 300.000 c. 200.000 d. 150.000arrow_forwardParent purchases the net assets of Sub for P3,168,000. What is the total assets of Parent after the combination? A. 7,254,000 B. 9,181,600 C. 8,113,600 D. 7,354,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning