ADV. ACCT CONNECT STAND ALONE
13th Edition
ISBN: 9781266295744
Author: Hoyle
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 2, Problem 18P
On its acquisition-date consolidated
- a. $130,000
- b. $210,000
- c. $260,000
- d. $510,000
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
At the time of acquisition X & Y Co., stock issue expected cost expenses OMR 48,000. Finally, acquisition cost was OMR 64,000. How much will record in the income statement.
Select one:
a. OMR 48,000
b. OMR 64,000
c. OMR 16,000
d. OMR 112,000
1. What is the gain on remeasurement to equity to be recognized for 2021?a. 1,500,000b. 4,500,000c. 2,250,000d. 0
2. What is the goodwill arising from the acquisition on January 1, 2021?a. 2,250,000b. 1,250,000c. 1,350,000d. 350,000
3. What is the carrying amount of the investment in associate on December 31, 2021?a. 11,250,000b. 11,800,000c. 12,000,000d. 14,300,000
based on the information in the picture, In the consolidated statement of comprehensive income for the year ended December 31, 2021, how much is the consolidated net income attributable to the controlling interest?
a. 1,980,000
b. 1,860,000
c. 1,830,000
d. 1,760,000
Chapter 2 Solutions
ADV. ACCT CONNECT STAND ALONE
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
- Using the proportionate basis or partial goodwill method, compute the consolidated retained earnings on January 1.A. P 48,000 C. P 84,900B. P52,100 D. P 89,000arrow_forwardAfter the business combination on the basis of full-goodwill approach, what amount of consolidated retained earnings will be reported? a. P295,000 b. P268,000 c. P232,000 d. P205,000arrow_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_forward
- What amount will be shown on the July 1, 20X1, consolidated balance sheet for the following: Total equity Now assume this transaction had been completed prior to the elimination of poolings of interest, and that the pooling method had been used to record the acquisition. Redo requirements 1 and 2: Total assets Total liabilities Total equityarrow_forward3. C purchases 80 percent of D. At the date of acquisition, D has revenue of P250,000 and expenses of P170,000. What amount of pre-acquisition earnings will be created on the consolidated income statement at the acquisition date?arrow_forwardWhat is the amount of pre-acquisition earnings on the acquisition date consolidated income statement if the parent acquires 90 percent of the subsidiary’s stock and the following income statement accounts exist at the acquisition date? Parent Subsidiary Sales P250,000 P60,000 Cost of Goods Sold 120,000 12,000 Depreciation Expense 10,000 5,000 Operating Expenses 40,000 8,000 Income Tax Expense 32,000 14,000 2. Using the same information in No. 1, what is the imputed value of a subsidiary if the parent pays P56,000 for 80 percent of the subsidiary’s stock? Use the following information for question 3 and 4: Marksman acquired 100 percent of Tribal Transit for P275,000. At the date of acquisition, Fast Transit…arrow_forward
- 4. 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_forward4. What is the amount of pre-acquisition earnings on the acquisition date consolidated income statement if the parent acquires 90 percent of the subsidiary's stock and the following income statement accounts exist at the acquisition date? Parent Subsidiary Sales P250,000 P60,000 Cost of Goods Sold 120,000 12,000 Depreciation Expense 10,000 5,000 Operating Expenses 40,000 8,000 Income Tax Expense 32,000 14,000 5. Using the same information in No. 4, what is the imputed value of a subsidiary if the parent pays P56.000 for 80 percent of the subsidiary's stock?arrow_forwardon 1/1/2019 X CO acquired 80% of Y common stock for $150,000 in the same day the y net assets was $ 140,000 ,in the same date the fair value of assets and liabilities were equal .year ended 31/12/2019 y reported income $50,000 , declared dividend $30,000 , X using cost methods what is investment balance on 31/12/2019 Select one: a. 166,000 b. 177,000 c. 200,000 d. 150,000arrow_forward
- Part A Determine the amount of goodwill at the acquisition date. Part B Determine the following numbers from the consolidated income statement for the year ending December 31, Year 11 Sales Dividend, investment income, and gains Cost of goods sold Other expenses Income tax expense Profit Non-controlling interest Part C Calculate the consolidated retained earnings at December 31, Year 11. The consolidated retained earnings is Part D Determine the following numbers from the consolidated balance sheet at December 31, Year 11 Cash and current receivables Inventories Deferred income tax asset Goodwill Plant and equipment Accumulated depreciation Land Current liabilities Deferred tax liability Long-term liabilities Ordinary shares Non-controlling interestarrow_forward1. S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the “Investment in F” account on S’s financial records at the acquisition date?arrow_forward1. S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the “Investment in F” account on S’s financial records at the acquisition date? 2. What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet elimination?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License