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- On September 1, 2023, Pin acquires all of Skin's shares, by issuing 15,000 shares of common stock. The following information is related to Pin & Skin at December 31, 2023. Pin $420,000 Net Income evenly distributed during the year 2023 O a. $8.0 O b. $7.0 O c. $9.0 O d. $10.0 60,000 # of outstanding shares 20,000 Calculate the consolidated earnings per share (EPS) for the year ended December 31, 2023. A Skin $150,000Sunland Company owns 17200 of the 43000 outstanding shares of Carla Vista, Inc. common stock. During 2025, Carla Vista earns $1080000 and pays cash dividends of $870000. If the beginning balance in the investment account was $690000, the balance at December 31, 2025 is O $690000. O $1122000. O $774000. O $900000.On September 1, 2023, Pin acquires all of Skin's shares, by issuing 15,000 shares of common stock. The following information is related to Pin & Skin at December 31, 2023. 2023 a. $9.0 O b. $8.0 c. $10.0 @d. $7.0 x Pin $420,000 Skin $150,000 Net Income evenly distributed during the year 60.000 20,000 # of outstanding shares Calculate the consolidated earnings per share (EPS) for the year ended December 31, 2023.
- 16. ABC Corp holds 1,000 shares of XYZ Corp.'s shares since 2019. The following are data available at Dec 31, 2020: Cost per share P3.00 Transaction cost per share (upon acquisition) P1 Most recent transaction price per share P2 Transaction cost per share (current) P.50 If ABC classified these shares as held for trading. How much was the initial carrying amount? 2,000 2,500 3,000 4,000Benevolent Company had the following transactions: 2020 Aug. 1Purchased 1,000 shares of Star Company for P60,000. Oct. 1Purchased 8,000 shares of Star Company for P560,000. 2021 July 1Purchased 6,000 shares of Star Company for P480,000. Oct. 1Sold 5,000 shares of Star Company for P500,000. Use FIFO. 2022 Feb. 1Received 50% share dividend.Nov. 1Received share rights to purchase one new share at P60 for every 5rights tendered. On this date, the right is quoted at P10. Dec. 1Sold all share rights at P15 per right. Required:a.Prepare journal entries to record the transactions using average and FIFO. The share rights are accounted forseparately1. On January 3, 2020, Castle Corporation purchased the following equity securities as an investment: Number of Cost of Total Company Shares Share $20 Cost $ 8,000 24,000 600 ,7ב 400 2,000 800 B 12 22 These securities are classified as available for sale. Required: a. Prepare the journal entry to record the acquisition of the stock. b. On June 30, 2020, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Castle to record the dividend receipt. c. On December 31, 2020, the market values per share were: Company Market Value A $22 B 12 20 Prepare any journal entry or entries necessary to record these changes in market value. d. On March 14, 2021, Castle sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.
- The Timog Corporation bought the shares of Luna Company classified as equity investments at fair value through other comprehensive income, as follows: April 17, 2022 1,000 shares at P84 July 16, 2022 2,000 shares at P90 Market value per share of Luna Company shares at December 31, 2022 was P92. The following were the transactions for 2023: January 10 Received cash dividend at P4 per share. June 20 Received 5% bonus issue. December 10 Sold 1,200 shares at P105 per share. How much is the total dividend revenue for the year 2023? (А) Р13,800 (В) Р12,000 C P25,800 (D POIn 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVPL, how much is the unrealized gain in 2021?In 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVOCI, how much is the net effect on retained earnings in 2022?
- The Shareholders’ Equity of Purple Corporation showed the following: Ordinary Share capital, P 10 par, 900,000 shares issued P9,000,000; Ordinary Share Premium P2,700,000; Retained Earnings P1,300,000. On January 2, 2019, the corporation purchased and retired 100,000 shares of its share capital for P 1,800,000. a. In preparing the journal entry for this transaction, is there an indicated gain or indicated loss? b. how much is the indicated gain (loss)? If your answer is an indicated loss, put a parenthesis. c. how much will be credited to Cash? d. how much will be debited to Ordinary Share Premium??On December 31, 2022, Akron, Incorporated, purchased 5 percent of Zip Company's common shares on the open market in exchange for $16,250. On December 31, 2023, Akron, Incorporated, acquires an additional 25 percent of Zip Company's outstanding common stock for $95,000. During the next two years, the following information is available for Zip Company: Year 2022 2023 2024 Income $ 82,000 94,000 Dividends Common Stock Fair Declared Value (12/31) $ 325,000 190,000 477,000 $ 7,400 14,800 At December 31, 2023, Zip reports a net book value of $294,000. Akron attributed any excess of its 30 percent share of Zip's fair over book value to its share of Zip's franchise agreements. The franchise agreements had a remaining life of 10 years at December 31, 2023. a1. Equity income a2. Investment in Zip account b1. Reported income b2. Investment in Zip account Required: a. Assume Akron applies the equity method to its Investment in Zip account: 1. What amount of equity income should Akron report for…The Ludel Company acquired the net assets of the Girl Conrad Company on January 1, 2018, and made the following entry to record the purchases:Current assets P100,000Equipment 150,000Land 50,000Buildings 300,000Goodwill 100,000Liabilities 80,000Common stock, P1 par 100,000Paid-in capital in excess of par 520,0001. Assuming that additional shares on January 1, 2020 would be issued on that date to compensate for any fall in the value of Ludel common stock below P16 per share. The settlement would be to cure the deficiency by issuing added shares based on their fair value on January 1, 2020. The fair price of the shares on January 1, 2020 was P10.What is the additional number of shares issued on January 1, 2020 to compensate for any fall in the value of the stock? a. 60,000b. 100,000c. 10,000d. 160,000 2. The Jonnie Company owns 75% of the Junior Company. On December 31, 2020, the last day of the accounting period, Junior sold to Jonnie a non-current asset for P200,000. The asset…
