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1.On January 1, 2013, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $300 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2013, was $150 million. During 2013, Lake declared and paid cash dividends of $30 million. The buildings have a remaining life of 10 years.Required:1. Prepare all appropriate journal entries related to the investment during 2013, assuming Cameron accounts for this investment by the equity method.2. Determine the amounts to be reported by Cameron:a. As an investment in Cameron's 2013 balance sheet.b. As investment revenue in the income statement.c. Among investing activities in the statement of cash flows.
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daba company manufactures two products product f and product g. the company expects to produce and sell 1420 units of
Garcia's incremental borrowing rate is 12% and the interest rate implicit in the lease agreement is 10% (this is known to Garcia). Both Graves and Garcia use straight-line depreciation and have December 31 fiscal year-ends. Describe how Graves cal..
The company pays for 40% of its purchases in the month of purchase and 60% in the month following purchase. What would be the budgeted cash disbursements for purchases of inventory in December?
When a corporation distributes property to its shareholders, it: A) may recognize either gain or loss. B) may recognize gain, but never a loss. C) may recognize a loss, but never a gain
heathrow issues 1700000 of 8 15-year bonds dated january 1 2011 that pay interest semiannually on june 30 and december
If you were to send your top managers to these countries, what type of cultural shock should they expect? How would you help them alleviate this stress? Provide a few examples from each country.
net cash flow is the difference between a firms operating cash flow and its financing cash flow. is the difference
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The company does not break overhead into fixed and variable components. The bases for allocation are: power-machine hours, general factory-square feet, and personnel-number of employees. 1. Allocate the overhead costs to the producing departments ..
Determine the equivalent units of production for materials and conversion costs by compiling the "Quantity Schedule and Equivalent Units" portion of the production report.
Rubin provided an allowance of $250 to a customer because the goods were delivered after the promised date. The customer had paid cash at the time of the sale, so Rubin paid the $250 allowance in cash.
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