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On January 1, 2009, Nichols Company acquired 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock. The consideration transferred by Nichols was $1,200,000 for the common and $124,000 for the preferred. Any excess acquisition-date fair value over book value is considered goodwill. The capital structure of Smith immediately prior to the acquisition is: Common Stock, $10 par value (50,000 shares outstanding) = 500,000 Preferred Stock, 6% cumulative, $100 par (3,000 shares outstanding) = 300,000 Additional Paid-In Capital = 200,000 Retained Earnings = 500,000 Total Stockholders Equity = 1,500,000 (A) Compute the goodwill recognized in consolidation (the answer is $310,000) (B) Computer the non-controlling interest in Smith at the date of acquisition (the answer is 486,000) (C) If Smith's net income is $100,000 in the year following the acquisition, what is the non-controlling interest balance (the answer is 27,000) Please show every step of calculations
Winfrey Co.'s March 31 inventory of raw materials is $ 150,0000. Raw materials purchases in April are $ 400,000, and factory payroll cost in April $220,000.
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Reading and understanding an organization's financial statements and accurately interpreting the information provided therein is an integral part of financial management. By analyzing and presenting on Arcadia Hospital's financial statements, stud..
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A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
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the face amount of the bonds. Green had a basis of $120,000 in the land. What are the tax consequences of this land transfer to Green Corporation and to Orange Corporation?
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