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Problem - On July 1, 2013, Kilearn Company acquired 88,000 of the outstanding shares of Shaun Company for $13 per share. This acquisition gave Killearn as 25 percent ownership of Shaun and allowed Killearn to significantly influence the investee's decisions. As of Jul 1, 2013, the investee had assets with a book value of $3 million and liabilities of $74,400. At the time, Shaun held equipment appraised at $364,000 above book value; it was considered to have a 7-year remaining life with no salvage value. Shaun also held a copyright with a 5-year remaining life on its books that was undervalued by $972,000. Any remaining excess cost was attributable to goodwill. Depreciation and amortization are computed using the straight0line method. Killearn applied the equity method for its investment in Shaun. Shaun's policy is to declare and pay $1 per share cash dividend ever April 1 and Oct 1. Shaun's income, earned evenly throughout each year, was $598,000 in 2013, $639,600 in 2014 and $692, 400 in 2015. In addition, Killearn sold inventory costing $91,200 to Shaun for $152,000 during 2014. Shaun resold $92,000 of this inventoy during 2014 and the remaining $60,000 during 2015.
Required - Determine the equity income to be recognized by Killearn during each of these years.
armstrong inc. uses a flexible budget. armstrong produced 16100 units in may incurring direct materials cost of 20769.
Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal
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michael just graduated from college and has his first job. his salary is that of an entry-level employee so he has to
If DF sells three Masoline for each Aldernite, how much would production and contribution margin increase if the molding department could buy 9,000 more pounds.
I really want to understand how to work this problem out from start to finish. It is a short term gain of 200 dollars.
When recording a Sales Return in MYOB, which of the following tax codes is most appropriate
A common (but imprecise) way of stating the third law of thermodynamics is "You can't reach absolute zero." Discuss how the third law, as stated in Section 3.2, puts limits on how Iowa temperature can be attained by various refrigeration technique..
suppose you are a management consultant and a client asks you the advantages and disadvantages of using standard costs
Where can authoritative iGAAP be found related to the various disclosure issues discussed in the chapter?
On May 1, 2010, a company purchased a new machine which it does not have to pay for until May 1, 2012. The total payment on May 1, 2012 will include both principal and interest. Assuming interest at 10% rate, the cost of the machine would be the t..
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