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Question - Basahin Company acquires 75% of Mabuti Company for P480,000 on January 1, 20x8. Mabuti reported capital stock of P325,000 and retained earnings of P275,000 on that day. An equipment with 5-year remaining life was undervalued by P50,000 and buildings with 10-year remaining life were overvalued by P20,000. Any excess consideration transferred over fair value was attributable to goodwill. Based on annual review, goodwill was impaired by P1,000. In 20x8, Mabuti net income is P120,000 and paid dividends of P50,000. How much is full goodwill in December 31, 20x8 consolidated financial statements?
Prepare the adjusting entry for December 31, 2015. Use the straight line method. Compute the interest expense to be reported in the income statement
Aug 30 Received a cheque from Netload Trading for RM350 after deducting RM10 cash discount. Enter the details in a three-column cashbook
Assume information similar to that in Do It! 5-1. That is: On October 5, Lane Company buys merchandise on account from O'Brien Company.
Sam and Teresa decide to go into business selling discounted merchandise through their web site "e-Buy". They sign a partnership agreement that requires Sam to contribute $12,000 and Teresa to contribute $8,000 in capital to start the firm.
Check No. 523 written to a creditor in the amount of $372.90 was recorded in the books as $327.90. Prepare a bank reconciliation as of November 30
From a review of the stockholders' equity section, answer the following questions - What is the par value of the preferred stock
That common stock account or Apple corporation on January 1st 2019 was $37,500. What is the Total Stockholders Equity? What was the Earnings per Share
Now allow Venezuela and the U.S. to trade with each other. Find the equilibrium under free trade. What is the world price? What is the volume of trade?
Within two months of the sale, Bela moved into a new residence she purchased for $700,000. What is Bela's basis in her new residence
Suppose that fixed costs are expected to increase by P10,000 per month and price remains at P30. What is the new break-even point (a) in units and (b) in pesos
You have just won the Strayer Lottery jackpot of $11,000,000. You will be paid in 26 equal annual installments beginning immediately.
Prepare an Unadjusted Trial Balance on the worksheet provided and Record all the necessary balance day adjustments
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