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Problem 1: On January 1, 2021, Saturday Co. acquires 80% of the outstanding voting shares of Sunny Co. Sunny's identifiable assets and liabilitie4s have fair value of P 3,400,000 and P 1,700,000, respectively. Relevant information follows: · Saturday Co. agrees to pay Sunny's former owners P 2,000,000 cash, half of which is to be paid on January 1, 2021, while the other half will be paid in five equal annual installments starting December 31, 20x1. The current market rate of interest on January 1, 2021 is 12% · Saturday also agrees to provide a technical know-how to be used in Sunny's operations after the business combination. The technical know-how has a fair value of P 200,000. · Saturday opts to measure the non-controlling interest at the NCI's proportionate share in Sunny's net identifiable assets. How much is the goodwill (gain on bargain purchase)?
Toys R US generates EBIT of $5 million each year and also has no growth opportunities. How much money can Toys R Us save in present value terms by accepting the merger agreement if we assume a 10% cost of capital?
Adjustment for Prepaid Expense - Journalize the adjusting entry required at the end of the year assuming the amount of supplies on hand is $1,375
Examine the role of attributions in our social world. What are attributions, and how do we use them in our daily lives? Discuss the differences between internal and external attributions and describe the fundamental attribution error.
the following data has been taken from air-tite company in its first year of business. units produced 100000 units
Question - How do these fit into a statement of cash flows (indirect method)? The company received $518,000 from new bank loans during the year
You are required to prepare a preliminary client evaluation report to the senior partners of your auditing firm. This report will be used to determine whether or not the auditing firm should consider tendering for the audit of a well-known bank.
The stock subscription agreement states that Effie, thus, forfeits its payments and is entitled to no other future consideration. How should Narda record
Concord Corporation began operations on January 1, 2017. Prepare 2020 retained earnings statement for Concord Corporation
Flagstaff Corporation's capital structure, Preapre 2020 multi-step income statement; include EPS. and also determine 2020 retained earnings statement.
owe manufacturing co. produces a single product g. budgeted amounts for the coming year are as follows sales 120000
What amount should Loft include in inventory at year-end, if it uses the total of the inventory to apply the lower of cost or market
How does assuming that operating activity occurs within a relevant range affect cost-volume-profit analysis?
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