Reference no: EM132967695
Question - On January 1, 2019, ATA Company purchased 25% of the ordinary share of Passim Company by issuing 10000 par value $10, and fair market$25, paid direct fees and cost 5000, and indirect 1200 $. On this date, Passim had total owners' equity of $800,000 consisting of $200,000 in ordinary share, $500,000 premium, and $100,000 in retained earnings. Inventory undervalued 15000, equipment undervalued 50,000 with useful life 10 years and building undervalued 60,000 for 20 year. In 31/12/2019 net income was 50000, and dividend 20000, in 31/12/2020income was 70000 dividend 40000.
Required -
1- Prepare table of allocation and amortization at 1/1/2019, 31/12/2019, 31/12/2020?
2- Journalize parent entries from 01/01/2019 until 31/12/2020?
3- Journalize the elimination entry for working paper?
|
Prepare the correcting entries
: A $500 cash payment to the owner, Roch Hébert, was recorded as a debit to Salaries Expense of $500. Prepare the correcting entries
|
|
How do find what is the project npv
: A project has an initial cost of $55,000, expected net cash inflows of $12,000 per year for 9 years, and a cost of capital of 13%. What is the project's NPV?
|
|
How much is the revaluation surplus to be reported
: How much is the revaluation surplus to be reported on the Statement of Financial Position as of Dec. 31, 2025
|
|
Expansion and contraction of international trade
: Analyze How the Expansion and Contraction of International Trade might Affect the Direction of the Indicator (GDP). (500 Words Minimum, Single Space One Page)
|
|
Journalize the elimination entry for working paper
: In 31/12/2019 net income was 50000, and dividend 20000, in 31/12/2020income was 70000 dividend 40000. Journalize the elimination entry for working paper
|
|
Briefly explain the accounting treatment of franchise fee
: The company financial year ends on 31 December each year. Briefly explain the accounting treatment of franchise fee in accordance with MFRS138 Intangible Asset
|
|
Calculate the direct and indirect cost rate per hour
: Calculate the direct and indirect cost rate per hour for 2019 using (a) actual costing; (b) normal costing; and (c) a variation on normal costing
|
|
Which statements represent advice that would give to sharon
: Given the various sources and types of costs in her business, which of the following statements represent advice that you would give to Sharon?
|
|
Which kind the best option of mortgage loan suite
: From your understanding of Mortgage, which kind the best option of mortgage loan suite to En. Hashim in his present situation
|