Make the journal entries for the pre-acquisition stage

Assignment Help Accounting Basics
Reference no: EM132620527

Question - Train Ltd acquired 60% of Engine Ltd for a cost of $345,600, when the equity of Engine Ltd consisted of:

Share Capital $80,000

General Reserve $4,000

Retained Earnings $4,000

All the identifiable assets and liabilities of Engine Ltd were recorded at fair value except for the following:

Carrying Amount Fair Value

Equipment (cost $500,000) $360,000 $400,000

Inventory $80,000 $100,000

Required - Make the journal entries for the pre-acquisition stage (i.e., Stage 1) of recording the Non-Controlling Interest (NCI) using the partial goodwill method.

Reference no: EM132620527

Questions Cloud

Calculate the Profitability Index for each project : Suppose you are analyzing two proposed projects that have Br. 1,062,500 (Project A). Calculate the Profitability Index for each project
Problem with Wickard v. Filburn : Why do some people have a problem with Wickard v. Filburn? How is the case related to the Commerce Clause?
How do criminal justice professionals measure crime : How do criminal justice professionals measure crime? What are their methods? What, in your opinion, are the strengths and weaknesses of each of these methods,
Government has actually undergone changes at each level : Although people believe that the government has grown substantially, the government has actually undergone changes at each level.
Make the journal entries for the pre-acquisition stage : Make the journal entries for the pre-acquisition stage (i.e., Stage 1) of recording the Non-Controlling Interest (NCI) using the partial goodwill method
Ethics In Criminal Justice : Explain how ethics provides a foundation and framework for how discretionary power is used on the job in the world of criminal justice.
What depreciation method to be use : Question - Write a recommendation letter for a company on what depreciation method to be use. Also state why other methods would not be appropriate
Criminal justice professionals measure crime : How do criminal justice professionals measure crime? What are their methods?
Learning about offenders characteristics : Learning about offenders' characteristics helps with cases. Why is the relationship between a person's characteristics and how a crime was committed important?

Reviews

Write a Review

Accounting Basics Questions & Answers

  The normal selling price is 1775 per unit the companys

glade company produces a single product. the costs of producing and selling a single unit of this product at the

  Discuss what type of lease is this for the lessor

Title to the trailers will pass to Rowlands at the end of the lease. What type of lease is this for the lessor? Discuss

  Describe the effects damage estimates

Describe the effects damage estimates would have on the financial statements of a corporation and a partnership

  Discuss what is the product cost per bicycle

What is the product cost per bicycle if the company uses absorption costing

  Journalize the entry

Question - Otis Company accumulates the following adjustment data at December 31. Journalize the entry

  Explain expenditures as an asset or an expense

Explain how you would decide whether to record each of the following expenditures as an asset or an expense. Assume all items are material.

  Compute cost allocation rates

What amount of the computer department's fixed costs will be allocated to the civil and family law divisions, respectively

  Is it financially attractive to pay the bills early

A supplier has offered your company a 1% discount for all bills that are paid 15 days after they are billed. The bills would normally be due 45 days.

  Cindy age 40 and don age 39 cowen are married dons 17 year

cindy age 40 and don age 39 cowen are married. dons 17 year old son from a former marriage lives with them. they also

  Compute the times interest earned ratio

Comparative financial statements for Weller Corporation, a merchandising company, Compute following financial ratios for this year: Times interest earned ratio

  Montgomery amp co a well established law firm provided 520

montgomery amp co. a well established law firm provided 520 hours of its time to fink corporation in exchange for 1000

  What is the cost of goods manufactured for july

During July, the direct labor cost was $43,500, raw materials purchases were $64,000, and the total overhead cost was $108,750.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd