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On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $70,776. Calvin Co. has one recorded asset, a specialized production machine with a book value of $19,400 and no liabilities. The fair value of the machine is $105,400, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin’s total acquisition date fair value is $117,960. At the end of the year, Calvin reports the following in its financial statements: Revenues $ 73,650 Machine $ 17,460 Common stock $ 19,400 Expenses 33,150 Other assets 37,440 Retained earnings 35,500 Net income $ 40,500 Total assets $ 54,900 Total equity $ 54,900 Dividends paid $ 5,000 Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin’s machine (net of accumulated depreciation), and the process trade secret.
it certainly is nice to see that small variance on the income statement after all the trouble weve had lately in
during the present year kim incurs the subsequent expenses with respect to her beach front condominium in hawaii...
Warner co has budgeting fixed overhead of $150,000. Practical capacity is 6000 units and budgeted production is 5000 units. During February 4,800 units were produced and 155,600 was spent on fixed overhead. What is the unexpected (unplanned) capacity..
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