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Several years ago Polar Inc. purchased an 80% interest in Icecap Co. The book values of Icecap's asset and liability accounts at that time were considered to be equal to their fair values. Polar paid an amount corresponding to the underlying book value of Icecap so that no allocations or goodwill resulted from the purchase price.
The following selected account balances were from the individual financial records of these two companies as of December 31, 2009:
consolidation
Polar sold a building to Icecap on January 1, 2008 for $112,000, although the book value of this asset was only $70,000 on that date. The building had a five-year remaining useful life and was to be depreciated using the straight-line method with no salvage value.
Required:
On the consolidated financial statements for 2009, determine the balances that would appear for the following accounts:
1. Buildings (net),
2. Operating expenses
3. Non-controlling Interest in Subsidiary's Net Income
Under the terms of his salary agreement, president Juan Rivera has an option of receiving either an immediate bonus of $40,000, or a deferred bonus of $75,000 payable in 10 years.
The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: Prepare journal entries for transactions.
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A detailed analysis and evaluation of company'ssolvency , liquidity and profitability position. Develop common-sized income statements for most recent two years, and comment on items which you deem important.
Identify whether each transaction below is an operating, investing or financing activity. Assume the indirect method.
Charlotte sold her unincorporated business for $360,000 in 2008. The sales contract allocated $150,000 to equipment, $110,000 to land, and $100,000 to goodwill.
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