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The following balances were taken from the records of S Company:
P Company purchased 25% of S Company's common stock on January 1, 2011 for $300,000 for cash. The difference between implied value and book value is attributable to fixed assets with a remaining useful life on January 1, 2011 of ten years.
P can exert significant influence over S.
Required:
A. What is the journal entry to record the purchase of S Company?
B. What is the differential on the transaction?
C. What journal entries will P record for S's activity in 2011
On January 1, 2001, raw materials inventory included direct materials with a cost of $20,000. During the year, the firm purchased direct materials costing $50,000. At year-end, the account included direct materials, with a cost of $5,000.
orasco company is considering purchasing new equipment for 450000. it is expected that the equipment will produce net
Prepare the journal entry to record the bond issuance by Ryan on January 1, 2011.
the mancusco company uses a flexible budget and standard costs to aid planning and control of its machining
mri company has one employee. fica social security taxes are 6.20 of the first 106800 paid to its employee and fica
The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars):
Briefly explain why the owners investment and revenuesincreased owner's equity, while withdrawals and expenses decreasedowner's equity.
from records available in various offices of baraga county you find the following information about changes in
HD determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. HD made no estimated tax payments during 2011. What amount should HD report as income tax expense in its 2011 income statement?
lang enterprises was started when it acquired 4000 cash from creditors and 6000 from owners. the company immediately
express dining inc. edi is a food delivery service which connects consumers with several restaurants. customers call
Explain how a parent-subsidiary controlled group differs from an affiliated controlled group. Develop examples of each to illustrate the differences.
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