Reference no: EM132651764
Problem - Sydney Ltd acquired 90% of the shares (cum div.) of Tasmania Ltd on 1 July 2018 for $470 000. At this date, the equity of Tasmania Ltd consisted of:
Share capital $240,000
Asset revaluation surplus 60,000
Retained earnings 160,000
At acquisition date all the identifiable assets and liabilities of Tasmania Ltd were recorded at amounts equal to fair value. Tasmania Ltd had recorded a dividend payable of $20,000, which was paid in August 2018, and goodwill of $12,000.
At 30 June 2019, the equity of Tasmania Lid consisted of:
Share capital $240,000
Asset revaluation surplus 80,000
Retained earnings 220,000
During the 2019-20-year Tasmania Ltd recorded a profit of $100,000.
Required - Prepare the consolidated worksheet entries at 30 June 2020 for Sydney Ltd using the partial goodwill method.
|
Calculate the amount of gross profit reported
: Retained Earnings $41,000 (at January 1, 2029). Calculate the amount of gross profit reported by A9-jY Corporation in its 2029 income statement
|
|
What amount should luzon company recognize
: Without the warrants the bonds are selling at P2,078,000. What amount should Luzon Company recognize as value of the share warrants?
|
|
Examples from both traditional and indigenous religions
: Explain what a myth is and provide examples from both traditional and indigenous religions.
|
|
What amount should be reported as current liability in dec
: Principal payment was made on October 1, 2017. What amount should be reported as current liability in the December 31, 2017 balance sheet?
|
|
Prepare the consolidated worksheet entries at June
: Tasmania Ltd had recorded a dividend payable of $20,000, Prepare the consolidated worksheet entries at 30 June 2020 for Sydney Ltd
|
|
Did imperial sugar employ in its response to the disaster
: On February 7, 2008, there was a large explosion at an Imperial Sugar refinery in Port Wentworth, Georgia. Fourteen people were killed and dozens more were.
|
|
Determine mastery of identified standards
: Your summative assessment should be designed to determine mastery of identified standards.
|
|
Prepare journal entry required to record sale of algeria inc
: Prepare the adjusting entry, if any, required as of December 31, 2019 to properly value the current portfolio of equity securities.
|
|
Explain the implications of the differences on the actions
: Post a brief description of your agency. Describe at least three distinctions in how the leadership perspective might differ from either the change or advocacy.
|