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Question: Consolidation entries at date of acquisition (purchase price greater than book value)
A parent company exchanges 12,000 shares of its $2 par value common stock, with a fair value of $9/share, for all of the shares owned by the subsidiary's shareholders. On the acquisition date, the subsidiary reported $30,000 of contributed capital (i.e., common stock) and $45,000 of Retained Earnings. An examination of the subsidiary's balance sheet revealed that book values were equal to fair values for all assets except for PPE (net), which has a book value of $40,000 and a fair value of $73,000.
a. Prepare the entry that the parent makes to record the investment.
b. Prepare the [E] and [A] consolidation entries.
Sunny Coast Enterprises (B). Sunny Coast Enterprises has been approached by a factor that offers to purchase the Hong Kong Media Imports receivable at a 16%.
Kettle goods company has a unit selling price of 500 $, variable cost per unit $ 300 and fixed costs of $170,000. Compute the break even point in units and in sales dollars.
on april 21 killarny enterprises acquired a large tract of land from mcswain corporation. killarny issues 1400 shares
Nora elects not to take additional first-year depreciation. Determine the cost recovery recapture and the cost recovery deduction for 2012.
Prepare the October bank reconciliation for Omega Lawn Service. Record the relevant journal entries to bring the company's records up to date
Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.
Long Corporation is a fabric manufacturing company.
Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and recording, through the reporting process. ..
casual comfort textiles corporation began january with a budget for 30000 hours of production in the weaving
a machine costing 257500 with a four-year life and an estimated 20000 salvage value is installed in luther companys
Suppose that assets and costs maintain a constant ratio to sales. What is the total external financing needed if sales increase 25%
When will the goodwill be written off under the impairment rules?
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