Prepare the journal entries for sandhill inc

Assignment Help Managerial Accounting
Reference no: EM133088078

Question - Sandhill Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,320,800 for 50,800 shares. Kulikowski Inc. declared and paid an $0.90 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $755,000 for 2021. The fair value of Kulikowski's stock was $29 per share at December 31, 2021.

(a) Prepare the journal entries for Sandhill Inc. for 2020 and 2021, assuming that Sandhill cannot exercise significant influence over Kulikowski.

(b) Prepare the journal entries for Sandhill Inc. for 2020 and 2021, assuming that Sandhill can exercise significant influence over Kulikowski.

Reference no: EM133088078

Questions Cloud

Determine the gain or loss on this retirement : Question - Michael Company issued 8% bonds with a par value of $1,000,000, receiving a $20,000 premium. Determine the gain or loss on this retirement
Difference between strategic planning and budgeting systems : Question - Explain the difference between strategic planning and budgeting systems. What are the two factors that impact the forecast of budget
Describe the character-based ethical approach : Describe the difference between a legal contract and moral obligation and Describe the character-based ethical approach. Which is your preferred virtue
Compute pronghorn earnings per share : During 2020, Pronghorn had outstanding 300,000 shares of common stock. Compute Pronghorn's 2020 earnings per share
Prepare the journal entries for sandhill inc : Prepare the journal entries for Sandhill Inc. for 2020 and 2021, assuming that Sandhill cannot exercise significant influence over Kulikowski
Compute the estimated gross profit : Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period
How many hours of inspection are expected for coming year : Suppose that the activity rate for inspecting products is £25 per inspection hour. How many hours of inspection are expected for the coming year
Discuss the benefits of adopting ethical theories : Discuss the benefits of adopting ethical theories for guidance with ethical decision making and Which is your preferred approach? Why? How does Mill's views
How internal audit department can assist board of directors : Explain how the internal audit department can assist the board of directors in the adherence of good corporate governance practice

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Corporate social responsibility and sustainability

We addressed the balanced scorecard, as well as corporate social responsibility and sustainability.

  Determine the amount of the loss

Determine the amount of the loss that would be recognized on the sale of the existing branch site

  What was the total amount of manufacturing costs

What was the total amount of manufacturing costs assigned to those units that were completed and transferred out of the process in September

  Find the cost that Plaza is studying can best be described

When volume increased by 15%, the cost totaled $80,500 (i.e., $2.80 per unit). Find the cost that Plaza is studying can best be described

  Calculate the amount of substitution and income effects

What is the new utility maximizing quantity of X and Y following the increase in the price of X? Calculate the amount of substitution and income effects.

  What the balance in caitlin capital account

The partnership's capital balances are Caitlin, $120,000; Chris, $80,000; and Molly, $100,000. What the balance in Caitlin capital account

  What was the accounts receivable turnover for alda ltd

Cost of goods sold was $382,500 and the gross margin was 15 per cent. All sales are made on credit. What was the accounts receivable turnover?

  What saving to company of locating inside foreign trade zone

About 14% of the materials are defective and disposed of as waste. What is the savings to the company of locating inside a foreign trade zone?

  What is the most that om should pay for happy

Additional revenue of $8 million, $6 million of cost saving and $1.5 million of severance payments. What is the most that OM should pay for Happy

  What do prefer most - job costing or process costing

What do you prefer most: job costing or process costing. Include examples as you explain the reasons for your preference. Provide the suitable example.

  Find for adelphi company the fy cost of goods sold

Adelphi Company uses absorption costing. Use this information to determine for Adelphi Company the FY 2018 Cost of Goods Sold.

  Demonstrate the book value per share of common stock

How do Determine the book value per share of Common Stock as of end of the FY 2018. At fiscal year end, December 31, 2018

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd