Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - On 1 July 2019, Gant Ltd purchased 35% of the shares of Cold Ltd at a cost of $98,000. Gant Ltd does not control Cold Ltd but does have significant influence. The carrying amounts of Cold Ltd's net assets (at fair value) at date of acquisition and subsequent balance dates were as follows:
Equity
1/7/2019
30/6/2020
30/6/2021
Share capital
215,000
Revaluation reserve
10,000
12,000
Retained earnings
55,000
150,000
200,000
On 25 September 2019, Gant Ltd paid a final dividend of $30,000 from profits that existed at date of acquisition. On 5 June 2021 Cold Ltd paid a final dividend of $25,000 from current period profits. No other dividends have been paid.
Required -
1. Prepare the journal entries required by Gant Ltd relating to its Investment in Cold Ltd for the period from 1 July 2019 to 30 June 2021.
2. Show the journal entry(s) and explain how Gant Ltd would record the Investment in Cold Ltd under the Equity method as at 1 July 2019 if the purchase consideration had been $127,000.
Hanson Company (see BE10-2) borrowed $1,000,000 on March 1 on a 5-year, 12% note to help finance construction of the building.
a consolidated balance sheet reports the financial position of two or more legal entities just as if they were one
agazzi company purchased equipment for 396625 on october 1 2012. it is estimated that the equipment will have a useful
Journalize the adjusting entry needed on December 31, the company's year-end, for each of the independent cases affecting Huff Telecommunications
What type of account is Cash? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense
Compose a post of one to two paragraphs for your assigned topic,
All sales are on account. Credit sales for November 2010 are $300,000; Prepare Sunday Starr's cash budget for January and February in columnar format
mars car company has a capital structure made up of 40 debt and 60 equity and a tax rate of 30. a new issue of 1000 par
Prepare a profit statement for Sparky Electrical Services that highlights the profitability/ performance of the three business units
At January 1, 2017, Vaughn Company reported retained earnings of $2,056,000. Calculating a 2017 retained earnings statement for Vaughn Company
slim corp. requires a minimum 8000 cash balance. if necessary loans are taken to meet this requirement at a cost of 1
Cost of goods sold is expected to be 75% of sales. Prepare the budgeted multiple-step income statement for June through gross profit
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd