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Question - Put Company paid $220,000 for an 80% interest in Sel Company on July 1, 2011, when Sel Company had total equity of $110,000. Sel Company reported earnings of $10,000 for 2011 and declared dividends of $8,000 on November 1, 2011.
REQUIRED: Give the entries to record these facts on the books of Put Company:
1. Assuming that Put Company uses the cost method of accounting for its subsidiaries.
2. Assuming that Put Company uses the equity method of accounting for its subsidiaries. (Any difference between investment cost and book value acquired is to be assigned to equipment and amortized over a 10-year period.)
On 1 July 2015 Kruger Ltd privately issues $1 million in six-year debentures, which pay interest each six months at a coupon rate of 6 per cent per annum.
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sandor manufacturing inc.s accounting records reflect the following inventoriesdec. 31 2013dec. 31 2014raw materials
Leppard Corporation sells DVD players. The corporation also offers its customers a 2-year warranty contract. During 2012, Leppard sold 20,000 warranty contracts at $103.80 each.
HA3032 AUDITING AND ASSURANCE SERVICES INDIVIDUAL ASSIGNMENT. List and discuss several inherent risk factors that would have contributed
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