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Jaycie Phelps Inc. acquired 30% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2013. The purchase price was $1,360,000 for 54,400 shares. Kulikowski Inc. declared and paid an $0.75 per share cash dividend on June 30 and on December 31, 2014. Kulikowski reported net income of $766,000 for 2014. The fair value of Kulikowski’s stock was $28 per share at December 31, 2014.
a) Prepare the journal entries for Jaycie Phelps Inc. for 2013 and 2014, assuming that Phelps cannot exercise significant influence over Kulikowski. The securities should be classified as available-for-sale.
b) Prepare the journal entries for Jaycie Phelps Inc. for 2013 and 2014, assuming that Phelps can exercise significant influence over Kulikowski.
c) At what amount is the investment in securities reported on the balance sheet under each of these methods at December 31, 2014? What is the total net income reported in 2014 under each of these methods?
Demand curve: When potatoes and butter cost $0.75 and $4 per pound, and an average income of $40,000 per year, At what price does the amount demanded equal 15 billion bushels per year?
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on march 10 2014 no doubt company sells equipment that it purchased for 352800nbspon august 20 2007. it was originally
The adjusted trial balance of Parsons Company at December 31, 2015, includes the following accounts: Common stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, S..
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