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Question - Pedro Corporation owns an 80% interest in Simon Company. In the consolidated financial statements on December 2020, the carrying amount of Simon's net assets if P5,200,000 and the carrying amount of the non-controlling interest in Simon Company (including the non- controlling interest's share of accumulated other comprehensive income) is P400.000. On January 1, 2021, Pedro Corporation decided to sell 50% of their interest in Simon Company to outsiders for cash proceeds of P3,800,000. As a result of this transaction, Pedro Corporation loses control of Simon Company but retains a 40% interest in the former subsidiary valued at P2,000.000. What is the gain in disposal or deconsolidation?
How much is Franco's adjusted basis in the LLC interest after the distribution, and what is the amount of his basis in the equipment received
Show the effects of the previous transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year.
Wages earned by employees but not paid at year-end, $5600. Prepare the necessary adjusting entries in general journal form
Bonita Company borrowed $1,082,890 on March 1 on a 5-year, 13% note to help finance construction of the building. Compute the weighted-average interest rate
Compute the value of this stock with a required return of 11.7 percent
You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department • Explain why adjusting entries are necessary. • Describe the 4 types of adjusting entries, an..
Selling and customer-service costs depend on the number of customers that Stanmore can support, not the actual number of customers it serves.
Given the nominal annual rate of interest compounded semiannually is 8%, find the effective rate of interest per month
on january 1 2012 huber co. sold 12 bonds with a face value of 800000. the bonds mature in five years and interest is
given the following information what is the amount ofnbspnbspmaterials used taken from the material storeroom and
Which of the situations will cause the total debit balance to be greater than the total credit balance? Which is not included in a trial balance?
Penn Inc. needs to borrow $250,000 for the next 6 months. What will be the annual percentage rate, or APR, for this financing interest is discounted
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