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Royce Co. acquired 60% of Park Co. for $420,000 on December 31, 2010 when Park's book value was $560,000. The Royce stock was not actively traded. On the date of acquisition, Park had equipment (with a ten-year life) that was undervalued in the financial records by $140,000. One year later, the following selected figures were reported by the two companies. Additionally, no dividends have been paid. What is consolidated net income for 2011 attributable to Royce's controlling interest?
What is the noncontrolling interest's share of the subsidiary's net income for the year ended December 31, 2011 and what is the ending balance of the noncontrolling interest in the subsidiary at December 31, 2011?
Purpose journal entries to record each of the transactions above. Evaluate the carrying amount of each asset category at the end of 2009?
What post implementation and feedback mechanisms would you have in place to evaluate the effectiveness of the process? What measures would you use?
What discount (interest rate) factor did you use to discount future dollars to today's dollars and why? There is no right or wrong answer and even actuaries have to adjust their numbers annually at times.
Evaluate the amount of gross profit or loss to be recognized in each of the three years using the completed contract technique.
Corbin has a $15,000 basis in his 50% ownership in an S corporation and lent the corporation $5,000 last year. The corporation has $30,000 of other debt. This year the corporation reported a $100,000 loss. How much of this loss may Corbin deduct?
Briefly show the accounting treatment of purchased goodwill. Briefly describe impairment concept in relation to intangible assets, with reference to relevant accounting standards
Use the expanded accounting equation to compute the missing quantity.
Administrative and Selling expenses
The S corporation has $400000 of investment income and $400000 of investment expense in 2011. The company makes cash distributions to enable its sole shareholder to pay her taxes. Illustrate what are tax aspects to consider?
What will be reported on government-wide financial statements in connection with this gift and how does the answer to need (a) change if the government decides to depreciate this asset over a 10-year period using straight-line depreciation?
A gift tax of $2,800 was paid by the aunt. Barbara sold the stock in the following year for $29,000. What is Barbara’s basis in the property for the sale.
Compute the unit contribution margin for each product. Determine which product should be produced in priority, given the labor constraint, and explain why.
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