Ron Problem_20231104_0001

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Problem 2-5 (LO 5, 6, 9) 100% purchase, goodwill, push-down accounting. On March 1, 2015, Collier Enterprises purchases a 100% interest in Robby Corporation for $480,000 cash. Robby Corporation applies push-down accounting principles to account for on the date of acquisiti this acquisition. bas Robby Corporation has the following balance sheet on February 28, 2015: Robby Corporation Balance Sheet February 28, 2015 Liabilities and Equity Assets . $ 60,000 Current liabilities .... 80,000 Bonds payable 40,000 Common stock ($5). . 300,000 Paid-in capital in excess of par (120,000) Retained earnings . 220,000 $ 50,000 100,000 50,000 250,000 70,000 Accounts receivable .. Inventory Land..... .. Buildings.. Accumulated depreciation-buildings .. Equipment .... Accumulated depreciation-equipment . .. (60,000) Total assets.. $ 520,000 Total liabilities and equity ..... $520,000 Collier Enterprises receives an independent appraisal on the fair values of Robby Corpora- tion's assets and…

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Problem #1 Lump-Sum liquidation with Gain on Realization After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2011, the following accounts remained open: Account Balance Account Title Debit Credit Cash P 50,000 Non-cash Assets 2,350,000 Liabilities P 400,000 Arenas, Capital 900,000 Dulay, Capital 500,000 Laurente, Capital 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Required: Prepare a statement of partnership liquidation and entries to record the following: 1. Sale of all non-cash assets. 2. Distribution of gain on realization to the partners. 3. Payment of the liabilities. 4. Distribution of cash to the partners.

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Question 5 On May 31, 2023, Rooney Company paid $2,100,000 to purchase Frances Corporation, which became a division of Rooney. Frances reported the following balance sheet at the time of the acquisition: Current assets Noncurrent assets $ 500,000 1.800.000 Current liabilities Long-term liabilities Stockholders' equity Total liabilities and $ 400,000 300,000 1,600,000 Total assets $2.300.000 $2,300,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Frances was $1,800,000. At December 31, 2023, Frances reports the following balance sheet information: stockholders' equity $ 400,000 1,600,000 Current assets Noncurrent assets (including goodwill recognized in purchase) Current liabilities (500,000) (300,000) Long-term liabilities Net assets $1.200.000 It is determined that the fair market value of the Frances division is $1,250,000 at this time. Instructions a. Compute the amount of goodwill recognized, if any, on May 31, 2023. b.…

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Georgie Shankar sold the following assets during the year ended 30 June 2016: Asset Cost   $ Purchase date Sale Proceeds $ Sale date Shares in Amber Ltd 1,000 20/09/84 32,000 02/08/11 Shares in Janet Ltd 4,500 20/12/88 5,000 03/09/11 Boat 14,400 21/10/06 15,500 13/11/11 Violin 1,200 15/02/07 1,800 20/11/11 Investment property 220,000 20/02/02 350,000 25/01/12 Shares in Angela Ltd 4,000 12/03/03 1,500 03/03/12 Shares in Louise Ltd 2,200 15/10/11 12,000 26/06/12 Required: Calculate Georgie's net capital gain for the year ended 30 June 2016.

N3. Preparing the [I] consolidation entries for sale of land Assume that during 2015 a wholly owned subsidiary sells land that originally cost $540,000 to its parent for a sale price of $600,000. The parent holds the land until it sells the land to an unaffiliated company on December 31, 2019. The parent uses the equity method of pre-consolidation bookkeeping.

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PROBLEM 4: MULTIPLE CHOICE- COMIVinTIUNAL Fact pattern for the next six questions: On Jan. 1, 20x1, Golf Co. acquired P1,000,000 face amount, 10% bonds for P951,963. The principal is due on Jan. 1, 20x4 but interest is due annually. The effective interest rate is 12%. In 20x2, Golf Co. changed its business model for managing financial assets. Golf Co. only reports annually, every Dec. 31. The quoted prices are 103 on Dec. 31, 20x2 and 104 on Jan. 1, 20x3. 1. The bonds are reclassified from amortized cost to FVPL. How much is the gain (loss) on reclassification and where is that amount presented? a. 57,857 in P/L b. (43,292) in OCI c. 15,714 in P/L d. 57,857 in OCI 2. The bonds are reclassified from FVPL to amortized cost. What is the amount of premium or discount to be amortized over 615 the remaining life of the bonds reclassification date? a. 40,000 premium b. 40,000 discount subsequent to the c. 57,857 premium d. 57,857 discount 3 The bonds are reclassified from amortized cost to…

Show the solution in good accounting form Coronation company purchased an entity for 6,000,000 cash on January 31. The book value and fair value of the assets of the acquired entity as of the date of acquisition of follow: Question: What is the good arising from the acquisition? A. 4,450,000 B. 700,000 C. 2,450,000 D. 2,700,000

Preparing the consolidation entries for sale of land Assume that during 2015 a wholly owned subsidiary sells land that originally cost $450,000 to its parent for a sale price of $500,000. The parent holds the land until it sells the land to an unaffiliated company on December 31, 2019. The parent uses the equity method of pre-consolidation bookkeeping a. Prepare the required [] consolidation entry in 2015. Description gain Gain on a Cash b. Prepare the required [] consolidation entry required at the end of each year 2016 through 2018 Description Debit Credit gain Retained earnings Land gain Equityment Gain on sa Debit x 50,000 ✓ L c. Assume that the parent re-sells the land outside of the consolidated group for $525,000 on December 31, 2019. Prepare the journal entry made by the parent to record the sale and the required 3 consolidation entry for 2019. Description Credit 50,000 Debi 525,000 0✔ 0✔ Credit 25,000 0✔ 50,000 Dx DU 25,000x d. What will be the amount of gain reported in the…

What amount of investment income will Pinta record during 20y4 under the equity method of accounting?   A. 12,800 B. 9,200 C. 15,600 D. 3,600

Assume the Chapman Company acquired Abernethy's common stock for $490,000 in cash. As of January 1, 2017, Abernethy's land had a fair value of $90,000, its buildings were valued at $160,000, and its equipment was appraised at $180,000. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018.

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What amount of income will Pinta record during 20y4 under the cost method of accounting?   A.12,800 B. 9,200 C. 15,600 D. 3,600

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Alonzo co. Acquires 3 patents solution this accounting questions