number 2 only thanks 13. Jeffrey Company bought 20% of Cooper Corporation's ordinary shares on January 1, 2021 for11,400,000. Carrying amount of Cooper's net assets at purchase date totaled 50,000,000. Fairvalue and carrying amounts were the same for all items except for plant and inventory, for whichfair values exceed their carrying amounts by 10,000,000 and 2,000,000 respectively. The planthas a 5-year life. All inventory was sold during 2021. During 2021, Cooper reported profit of30,000,000 and paid a 10,000,000 cash dividend.Based on the above information, answer the following:1. What amount should Jeffrey report as net income related to this investment in 2021?a. 5,200,000b. 6,200,000c. 5,400,000d. 4,200,0002. The carrying amount of Investment in Cooper Corporation as of December 31, 2021a 14,600,000b. 14,800,000c. 13,600,000d. 15,600,000

Solution: Particulars Amount Cost of Investment 11,400,000 Add: Share of Net Income…

11,400,000. Carrying amount of Cooper's net assets at purchase date totaled 50, value and carrying amounts were the same for all items except for plant and inven fair values exceed their carrying amounts by 10,000,000 and 2,000,000 respective has a 5-year life. All inventory was sold during 2021. During 2021, Cooper rep 30,000,000 and paid a 10,000,000 cash dividend. Based on the above information, answer the following: 1. What amount should Jeffrey report as net income related to this investment in a. 5,200,000 b. 6,200,000 c. 5,400,000 d. 4,200,000 2. The carrying amount of Investment in Cooper Corporation as of December 31, a. 14,600,00 b. 14,800,000

11,400,000. Carrying amount of Cooper's net assets at purchase date totaled 50, value and carrying amounts were the same for all items except for plant and inven fair values exceed their carrying amounts by 10,000,000 and 2,000,000 respective has a 5-year life. All inventory was sold during 2021. During 2021, Cooper rep 30,000,000 and paid a 10,000,000 cash dividend. Based on the above information, answer the following: 1. What amount should Jeffrey report as net income related to this investment in a. 5,200,000 b. 6,200,000 c. 5,400,000 d. 4,200,000 2. The carrying amount of Investment in Cooper Corporation as of December 31, a. 14,600,00 b. 14,800,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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