Additional Information: 1) On January 20, 2019, Bracker issued 10,000 shares of its common stock for land having a fair value of $215,000. 2) On February 05, 2019, Bracker re-issued all of its treasury stock for $44,000. 3) On May 15, 2019, Bracker paid a $58,000 cash dividend on its common stock. 4) On August 08, 2019, Bracker purchased equipment for $127,000. 5) On September 30, 2019, Bracker sold equipment for $40,000. The equipment cost $62,000 and had a carrying value of $34,000 on the date of sale. 6) On December 15, 2019, Dorie paid a cash dividend of $50,000 on its common stock. 7) Bracker recognized a goodwill impairment loss of $3,000 in 2019. 8) Deferred income taxes represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight line method for financial reporting {: } 9) 2019 Net income: Consolidated Net Income of $231,000 and Dorie Corporation of $110,000 10) Bracker owns 70 percent of its subsidiary, Dorie. No change in the ownership interest in Dorie occurred during 2018 and 2019. No intercompany transactions occurred other than the dividends paid to Bracker by its subsidiary.

Additional Information: 1) On January 20, 2019, Bracker issued 10,000 shares of its common stock for land having a fair value of $215,000. 2) On February 05, 2019, Bracker re-issued all of its treasury stock for $44,000. 3) On May 15, 2019, Bracker paid a $58,000 cash dividend on its common stock. 4) On August 08, 2019, Bracker purchased equipment for $127,000. 5) On September 30, 2019, Bracker sold equipment for $40,000. The equipment cost $62,000 and had a carrying value of $34,000 on the date of sale. 6) On December 15, 2019, Dorie paid a cash dividend of $50,000 on its common stock. 7) Bracker recognized a goodwill impairment loss of $3,000 in 2019. 8) Deferred income taxes represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight line method for financial reporting {: } 9) 2019 Net income: Consolidated Net Income of $231,000 and Dorie Corporation of $110,000 10) Bracker owns 70 percent of its subsidiary, Dorie. No change in the ownership interest in Dorie occurred during 2018 and 2019. No intercompany transactions occurred other than the dividends paid to Bracker by its subsidiary.

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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What does the vertical analysis reveal on ABC Corporation in terms of Statement of Financial Position
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