Assume that on Dec. 31, 2014, Paul's Investment in Saint Account has a balance of $ 438,000. Paul's 80 % interest in Saint has a fair value of S 468,000. On January 1, 2015, Paul sells all of its Saint shares for $ 450,000. What is the gain/loss on sale? OAS 15000 Loss OBS 12000 Gain OCS 33000 Loss OD.S 33000 Gain

Assume that on Dec. 31, 2014, Paul's Investment in Saint Account has a balance of $ 438,000. Paul's 80 % interest in Saint has a fair value of S 468,000. On January 1, 2015, Paul sells all of its Saint shares for $ 450,000. What is the gain/loss on sale? OAS 15000 Loss OBS 12000 Gain OCS 33000 Loss OD.S 33000 Gain

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Perry acquired 70% of Salt on 1/1/2009 for $420 when Salt's equity consisted of $200 capital stock and S200 retained earnings. Salt's inventory was understated by $50 and building, with a 20 year life, was understated by $100. Any excess is goodwill. T 2009 2010 Perry Salt Perry Salt Separate income $1,250 S705 $1,500 $745 Dividends $600 S280 $600 $300 During 2009, Salt sold goods costing $700 to Perry at a 20% markup. $240 of these goods were in Perry's ending inventory. In 2010, Salt sold goods costing $900 to Perry at a 25% markup and Perry still had $100 on hand at the end of the year.
Parent acquires 80% of Sub for $170,000 on December 31, 2014. In 2015 Sub has net income of $140,000 and paid dividends of $70.000. Amortization of excess fair value over book value for the year was $43,750. What is the Investment in Sub account balance as of December 31, 2015.
answer in detail
Oman Oil Company purchased 1,000 shares of Petroleum Company at OMR 0.100 per share as Available for Sale investment. At the end of the year, Petroleum shares fair value is at OMR 0.200 per share. How will Oman Oil record the gain or loss? a. Cr Other Comprehensive Income OMR 100 b. Dr Other Comprehensive Income OMR 100 c. Dr Loss OMR 100 d. Cr Gain OMR 100
Sew Corporation's stockholders' equity at December 31, 2011 was $4,000,000 in total On January 3, 2012, Sew sells 10,000 shares of previously unissued $100 par common stock to Pan Corporation for $1,400,000. On this date the recorded book values of Sew's assets and liabilities equal their fair values. Goodwill from Pan's investment is Sew at the date of purchase is: $0 $300,000 $50,000 $400,000
Q1. In a group of companies Palo Pic acquired 80% of the shares of Pilo Plc on 1 January, 2012 when Pilo Plc had retained earnings of K16,000. The market price of Pilo's shares just before the date of acquisition was K2.50. Palo Pic values non-controlling interest at fair value not at market value. Good will is not impaired. The statement of financial position of Palo Pic and Pilo Plc at 31 December, 2012 were as follows: Property, plant and equipment Shares in Mix Current assets Share capital - K1 shares Retained earnings Current liabilities Required: PALO PLC 70,000 68,000 128,000 52,000 180.000 100,000 70,000 170,000 10,000 180,000 PILO PLC 60,000 50,000 35,000 85.000 50,000 25.000 75,000 10,000 85,000 b) Using the information in the case study above prepare a consolidated statement of financial position as at 31 December 2012.
B8.
Z acquired a 30% interest in K Cor. K declared $200,000 dividends in 2016 and reported its income for $500,000. T's Investment in K account for 2016 should increase by $---- O a. $90000 O b. $150000 Oc $300000 Od. $200000
please dont provide answer in an image format thank you
L2-4 Awe Company pays CU500,000,000 for a 30% interest in Groy Company on July 1, 19x2 when the book value of Groy Company's net assets equals fair value. Awe Company amortizes any goodwill from this investment over 20 years. Information related to Groy Company is as follows: 31 Desember 19x1 31 Desember 19x2 Share capital, nominal IDR 1,000 Rp600.000.000 Rp600.000.000 Retained earning 400.000.000 500.000.000 Total Shareholders' Equity 1.000.000.000 1.100.000.000 Net profit earned during the year 19x2 200.000.000 Dividend for the year 19x2 (paid on March 1 of Rp. 50,000,000 and September 1 of Rp. 50,000,000) 100.000.000 Required: calculate Awe Company's revenue from Groy Company for the year 19x2
None
answer quickly