image(11).jpg Brief Exercise 18-12 (Algo) Property dividend [LO18-7]Adams Moving and Storage, a family-owned corporation, declared a property dividendof 1,400 shares of GE common stock that Adams had purchased in February for$49,000 as an investment. GE's shares had a market value of $33 per share on thedeclaration date.Prepare the journal entries to record the property dividend on the declaration andpayment dates.Note: If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.View transaction listJournal entry worksheet<123Record adjustment of stock to fair value.Note: Enter debits before credits.Event1General JournalDebitCreditRecord entryClear entryView general journ

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

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How much is the cost of investment ?
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Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $146,000. On that date, the fair value of the noncontrolling interest was $36,500, and Slice reported retained earnings of $44,000 and had $92,000 of common stock outstanding. Pizza has used the equity method in accounting for its investment in Slice. Trial balance data for the two companies on December 31, 20X5, are as follows: Pizza Slice Corporation Debit $ Products Company Debit $ 82,000 109,000 82,000 164,000 Item Credit Credit 88,000 277,000 82,000 507,000 176, 200 119,000 20,000 10,000 44,000 Cash & Receivables Inventory Land Buildings & Equipment Investment in Slice Products Company Cost of Goods Sold Depreciation Expense Inventory Losses Dividends Declared 44,000 10,000 6,000 22,000 $ 193,000 Accumulated Depreciation Accounts Payable Notes Payable Common Stock 40,000 266,920 285,000 299,000 207,000 32,280 $ 70,000 15,000 155,000 92,000 82,000 105,000 Retained Earnings Sales Income…
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Ch TB MC Qu. 01-16 Borgin Inc, owns 30% of the outstanding... Borgin Inc. owns 30% of the outstanding voting common stock of Burkes Co. and has the ability to significantly influence the investee's operations and decision-making. On January 1, 2021, the balance in the Investment in Burkes Co. account was $402,000. Amortization associated with the purchase of this investment is $8,000 per year. During 2021, Burkes earned income of $108,000 and paid cash dividends of $36,000. Previously in 2020, Burkes had sold inventory costing $28,800 to Borgin for $48,000. All but 25% of this merchandise was consumed by Borgin during 2020. The remainder wos used during the first few weeks of 2021. Additional sales were made to Borgin in 2021; inventory costing $33,600 was transferred at a price of $60,000. Oor this total, 40% was not consumed until 2022. What was the balance in the Investment in Burkes Co. account at the end of 2021?
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7.2 Westwind Corporation purchased 400 common shares of Dudley Inc. for $13,200 on February 21. Westwind paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided to account for them following the cost model. On June 30, Dudley declared and paid a cash dividend of $1.50 per share. Required Prepare Westwind Corporation's journal entries to record The purchase of the investment, The dividends received, and The sale of the Dudley Inc. shares in early January the following year for $15,100 less a 1% commission paid on the sale.
1 16 On January 1, 2024, Clor-Proell Enterprises bought 20% of the outstanding common stock of Chen Construction Company for $600 million cash. Chen's net income for the year ended December 31, 2024, was $300 million. During 2024, Chen declared and paid cash dividends of $60 million. Clor-Proell recorded the investment as follows: points PURCHASE General Journal ($ in millions) Debit Credit Investment in Chen Construction shares Cash 600 600 eBook NET INCOME Investment in Chen Construction shares (20% x $300 million) 60 Investment revenue 60 DIVIDENDS Hint Cash (20% x $60 million) 12 Investment in Chen Construction shares 12 Required: Print References What would be the pretax amounts related to the investment that Clor-Proell would report in its statement of cash flows for the year ended December 31, 2024? Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Cash outflows should be indicated with a minus sign. Operating activities $ 600 Investing activities…
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