Brighton Corp. paid $3,600,000 to acquire all common stock of Vertex Inc. on January 1, 2023. Vertex's reported earnings for 2023 were $540,000, and it paid $150,000 in dividends. The amortization of allocations related to the investment was $36,000. Brighton's net income, excluding the investment, was $4,260,000, and it paid dividends of $1,200,000. What is the consolidated net income for 2023?
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- Scott Company paid $2.800,000 to acquire all of the common stock of Dawn Corporation on January 1, 2023. Dawn's mported eanings for 2023 totaled $512.000 and it $160,000 in dividends during the year. The amortization of allocations related to the investment was $28.000. Scott's net income not including the investment, was $3.310.000 and it paid dividends of $950,000. What is the amount of consolidated net income for the year 2023? O $3,150.000 O $3.282.000 O $3.310.000 O $3,794,000 O $3.822.000On January 1, 2024, Hokie Company paid $200,000 to purchase 25% of Cavalier Company. This investment allowed Hokie Company to hold significant influence over Cavalier's operations. Cavalier reported total 2024 net income of $40,000, other comprehensive income of $3,000, and dividends of $8,000. The fair value of Hokie's investment in Cavalier Company at 12/31/2024 was $220,000. Based on the above information, use the dropdown lists to answer the following questions: 1. The investment balance at 12/31/2024 is: $212,750 2. The equity income balance on the income statement for the year ended 12/31/2024 is: $10,000 3. The equity income balance in other comprehensive income for the year ended 12/31/2024 is: 750Vaughn Inc. acquired all of the outstanding common stock of Roberts Co. on January 1, 2020, for $276,000. Annual amortization of $21,000 resulted from this acquisition. Vaughn reported net income of $80,000 in 2020 and $60,000 in 2021 and paid $24,000 in dividends each year. Roberts reported net income of $50,000 in 2020 and $57,000 in 2021 and paid $12,000 in dividends each year. What is the Investment in Roberts Co. balance on Vaughn's books as of December 31, 2021, if the equity method has been applied?
- On January 1, 2027, Kasson Company acquired 40% of IJK Company's common stock for $183,000. Kasson Company's December 31, 2027 balance sheet reported an Investment in IJK Company with a $216,780 balance. At December 31, 2028, Kasson Company sold one-fourth of its investment in IJK Company. Kasson Company reported a gain on the sale of the investment of $7,745. IJK Company reported net income and paid dividends as follows: 2028 $136,000 $ 16,000 2027 Net income Total dividends paid $12,000 Calculate the selling price of the investment sold on December 31, 2028.On November 1, 2021, Romblon Company invested in P600,000 in equity securities representing 20,000 ordinary shares of Coke Company. The investment was designated as equity investments at fair value through profit or loss since the company intends to sell the security for a short-term profit. On December 31, 2021, this investment had a market value of P580,000. On January 15, 2022, Romblon sold the investment for P630,000. What amount of realized gain should Romblon recognized on the disposal of the investments?S16-9 On January 6, 2023, Ling Corp. paid $5,000,000 for its 40 percent investment in True World Inc. Assume that on December 31 that same year, True World earned net income of $1,800,000 and paid cash dividends of $800,000. What method should Ling Corp. use to account for the investment in True World Inc.? Give your reason. Ignore any brokerage commission expenses. Post to the Investment in True World Inc. Common Shares T- account. What is its balance after all the transactions are posted? Journalize these three transactions on the books of Ling Corp. Include an explanation for each entry.
- On January 2, 2025, Cullumber Company purchased 20% of the outstanding common stock of Blossom, Inc. and subsequently used the equity method to account for the investment. During 2025, Blossom reported net income of $1380000 and distributed dividends of $600000. The ending balance in the Investment in Cullumber account at December 31, 2025 was $1020000 after applying the equity method during 2025. What purchase price did Cullumber pay for its investment in Blossom, Inc.? O $1176000 O $624000 O $1416000 O $864000Early in its 2023 fiscal year (December 31 year end). Whispering Winds Company purchased 10,700 Kenyon Corporation common shares for $26.18 per share, plus $1,800 in brokerage commissions. These securities were accounted for at FV-OCI (with no recycling). and transaction costs were capitalized. In September, Kenyon declared and paid a dividend of $1.02 per share, and on December 31. 2023, the fair value of these shares was $290,505. On April 13, 2024, Whispering Winds sold all the Kenyon shares at a price of $28.10 each, incurring $1.925 in brokerage commissions on the sale. (a) Prepare the entry to record the purchase of the Kenyon shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit CreditSwifty Corporation has income from continuing operations of $319,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $58,800 on available-for-sale securities. 2. A gain of $25,300 on the discontinuance of a division (comprised of a $8,200 loss from operations and a $33,500 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate.Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. SWIFTY CORPORATIONPartial Income Statementchoose the accounting period select an income statement item $enter a dollar amount select an income statement item select an income statement item…
- At the beginning of 2022, CPA Company purchased 20% of ACCA Corp’s ordinary shares outstanding for P3,000,000. Transaction cost incurred is 10% of the purchase price of the shares. at the data of acquisition, the carrying amount of the identifiable net assets were equal to their fair values. During 2022, the investee reported net income of 3,500,000 and paid cash dividend of P2,000,000. In 2023, Oriental reported loss of P500,000 and issued 10% stock dividends a. Investment Income for 2022 b. Carrying Amount of the investment in Associate on December 31, 2022 c. Investment Loss in 2023?Vaughn Incorporated acquired all of the outstanding common stock of Roberts Company on January 1, 2023, for $276,000. Annual amortization of $21,000 resulted from this acquisition. Vaughn reported net income of $80,000 in 2023 and $60,000 in 2024 and paid $24,000 in dividends each year. Roberts reported net income of $50,000 in 2023 and $57,000 in 2024 and paid $12,000 in dividends each year. What is the Investment in Roberts Company balance on Vaughn's books as of December 31, 2024, if the partial equity method has been applied? Multiple Choice $317,000 is Incorrect $326,000 $359,000 $368,000 $383,000 please answer do not image.Riverbed Corp has income from continuing operations of $394,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $57,800 on available-for-sale securities. 2. A gain of $24,400 on the discontinuance of a division (comprised of a $5,900 loss from operations and a $30,300 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate.Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. RIVERBED CORPPartial Income Statementchoose the accounting period select an income statement item $enter a dollar amount select an income statement item select an income statement item…