Crestmont Solutions acquired a storage facility in exchange for 10,000 shares of its $10 par common stock. The facility is valued at $300,000 for property tax purposes. Crestmont's stock is actively traded and sells for $28 per share. At what amount should the storage facility be recorded by Crestmont Solutions? a. $280,000 b. $100,000 c. $300,000 d. $280,000
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- Need help with this financial accountingNeed answerOn June 30, 2024, Ericson, Inc. purchased land. In payment for the land, Erickson, Inc. issued 10,000 shares of common stock with a $10 par value. The land had been appraised at a market value of $117,000. The journal entry to record this transaction would be: O Land 100,000 Common Stock-$10 Par Value O Land Common Stock-$10 Par Value Paid-In Capital in Excess of Par-Common O Land Common Stock-$10 Par Value Paid-In Capital in Excess of Par-Common Land Common Stock-$10 Par Value 117,000 137,000 117,000 100,000 100,000 17,000 100.000 37,000 117,000
- Palm Corporation and Staple Company have announced terms of an exchange agreement under which Palm will issue 9,000 shares of its $11 par value common stock to acquire all of Staple Company's assets. Palm shares currently are trading at $55, and Staple $6 par value shares are trading at $19 each. Historical cost and fair value balance sheet data on January 1, 20X2, are as follows: Balance Sheet Item Assets Cash and Receivables Land Buildings and Equipment (net) Total Assets Equities Common Stock Additional Paid-In Capital Retained Earnings Total Equities Palm Corporation Book Value a. Common Stock b. Cash and Receivables c. Land d. Buildings and Equipment (net) e. Goodwill f. Additional paid-In Capital g. Retained Earnings $ 158,000 117,000 307,000 $ 582,000 $ 197,000 18,000 367,000 $ 582,000 Fair Value Amounts $ 158,000 184,000 419,000 $ 761,000 Staple Company Book Value $ 60,000 65,000 163,000 $ 288,000 $ 93,000 8,300 186,700 $ 288,000 Fair Value Required: What amount will be…How much is the cost of investment ?Entity A operates in a hyperinflationary economy. Entity A has the following assets before restatement on December 31, 20x1: Investment in bonds (amortized cost) P700,000 Land 1,000,000. The land was acquired on May 21, 20x0. The general price indices are as follows: May 21, 20x0 100; January 1, 20x1160; Average - 20x2 180; December 31, 20x1 220.What is the restated amount of the Investment in bonds? * Your answer
- Akron, Inc., owns all outstanding stock of Toledo Corporation. Amortization expense of $15,000 per year for patented technology resulted from the original acquisition. For 2018, the companies had the following account balances: Akron ToledoSales . . . . . . .. $1,100,000 $600,000Cost of goods sold 500,000 400,000Operating expenses 400,000 220,000Investment income . . Not given –0–Dividends declared . . .80,000 30,000 Intra-entity sales of $320,000 occurred during 2017 and again in 2018. This merchandise cost $240,000 each year. Of the total transfers, $70,000 was still held on December 31, 2017, with $50,000 unsold on December 31, 2018.a. For consolidation purposes, does the direction of the transfers (upstream or downstream) affect the balances to be reported here?b. Prepare a consolidated income statement for the year ending December 31, 2018.This year, Sigma Inc. generated $662,250 income from its routine business operations. In addition, the corporation sold the following assets, all of which were held for more than 12 months: Initial Sale Price O$ 75,000 41,750 Acc. Basis Depr.* $ 149,600 $ 103,600 Marketable securities Production equipment Business realty: Land Building 82,880 237,000 270,000 247,250 210,500 81,000 *Through date of sale. Required: a. Compute Sigma's taxable income assuming that it used the straight-line method to calculate depreciation on the building and has no nonrecaptured Section 1231 losses. b. Recompute taxable income assuming that Sigma sold the securities for $159,200 rather than $75,000.Question: How much is the total share of Aubrey in the profit for the period?
