Solve both questions otherwise leave it... please explanationDo not give answer in image 12. Hamilton, Inc obtained 100% of Tommy Company's common stock on January,2015, by issuing 20,000 shares of $4 par value common stock. Hamilton shares had a$25 per share fair value. On that date, Tommy reported a net book value of $400,000.However, its plan asset (with a 4 year useful life) was undervalued by $100,000.The following figures came from the accounting records of these two companies as12/31/15.Tommy700,0001,000,000600,000450,000200,000100,000What does Hamilton's investment in Tommy account show on December 31, 2015 whenthe Equity method is applied?A) $500,000B) $650,000C) $625,000D) $750,000HamiltonRevenuesExpensesDividends paid13. For purposes of testing goodwill impairment, the appropriate level of testing is at the:A) Consolidated entity levelB) Operating unit levelC) Subsidiary company levelD) Reporting unit level

Under the equity method, the investment account begins with the initial cost and is then adjusted…

Dividends paid 200,000 100,000 What does Hamilton's investment in Tommy account show on December 31, 2015 when the Equity method is applied? A) $500,000 B) $650,000 C) $625,000 D) $750,000 13. For purposes of testing goodwill impairment, the appropriate level of testing is at the: A) Consolidated entity level B) Operating unit level C) Subsidiary company level D) Reporting unit level

Dividends paid 200,000 100,000 What does Hamilton's investment in Tommy account show on December 31, 2015 when the Equity method is applied? A) $500,000 B) $650,000 C) $625,000 D) $750,000 13. For purposes of testing goodwill impairment, the appropriate level of testing is at the: A) Consolidated entity level B) Operating unit level C) Subsidiary company level D) Reporting unit level

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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