Please answer the question on the picturePlease provide a complete solution. Thank youTopic: Consolidation - Date of Acquisition Entity P owns 70,000 shares of Entity S 100,000 shares outstanding, OnDecember 31, 2022 in Entity P's consolidated financial statements, thecarrying value of Entity S net assets is P1,000,000 and the carrying valueof non-controlling interest in subsidiary (including the non-controllinginterest's share of the accumulated other comprehensive income) isP300,000.On January 1, 2023, Entity P decides to sell 50,000 shares in Entity S to athird party in exchange for cash of P800,000. As a result of this transaction,Entity P losses control of Entity S but retains 20% interest, valued atP150,000 on that date.01How much is the gain or loss on disposal of Entity P's share?

Proceeds from disposal Add: Fair value of investment retained Add: Carrying Value of Non…

Answered: gain or loss on disposal of Entity P's…

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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Please Compute the Goodwill on the Acquisition Data. That is all of the Information that is needed for the question Also Please make sure it is correct
Exercises E9.1 (LO 1), AP Writing The following expenditures relating to plant assets were made by Glenn Company during the first 2 months of 2022. Determine cost of plant acquisitions. 1. Paid $7,000 of accrued taxes at the time the plant site was acquired. 2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on a new delivery truck. 4. Paid $21,000 for parking lots and driveways on the new plant site. 5. Paid $250 to have the company name and slogan painted on the new delivery truck. 6. Paid $8,000 for installation of new factory machinery. 7. Paid $900 for a 2-year accident insurance policy on the new delivery truck. 8. Paid $75 motor vehicle license fee on the new truck.
Here are selected 2022 transactions of Marigold Corp.. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $39,600 and had a useful life of 3 years with no salvage value. The computer was sold for $5,600 cash. Sold a delivery truck for $9,000 cash. The truck cost $29,100 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles
Choose the appropriate definition for each term. Term Amortization Useful life Licensing right Least and latest rule Component allocation Fixed asset turnover ratio Depreciable cost Copyright Depreciation schedule Revenue expenditures 2 Definition
-determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building -would the company recognize a gain on the purchase? -record the purchase in a horizontal statements model -record the purchase in general journal format
Choose the appropriate definition for each term. Term Accelerated depreciation Goodwill Patent EBITDA Net book value Fixed assets Straight-line depreciation Residual value Trademark Definition
Explain the accounting issues related to acquiring and valuing plant assets.
Current Attempt in Progress Capital expenditure decisions O are useful for estimating inventory acquisition costs. O always involve the acquisition of long-lived assets. O consist of a final list of approved projects. O all of these answer choices are correct. eTextbook and Media Save for Later
Which of the following costs incurred internally to create an intangible asset is generallyexpensed? a. Research and development costs.b. Filing costs.c. Legal costs.d. All of the above.
a.The importance of strategic asset allocation,b. Three (3) benefits of using this approach,c. Three (3) factors that could affect how assets are allocated.
A. Find Investment Balance 12/31/21 B. Consolidation Worksheet Entries -Prepare Entry *G -Prepare Entry S -Prepare Entry A -Prepare Entry I -Prepare Entry D -Prepare Entry E -Prepare Entry TI -Prepare Entry G

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