HELP On January 1, 2020, Hawk Corp acquires 100% of Feather Inc in a statutory merger. At the acquisitiondate, the following were the book values and fair values of fixed assets of these two companies:Company Book Value Fair ValueHawk Corp $880,000 $910,000Feather Inc $270,000 $350,000Required:a. What is consolidated fixed assets under the acquisition method?b. What is consolidated fixed assets under the purchase method?c. What is consolidated fixed assets under the pooling of interest method?

Provided Data:CompanyBook ValueFair ValueHawk Corp$880,000$910,000Feather Inc$270,000$350,000 Step…

Answered: On January 1, 2020, Hawk Corp acquires…

Cornerstones of Financial Accounting

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ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

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Problem 30E

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On January 1, 2010 Hand acquires 100% of Finger in a statutory merger. At acquisition date the following were the book values and fair values of fixed assets of these two companies: Book Value. Fair Value Hand 900,000 800,000 Finger 200,000 300,000 a. What is consolidated fixed assets under the acquisition method b. What is consolidated fixed assets under the purchase method c.What is consolidated fixed assets under the pooling of interests method thank you
The book values and fair values of fixed assets of these two companies
Calculate fixed assets
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On January 1, 2023, Novak Corporation, a public company following IFRS, acquired 15,900 of the 53,000 outstanding common shares of Noah Corp. for $22 per share. Noah's statement of financial position reported the following information at the date of the acquisition: Assets not subject to depreciation $289,800 Assets subject to depreciation 860,100 Liabilities 150,100 Additional information: 1. On the acquisition date, the fair value is the same as the carrying amount for the assets that are not subject to depreciation and for the liabilities. 2. 3. 4. On the acquisition date, the fair value of the assets that are subject to depreciation is $964,100. These assets had a remaining useful life of eight years at that time. Noah reported 2023 net income of $104,000 and paid dividends of $5,000 in December 2023. Noah's shares are not actively traded on the stock exchange, but Novak has determined that they have a fair value of $21 per share on December 31, 2023. (a) Your answer is partially…
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On January 2, 2020, Waterway Company acquired 90% of the outstanding common stock of Oriole Company for $549,000 cash. Just before the acquisition, the balance sheets of the two companies were as follows: Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Land Total Assets Accounts Payable Mortgage Payable Common Stock, $2 par value Other Contributed Capital Retained Earnings Total Equities Waterway $600,000 345,000 295,000 995,000 180,000 1,050,000 580,000 Oriole 303,000 $155,000 $2,415,000 74,000 $2,415,000 $770,000 168,000 $312,000 $134,000 170,000 275,000 98,000 115,000 210,000 60,000 251,000 $770,000 The fair values of Oriole's assets and liabilities are equal to their book values with the exception of land.
Fixed assets of financial
On January 1, 2023, Flounder Corporation, a public company following IFRS, acquired 17,400 of the 58,000 outstanding common shares of Noah Corp. for $27 per share. Noah's statement of financial position reported the following information at the date of the acquisition: Assets not subject to depreciation $287,800 Assets subject to depreciation 863,600 Liabilities 148,600 Additional information: 1. On the acquisition date, the fair value is the same as the carrying amount for the assets that are not subject to depreciation and for the liabilities. 2. 3. 4. On the acquisition date, the fair value of the assets that are subject to depreciation is $957,600. These assets had a remaining useful life of eight years at that time. Noah reported 2023 net income of $94,000 and paid dividends of $4,500 in December 2023. Noah's shares are not actively traded on the stock exchange, but Flounder has determined that they have a fair value of $25 per share on December 31, 2023. (a) Prepare the journal…
On January 1, 2020, Pfizer Corp. acquired 80% of Vaxx Corp's common stock for P160,000 cash. The fair value of the non-controlling interest at the date was determined to be P40,000. Data from the balance sheets of the two companies included the following accounts as of the date of acquisition: • On the date of the business combination, the book values of Vaxx Corp's net assets and liabilities approximated fair value except for inventory, which has a fair value of P45,000, and land, which had a fair value of P60,000. (using full goodwill approach).
Use the following to answer questions 8 through 10: On May 1, 2021, Jazzie Co. agreed to sell the assets of its Mister Division to Shawna Inc. for $80 million. The sale was completed on December 31, 2021. Jazzie’s year ends on December 31st. The following additional facts pertain to the transaction: The Mister Division qualifies as a component of an entity as defined by GAAP. Mister's net assets totaled $48 million on Jazzie's books at the time of the sale. Mister incurred a pre-tax operating loss of $10 million in 2021. Jazzie’s income tax rate is 40%. In the 2021 income statement for Jazzie Co., they would report after tax income from discontinued operations of: Group of answer choices $9.2 million. $13.2 million. $22 million. $26 million.

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