On January 7, 2019, Rey Co., acquired a 35% interest in Joanne Co., for P4,300,000. Rey already held a 20% interest which had been acquired for P1,600,000 which was valued at P1,800,000 at January 7, 2019. The fair value of the identifiable net assets of Joanne Co., was P8,400,000.

Q: I need this question answered in under 30 minutes please. On January 1, 2020, Bactin Corporation…

A: Journal entry It is a record of a business transaction in the business books. In double-entry…

Q: On December 31, 2017, X Company paid $3,600,000 for 100% of the stock of Y Company when Y's…

A: To calculate the amount of goodwill reported on X Company's December 31, 2018 balance sheet, we need…

Q: Focus company accounts for its 10% interest in Bee Company using the cost method. This investment…

A: The carrying amount refers to the amount invested in the associate and its fair value as of the…

Q: On 1 January 2019, Bad Ltd acquired all the assets and liabilities of Wolf Ltd.   Wolf Ltd has…

A: GIVEN     On 1 January 2019, Bad Ltd acquired all the assets and liabilities of Wolf Ltd.   Wolf Ltd…

Q: Radio Corporation acquired End of the World Products on January 1, 2022 for $4,000,000, and recorded…

A: The discrepancy between an asset's carrying amounts and its recovery value is known as an impairment…

Q: 3. On January 1, 2020, Sit Company acquired 75% controlling interest in Stand Co. for P1,000,000. On…

A: The question is related to Consolidated Financial Statements. Required  Compute Goodwill.

Q: Focus company accounts for its 10% interest in Bee Company using the cost method. This investment…

A: The carrying amount of investment on the last date of the period is the sum total of the investment…

Q: Harms acquires Blake on January 1, 2015, for $1,000,000. The amount of $800,000 is assigned to…

A:

Q: Allerton Company acquires all of Deluxe Company’s assets and liabilities for cash on January 1,…

A: The question says to record the Acquisition of Deluxe company . There are two situations :- Cash…

Q: Use the following to answer questions 8 through 10: On May 1, 2021, Jazzie Co. agreed to sell the…

A: SOLUTION-   WORKING NOTE- GAIN ON ASSET  SALE =  ($80 MILLION - $ 48 MILLION)…

Q: On January 10, 2020, Fey Co. acquired a 40% interest in Hana Co. for P4,800,000. Fey already held a…

A: When a company acquires another company, it pays the seller company, and in return, the buyer…

Q: Particulars Inventory Sales Cost of goods sold Operating expenses Amounts

A: In financial accounting, consolidation is defined as a set of statements that presents…

Q: On January 1, 2018, D, Incorporated, paid $88,959 for a 30% interest in S Corporation. This investee…

A: The Equity in income of S Inc. for 2019 is = $21120.

Q: BC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January…

A: solution given Purchase price 40000 Fair value of current assets of XYZ 26000 Fair…

Q: On September 1, 2019, Plant Co. acquired 75% interest in Zombie Co. On this date, Zombie's net…

A: Consolidated profit and loss a/c represents Profit and Loss of Consolidated entity as single entity…

Q: On January 1, 2023, Bactin Corporation acquired 15% of Oakton Company for $116,000. On that date,…

A: Answer:- Journal entry:- It is an entry in the business books that documents a business transaction.…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.