Parent acquired Sub on January 1, 2023. You were given the following information for the Unadjusted partial IncomeStatements for Parent Inc. and Sub Inc. for December 31, 2023 Parent Inc. Sub Inc. Sales Revenue $1,000,000 $500,000 Cost of Goods Sold $600,000 $300,000 Depreciation Expense $40,000 $20,000 Also for simplicity, assume no other expenses other than listed above. Answer the qAssume Parent owns 100% of Sub. You were also advised that: Consolidated goodwill as $ 40,000. At the end of 2023, there was a10% goodwill impairment. On the date of acquisition, the fair value of Sub's inventory was $5,000greater than book value. Required: Calculate the adjusted Consolidated Net income before Tax. Hint -consider what adjustments need to be made to consolidated cost of goods sold, and consider goodwill impairment. As well, be sure to differentiate net income of the Parent and Subseparately.

Parent acquired Sub on January 1, 2023. You were given the following information for the Unadjusted partial IncomeStatements for Parent Inc. and Sub Inc. for December 31, 2023 Parent Inc. Sub Inc. Sales Revenue $1,000,000 $500,000 Cost of Goods Sold $600,000 $300,000 Depreciation Expense $40,000 $20,000 Also for simplicity, assume no other expenses other than listed above. Answer the qAssume Parent owns 100% of Sub. You were also advised that: Consolidated goodwill as $ 40,000. At the end of 2023, there was a10% goodwill impairment. On the date of acquisition, the fair value of Sub's inventory was $5,000greater than book value. Required: Calculate the adjusted Consolidated Net income before Tax. Hint -consider what adjustments need to be made to consolidated cost of goods sold, and consider goodwill impairment. As well, be sure to differentiate net income of the Parent and Subseparately.

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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What information is included in Form 10-K?
9. Joba Corporation issued $1,000,000 of 13% (stated rate) bonds payable on January 1, 2020, due on January 1, 2028, with interest payable each January 1. Investors require an effective-interest rate (market rate) of 10%. Calculate the amount of discount or premium that will be recognized when the company issues the bonds (indicate the amount and wither its discount or premium).
12-10
Now, assume that the state of the limit order book is as follows just before the call of CBA's opening call auction: Buy Quantity Price $8.08 $8.01 $7.99 $7.96 $7.91 $7.87 $7.84 $7.82 0 0 0 a. $7.96 O b. $8.01 O c. Other O d. $7.99 e. $7.91 1800 800 1100 1900 800 Sell Quantity 1600 1800 1200 0 0 0 0 If no more orders are entered, the call price would be: