Playtown Corporation purchased 75 percent of Sandbox Company common stock and 40 percent of its preferred stock on January 1, 20 x 6, for $270,000 and $80,000, respectively. At the time of purchase, the fair value of Sandbox's common shares held by the noncontrolling interest was $90,000. Sandbox's balance sheet contained the following balances: \table[[ Preferred Stock ($10 par value), $200,000 Prepare the consolidation entries needed to prepare the consolidated financial statements for Playtown Corporation as of December 31, 20x6. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. No A Event Accounts Debit Preferred stock 200,000 Common stock Retained earnings Income from Sandbox Company NCI in NI of Sandbox Company Dividend Income Preferred 150,000 C 210,000 0 ° 9 Dividends declared, Common 0 Investment in Sandbox Company common stock ° NCI in NA of Sandbox Company Credit

1. On January 1, 20X2, Pol Inc. issued 25,000 shares of its P10 par value common stock for 80% of the outstanding shares of Sci Company. The fair value of Polinc stockis P28. Sci Company (SC) measures non-controlling interest (NCI) at fair value. Given below are the statements offinancial position (SFP) of the companies before the acquisition: Pol Inc. Statement of Finandial Positon January 1, 20X2 Assets Liabilities and Equty Cash Accounts Receivable Inventory Land P200,000 Accounts Payable 185,000 Bonds Payable 190,000 Common Stock, P10 par value 300,000 Additional Paid-In Capital (APIC) 740,000 Retained Earnings 420.000 Total Liabilities and Equity P2.035.000 P210,000 420,000 400,000 500,000 505.000 P2.035.000 Building, net ofdepreciation Equipment, net of depreciation Total Assets Sci Company Statement of Financial Positon January 1,20X2 Book Value Fair Value P55,000 125,000 90,000 320,000 130.000 P720.000 Accounts Receivable Inventory Land P55,000 150,000 130,000 500,000 300.000…

LGM Motors acquired 80% of NS Service Center outstanding shares on January 1, 2022 by payingcash. The consolidated statement of financial position showed the following balances at thedate of acquisition.Consolidated Balances AmountTotal Assets 15,670,000Total Liabilities 4,575,000Total Shareholder’s Equity ?The book value of the net assets of NS Services Center is P4,500,000. The assets of NS ServiceCenter are fairly valued except for the following:• Patent on the product that is deemed worthless, P50,000.• Goodwill of P150,000.• Unrecognized identifiable R&D of P75,000.The fair value of the non-controlling interest is 705,000 and the book value of LGM’s equitybalance is P9,500,000.On December 31, 2022 the following information were provided by NS Services Center:• Net income of 400,000 was recognized.• Patents remaining useful life is 4 years.• Pre-existing goodwill presented above was impaired with a current value of 120,000.• Dividends were declared amounting to P100,000.LGM…

On 1/1/20x1, Petwoud Company exchanged 25,000 shares of its $1 par value common stock and $150,000 cash to acquire 80% of the outstanding voting common stock of Supagud, Inc.  At the acquisition date, the fair value of Petwoud Company’s common stock was $20 per share. Petwoud’s payment includes a control premium of $15,000.   Other investors, unrelated to Petwoud Company, hold the remaining 20% of the outstanding common stock of Supagud.   After the acquisition, Supagud, Inc. will continue as a separate operating company. In its separate accounting records, Petwoud Company will apply the equity method to account for their investment in Supagud.   The pre-acquisition trial balance for Supagud at 1/1/20x1 was:   Cash 50,000   Accounts receivable 125,000   Other current assets 105,000   Buildings 510,000   Land 217,000   Accounts Payable   35,000 Long-term debt   300,000 Common stock   420,000 Retained earnings…

On January 1, 2022, P Co acquired 75% of S Co common stock for $344,000 in cash, At the acquisition date the book values and fair values of S assets and liabilities were equal. and the fair value of the noncontrolling interest was equal to 25% of the total book value of S, The stockholders' equity accounts of the two companies at the acquisition date are: P S common stock(5@par 200,000 additional paid-in capital 80,000 retained earning 150,000 Noncontrolling interest was assigned income of $11,000 in the consolidated income statement for 2022 Select one: 500,000 O Based on the preceding information, what will be the amount of net income reported by S Co in 2022? a. 55,000 b. 44,000 c. 66,000 d. 36,000 300,000 350,000

Armadillo Enterprises acquired the following equity investmentsat the beginning of year 1 as trading investments. Description Number of shares Market price per share Total price Finestra Company 15,000 x $25 $387,500 BVD Company 20,000 X$18 $360,000 Market values at theend of Years 1 &2 are presented below: Market/Fair Value End of year 1 End of year 2 Finestra Company $19 $23 BVD Company |$22 $28 REQUIREMENTS: Prepare the journal entry to record the acquisition of theinvestments. Prepare the adjusting journal entry required at the end of year1. Armadillo Enterprises sells 15,000 shares of BVD Company for $16at the beginning of year 2. Prepare the journal entry to record thesale. Prepare the adjusting journal entry required at the end of year2. Assume that ArmadilloEnterprises now holds these investments asavailable-for-sale. Prepare the journal entry to record the acquisition of theinvestments. Prepare the adjusting journal entry required at the end of year1. Armadillo Enterprises…

1) Peter Inc. acquired 100% of the outstanding Inc. for $ Common Stock of Simran cash and shares of its own common stock ($1 par value), which was trading at $___ per share at the acquisition date. (a) Determine the Acquisition Cost. (b) Pass Journal Entry in the Book of Parent Company. [Assume your own figure in the blank spaces.].

Peel Corporation purchased 60 percent of Split Products Company's shares on December 31, 20X7, for $216,000. At that date, the fair value of the noncontrolling interest was $144,000. On January 1, 20X9, Peel purchased an additional 20 percent of Split's common stock for $97,000. Summarized balance sheets for Split on the dates indicated are as follows: Assets Cash Accounts Receivable Inventory Buildings & Equipment (net) Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equities 20X7 $ 49,000 51,000 72,000 370,000 $542,000 December 31 20X8 Balance in investment account $ 79,000 91,000 102,000 350,000 $622,000 20X9 $ 99,000 121,000 162,000 330,000 $712,000 $ 77,000 $127,000 $167,000 105,000 105,000 105,000 155,000 155,000 155,000 205,000 235,000 285,000 $542,000 $622,000 $712,000 Split paid dividends of $22,000 in each of the three years. Peel uses the equity method in accounting for its investment in Split and…

On January 1, 20X2, Parent Inc. issued 32,000 shares of its P10 par value common stock for all the outstanding shares of Son Company. The fair value of Parent Inc.'s stock is P25 per share. Parent Inc. pays P50,000 in registering the stocks. Given below are the statements of financial position (SFP) of the companies before the acquisition: Parent Inc. Statement of Financial Position January 1, 20X2 Assets Liabilities and Equity P210,000 420,000 400,000 500,000 505,000 P2,035,000 Cash P200,000 Accounts Payable 185,000 Bonds Payable 190,000 Common Stock, P10 par value 300,000 Additional Paid-In Capital (APIC) 740,000 Retained Earnings 420,000 Total Liabilities and Equity P2,035,000 Accounts Receivable Inventory Land Building, net of depreciation Equipment, net of depreciation Total Assets Son Company Statement of Financial Position January 1, 20X2 Book Value Fair Value P55,000 150,000 130,000 500,000 300,000 P1,135,000 Accounts Receivable Inventory Land P55,000 130,000 85,000 320,000…

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