Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmer Corporation, on December 31, 20X4. Anyexcess fair value over the identified assets and liabilities is attributed to goodwill. The following year-end information was availablejust before the purchase:PoolВokValue$756,000260,000480,000440,0001,320,000$3.256,000SwimmerBookValue$80,000152,000100,000160,000400,000$892,000SwimmerFairCashAccounts ReceivableInventoryLandPlant and equipment-netValue$80,000152,000120,000140,000430,000$922,000Accounts PayableBonds PayableCapital stock, $10 par valueCapital stock, $15 par valueAdditional paid-in capitalRetained earnings$880,000936,000400,000$22,000200,000$22,000180,000400,000640,000$3,256,000450,000160,00060,000$892,000Calculate the amounts for the following accounts that would be reported for the consolidated entity immediately following thepurchase on December 31, 20X4: on 12What amount of Goodwill wil be reported?eteredAnswer:out of 2.0g questionion 13What amount of Bonds Payable will be reported?eteredAnswer:Eout of 2.0g question

Pool industry purchased 75% interest in swimmin corporation for $540,000 Implied fair value of…

Pool Book Value $756,000 260,000 480,000 440,000 1.320,000 $3.256.000 Swimmer Book Value $80,000 152,000 100,000 160,000 400,000 $892,000 Swimmer Fair Value $80,000 152,000 120,000 140,000 430,000 $922,000 $880,000 936,000 $22,000 200,000 $22,000 180,000

Pool Book Value $756,000 260,000 480,000 440,000 1.320,000 $3.256.000 Swimmer Book Value $80,000 152,000 100,000 160,000 400,000 $892,000 Swimmer Fair Value $80,000 152,000 120,000 140,000 430,000 $922,000 $880,000 936,000 $22,000 200,000 $22,000 180,000

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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Exercise 12A-6 (Algo) Basic Present Value Concepts [LO12-7] The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state's newest millionaire. By choosing the six winning numbers on last week's state lottery, Mr. Ormsby won the week's grand prize totaling $1.34 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $67,000 each. Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: 1. If Mr. Ormsby can invest money at a 9% rate of return, what is the present value of his winnings? (Enter your answer in dollars and not in millions of dollars.) Present value
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Required: Calculate the amount of interest capitalized for 2024. E 10-24 Interest capitalization LO10-7 On January 1, 2024, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2025. The company borrowed $1,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2024: $5,000,000, $3,000,000, Construction expenditures incurred during 2024 were as follows: January 1 March 31 June 30 12% bonds 8% long-term note September 30 December 31 $ 600,000 1,200,000 800,000 600,000 400,000 Required: Calculate the amount of interest capitalized for 2024 using the specific interest method. Page 554
Using discount rate 20% the project should be rejected or accepted
Exercise 12-14 (Algo) Comparison of Projects Using Net Present Value [LO12-2] Labeau Products, Limited, of Perth, Australia, has $15,000 to invest. The company is trying to decide between two alternative uses for the funds as follows: Invest in Project X Invest in Project Y Investment required $ 15,000 $ 15,000 Annual cash inflows $ 5,000 Single cash inflow at the end of 6 years $ 36,000 Life of the project 6 years 6 years The company’s discount rate is 16%. Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: 1. Compute the net present value of Project X. 2. Compute the net present value of Project Y. 3. Which project would you recommend the company accept?
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