Prime Corp acquired 90% of the outstanding ordinary share of Bee Company. On March 31, 2030, Prime sold equip

Q: On January 1, 20X3, Enid Corporation purchased a patent from another company for $190,000. The…

A: The objective of the question is to calculate the amortization expense for the year 20X3 for a…

Q: On January 1, 2022, Joji Co. revalued its machinery with a cost of P12,000,000, acquired 4 years ago…

A: Revaluation reserve is the accounting head resulting from the change in the value of assets of the…

Q: What was consolidated cost of goods sold?

A: COGS = Opening Inventory + Purchases - Closing Inventory

Q: Pea Company purchased 70 percent of Split Company’s stock approximately 20 years ago. On December…

A: Given that, Original cost of building = $400,000  Expected life = 20 years Sales value of building =…

Q: The net book value of Falcon Inc.'s property, plant, and equipment (PP&E) was $734.550 on January 1,…

A: The gain or loss on sale of fixed asset is calculated as difference between the book value and sale…

Q: Ivanhoe Corporation owned a manufacturing facility. Ivanhoe had purchased the building for $9, 960,…

A: This is the case of sale and lease back and also it is Finance lease as the present value of lease…

Q: Based on the information provided, the gain on the sale of the equipment eliminated in the…

A: Answer 1: option (d) $14,400 Annual Depreciation under Straight Line Method=Cost of Machine-Residual…

Q: On January 1, 2021, Tunes Corp. sold equipment to Kim Inc. (a wholly-owned subsidiary) for $192,000…

A: Given: Tune owned only 85% of Kim Tunes Corp. sold equipment to Kim Inc. (a wholly-owned…

Q: Pirate Corporation purchased 100 percent ownership of Ship Company on January 1, 20X5, for $279,000.…

A: Lets understand the basics.When using the equity method, the investor accounts for its investment as…

Q: P Ltd acquired 80% of S Ltd in January 20x1. In December 20x8, S Ltd sold a piece of machinery to P…

A: Consolidated statements are those statements on which two entities separate financial statements are…

Q: On August 31, 2018, ABC purchased a building at P13,000,000 to earn rent income from operating…

A: Since ABC purchased a building to earn rental income  therefore as per IAS 40 " Investment…

Q: Michael Company purchased 35% of James Company on January 1, 2016 for P11,200,000 when James…

A: Investment in associate company may be reported in the books of the investors using the fair value…

Q: On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary.…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Pirate Corporation purchased 100 percent ownership of Ship Company on January 1, 20X5, for $279,000.…

A: When using the equity method, the investor accounts for its investment as an ownership interest in…

Q: Pit Coporation owns 75% of Stop Company's outstanding common stock.  On 01/01/21, Pit sold sold a…

A: Consolidated means the combination of two firms. When two firms join together into one. For example…

Q: Jacob Corporation paid $536,200 for a 30% share of Gardner Enterprises on January 1 of the current…

A: The objective of the question is to prepare the journal entries required to record the sale of the…

Q: Blank Corporation owns 60% of stocks of Grand Corp. On December 31, 2020, Blank paid Grand P276,000…

A: Depreciation Expenses For Calculating the depreciation expenses first to determine the Acqusition…

Q: August 31, 2018, ABC purchased a building at

A: Ans. In cost model, carrying value is ascertained by calculating the cost incurred for the asset in…

Q: Ackerman reported $540,000 in net income in 2018 (not including any investment income) while…

A: As Per above information we only assist 4 answer :

Q: As January 3, 2020, Princess Corp. sold a machinery with a book va 20-year remaining useful life to…

A: This comes under Residual Issues in Consolidating Financial Statement: Treatment of Unrealised…

Q: On January 1, 2025, Jill Inc. sold equipment to its subsidiary, Tim Co., for $125,000. The equipment…

A: Consolidation arises when two or more companies combine to create a new single company. For example,…

Q: On January 1, 2018, Meredith Co. acquired 70% of Alex Co. at book value. On December 31, 2018, Alex…

A: Non-controlling interest :        In a business combination, there is a parent company and a…

Q: Pat Company owns 100% of the outstanding shares of common stock of Sue Company. On 1/1/20 Pat…

A: GIVEN   Company sold a building to Sue Company for $8,000,000.   At the time of the sale the…

Q: Howard Corp. owned 80% of the outstanding common stock of Zest Inc. On January 1, 20X1, Howard…

A: Depreciation means the loss in value of assets because of usage of assets, passage of time or change…

Q: Instruction: 1. compute amount reported as consolidated net income for 2022. 2. Give the…

A: Kline Industries - Parent company (holds 80% in Spawn) - buyer of equipment Spawn Corp - Subsidiary…

Q: Procter Company owns 80% of the outstanding stock of Silex Company. On January 1, 2019, Silex…

A: Journal entry is an account where the company records the financial transactions of the company on…

Q: Required a. What amount of depreciation expense on the building will Pea report for 20X9? Annual…

A:

Q: DO, and the remaining use ecorded process trade se 000.

A: Given: To compute the given as,

Q: On August 31, 2018, ABC purchased a building at P13,000,000 to earn rent income from operating…

A: Yearly Depreciation = Purchase cost of building - Residual value of buildingEstimated useful…

Q: ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years…

A: Loss from sale of equipment is the difference between the receipt from sales and cost less…

Q: MDS, Inc. owns 100% of PH Co. On January 5 of the current year, MDS sold machinery to PH at a gain.…

A: MDs owns 100% shares of PH, so gain on sale of machinery should be excluded in the consolidated…

Q: Victory Co. owned 90% of the voting common stock of Walker Co. On January 3, 2022, Victory sold…

A: ANSWER:- $ 126,000  $126,000 amount should the equipment (net of depreciation) be included in the…

Q: Prime Corp acquired 90% of the outstanding ordinary share of Bee Company. On March 31, 2030, Prime…

A: Consolidation is the method where two or more companies combine together into a single business…

Q: Jacob Corporation paid $536,200 for a 30% share of Gardner Enterprises on January 1 of the current…

A: Now, let's summarize the calculations:- Initial Investment: $536,200- Adjusted Net Assets:…

Q: ss

A: The objective of the question is to compute the book value of the plant and equipment and patent at…

Q: Pea Company purchased 70 percent of Split Company’s stock approximately 20 years ago. On December…

A: Noncontrolling Interest refers to the portion owned or allocated to the non-controlling shareholders…

Q: Kosher Pickle Company acquires all the outstanding stock of Midwest Produce for $19 million. The…

A:

Q: Each of the following companies in a merchandising company except a a. Car wash. b. Candy store. c.…

A: Introduction:- The main purpose Merchandising company is purchase of goods and resale to to the…

Q: On January 1, Year 1, Big Corporation acquired 40% interest in Small Company for $300,000. At the…

A: Journal entry (JE) refers to the transaction recording in the company books or the entity books or…

Q: On January 1 2021 ABC acquired 90% of DEF. Analysis of data relative to this purchase indicates that…

A: On 01.01.2021, ABC acquired DEF = 90% At the time of acquisition, goodwill recognized = P70000 On…

Q: On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $47,220.…

A: Consolidation The term consolidation refers to the consolidation of financial statements of all…

Q: On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $66,312.…

A: Consolidation is a term used for merging of several companies of an industry. The assets,…

Q: On August 31, 2018, ABC purchased a building at P13,000,000 to earn rent income from operating…

A: Total cost of the building = Purchase price + Legal fees = P13,000,000 + P500,000 = P13,500,000