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- 15:20:31 O 0 ull 100% 4 01:09:30 Remaining Short Answer Jaiz, Najeb,and Philip agreed to share profits and losses according to the ratio of their respective investments at the beginning of the year of P300,000,P250,000, and P450,000. Calculate the share of each partner under the following conditions: (a) 300,000 profit; (b) 250,000 loss; (c) prepare journal entry for each condition. Your Answer Write your answer... 2 of 4 ->Question 3 Happy Berhad owns 40% interest in the equity capital of Merry Berhad. During the year ended 31 December 2021, intercompany sales of goods with the associate totalled RM5 million. At year-end, stocks attributable to RM1 million intercompany sales were held by the buyer. The gross profit margin to the seller was 50% on selling price. Assume an income tax rate of 28% and that full tax effect accounting applies. Required: In respect of the above intercompany sales of goods, show the consolidation adjustments required if: a. The transactions were downstream sales (investor to associate) and b. The transactions were upstream sales (associate to investor).42 0 Several years ago, Sonja purchased 250 shares of Sugar Inc. at a price of $14 per share. Recently, she wrote a covered call for 250 shares of Sugar. The December call carries a strike price of $20 at a premium of $2.25 per share. Ignoring commissions, if the call option is exercised, what is Sonja's total gain? O a) $ 937.50 O b) $1,500.00 O c) $2,062.50 O d) $4,062.50
- 1.William (40% of gains and losses) . . . . . . . . . $ 220,000Jennings (40%) . . . . . . . . . . .. 160,000 Bryan (20%) . . . . . . . . . . . . . . 110,000 Darrow invests $250,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill or other revaluation is to be recorded. After the transaction, what is Jennings’s capital balance? Choose the correct.a. $160,000b. $168,000c. $170,200d. $171,200QUESTION 34 Parent Co. purchases 100 percent of Son Company on January 1, 20X1, when Parent's retained earnings balance is $520,000 and Son's is $150,000. During 20X1, Son reports $15,000 of net income and declares $6,000 of dividends. Parent reports $105,000 of separate operating earnings plus $15,000 of equity-method income from its 100 percent interest in Son; Parent declares dividends of $40,000.Based on the preceding information, what is the consolidated retained earnings balance on December 31, 20X1? $470,000 $585,000 $600,000 $759,000