32A4D5ヨLandEquipment (net)Customer list (net)Buildings (net)Investment in HillInvestment incomeInvestment in HillInvestment in HillDividends declaredAmortization expenseDepreciation expenseBuildings (net)Equipment (net)Customer list (net)< Required BRequired C< Prev4 of 5Next > Return to questionIf the parent uses the equity method, what consolidation entries would be used on a 2021 worksheet? (If no entry is requiredfor a transaction/event, select "No journal entry required" in the first account field.)NoEvent1SRetained earningsCommon stockAdditional paid-in capitalInvestment in Hill2ALand34D5=Equipment (net)Customer list (net)Buildings (net)Investment in HillInvestment incomeInvestment in HillInvestment in HillDividends declaredAmartination avannonAccountsDrovof 5NovtDebitCredit620,00036,000918,0001,574,000

Step 1: Step 2: Step 3: Step 4:

Answered: 3 2 A 4 D 5 ヨ Land Equipment (net)…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 17P

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Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2016. Miller paid $848,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total value of $212,000 both before and after Miller's acquisition. On January 1, 2016, Taylor reported a book value of $492,000 (Common Stock $246,000; Additional Paid-In Capital = $73,800; Retained Earnings = $172,200). Several of Taylor's buildings that had a remaining life of 20 years were undervalued by a total of $65,600. During the next three years, Taylor reports income and declares dividends as follows: Year Net Income Dividends $ 57,700 $ 8,400 12,700 17,000 2016 2017 75,600 2018 84,600 Determine the appropriate answers for each of the following questions: a. What amount of excess depreciation expense should be recognized in the consolidated financial statements for the initial years following this acquisition? b. If a consolidated…
a) Explain how each dividend would be treated in both the Consolidated statementof profit or loss and the Consolidated statement of changes in equity for the yearended 30 June 2022.b) Prepare the retained earnings and non-controlling income columns from theConsolidated statement of changes in equity for the year ended 30 June 2022c) What determines the status of an investment as an associate? Identify anyfurther information needed to confirm the status of Able as an associate?
options for a: Available-for-sale Investments, at cost cash Retained Earnings Unrealized gain(loss) on available-for-sale Investments Valuation Allowance for available-for-sale Investments options for b first slot is yes or no Second slot is as other revenue/expense or in the stockholder equity section
Do not use Ai
Prepare consolidation worksheet entries for December 31, 2021 -Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021. Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021. Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method. Prepare entry D to eliminate intra-entity dividend transfers. Prepare entry E to recognize current year amortization expense.
Interpret the results of equity multiplier ratio and debt to equity ratio, and explain what does that mean to the performance of the organization. The answer you provided should be supported by relevant literature review
1. S1: In the statement of changes in equity, the effect of the correction of aprior period error is presented separately for each component of equity.S2: Preference share dividend appear under the retained earnings sectionof the statement of changes in equity A. True, TrueB. False, FalseC. True, FalseD. False True 2.The entity classified a building as held for sale on January 1, 2020. However, the company decided to use it for a product line expansion on December 31, 2020. Which of the following statements are true? The company will record depreciation expense for the year 2020. The company will recognize an impairment loss on January 1, 2020, if applicable. I only II only Both I and II None of the above 3.Which statement is incorrect? Revenues are income that arises from the ordinary course of business activities. Revenues may arise from decrease in liability from primary operations. Generally, revenue is recognized when the earning process is complete and a valid promise of…
Transitory Company acquired the following equity securities: December 31, 2022 Moon Company Star Company Sun Company December 31, 2023 Moon Company Star Company Sun Company Statement of Financial Position Investments - FVOCI Statement of Equity Other Comprehensive Income Retained earnings Statement of Other Comprehensive Income Unrealized gain / (loss) [a] [d] [g] Cost The equity securities do not qualify as held for trading. The entity has elected irrevocably to present changes in fair value in other comprehensive income. Requirement: Complete the table below. Write zero (0) if it is not applicable. Acquisition Date [] 200,000 400,000 600,000 200,000 400,000 600,000 Market 120,000 280,000 650,000 220,000 300,000 580,000 December 31, 2022 [b] [e] [h] [k] December 31, 2023 [c] [U] D [1]
Account assistance Cash Debt Investments Dividend Revenue Fair Value Adjustment-Available-for-Sale Fair Value Adjustment-Stock Fair Value Adjustment-Trading Gain on Sale of Debt Investments Gain on Sale of Stock Investments Interest Receivable Interest Revenue Loss on Sale of Debt Investments Loss on Sale of Stock Investments No Entry Revenue from Stock Investments Short-Term Investments Stock Investments Unrealized Gain or Loss-Equity Unrealized Gain or Loss-Income
text __________________is the residual interest in the assets of the entity after deducting all of its liabilities a. Current Assets b. Equity c. Profit d. None of the given options
Presented below are two independent cases related to available-for-sale debt investments. Amortized cost Fair value Expected credit losses Case 2 Case 1 Case 2 $37,230 $91,300 26,680 100,350 82,740 For each case, determine the amount of impairment loss, if any. Of no loss, please enter O. Do not leave any fields blank) Case 1 Impairment Loss $ Impairment Loss $ 21,640
17).

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