sh P40,000 P40,000 230,000 700,000 entory nt Assets (net) st of Goods Sold preciation Expense pilities mmon Stock 170,000 620,000 220,000| 60,000 (300,000) (10,000) (300,00

Q: Power Corporation acquired 70 percent of Silk Corporation’s common stock on December 31, 20x2.…

A: Goodwill is a fixed asset of the company which is created due to customer base, reputation, employee…

Q: Phone Corporation acquired 70 percent of Smart Corporation’s common stock on December 31, 20X4, for…

A: Consolidated statement is a financial statements of an entity with subsidiary or multiple…

Q: Apple Company purchases 80 percent of Mango has revenue of P250,000 and exper pre-acquisition…

A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has…

Q: The consolidated balance sheet for P and S Companies on the date of acquisition will include: *…

A: The non-controlling interest (NCI) is a position of ownership where one holds even less than half of…

Q: When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of…

A: The consolidated balance sheet is a financial statement that indicates the overall position of…

Q: Consolidated Equity at the date of acquisition

A: Goodwill is an intangible asset that is related to the takeover of one company by another. In fact,…

Q: Putt Corporation acquired 80 percent of Slice Company's voting common stock on January 1, 20X4, for…

A: Consolidation entry is recorded by the holding company to consolidate the accounts of its subsidiary…

Q: Determine the Non-controlling interest in Net assests of subsidiary

A: The interest in which the parent company shares are hold by the subsidiary to the extent of only…

Q: 18.  Power Company purchased Sark Corporation’s net assets on January 3, 20X2, for $635,000 cash. In…

A: Detailed ExplanationA. Record the Payment of Acquisition CostsPower Company incurred $8,000 in…

Q: $1,230,000 None of the options is correct

A: Step 1 Consolidated financial statements are prepared by the company when there are one or more…

Q: If PROMDI Co., a new company would acquire the net assets of CARDO Co and SYANO Co. PROMDI Co will…

A: Goodwill is an intangible asset that is related to the takeover of one company by another. In fact,…

Q: Phone Corporation acquired 70 percent of Smart Corporation’s common stock on December 31, 20X4, for…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: The consolidated balance sheet for P and S Companies on the date of acquisition will include: *…

A: Acquisition accounting is a collection of structured rules that describe how a buyer would disclose…

Q: On April 1, 2022, Parent Co. acquired 80% of the issued share capital of Subsidiary for P5,000,000.…

A: Consolidated financial statements - The financial statements are prepared for a group than a single…

Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ…

A: Purchase acquisition accounting is a method that is used for recording the purchase of a company on…

Q: Maynard Corporation reports net assets of P300,000 at book value. These assets have an estimated…

A: Definition and Goodwill Formula Control premium is the excess price paid over the market price of…

Q: Allison Corporation acquired 90 percent of Bretton on January 1, 2022. Of Bretton's total…

A: Step 1: Understand the requirement and given.Your requirements involve the intra-entity gross…

Q: Amazon acquired 100 percent of Ferries for P275,000. At the date of acquisition, Ferries had the…

A: Consolidation- The consolidated financial statement, which represents the financial status of both a…

Q: What is the total amount of goodwill recognized at the date of acquisition?

A: Step 1 : Introduction to Goodwill:Goodwill is an intangible asset created when a company purchases…

Q: ABC Corporation acquired 80 percent of XYZ Corporation on August 1 for P500,000. On that date, XYZ…

A: Identifiable net asset and share of NCI:     Amount (P) Cash            60,000   Inventory…

Q: Constructing the Consolidated Balance Sheet at Acquisition On January 1 of the current year, Healy…

A: An accounting statement that displays the financial standing of both a parent company and its…

Q: What is the basic consolidation entry Parent would use in the consolidation worksheet on December…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ…

A: Amount (P) Fair value of Plant            700,000 Book value of plant          (620,000)…

Q: Book Value Market Value P60,000 Cash P60,000 130,000 Inventory Plant Assets (net) 210,000 630,000…

A: Share of NCI in Identifiable net asset on the date of acquisition:     Amount (P) Cash…

Q: Required: a. Prepare the consolidation entry or entries needed to prepare a consolidated balance…

A: A consolidation worksheet is a spreadsheet that is used to create annual financial reports for a…

Q: Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate…

A: The (NCI) non-controlling interest indicates the share of the owned company or subsidiary that the…

Q: Phone Corporation acquired 70 percent of Smart Corporation’s common stock on December 31, 20X4, for…

A: Acquisition of Company: - Acquisition of Company refers to when one company purchases or acquires…

Q: $10.000 owed to Plymouth. Plymouth would need to make which Elimination/Consolidation Entry at the…

A: Acquisition can be defined as the business strategy under which one superior company purchased 50%…

Q: Prepare and compute for the CONSOLIDATED EQUITY at the date of acquisition.

A: PROMDI CO. acquired the net assets of CARDO CO and SYANO CO PROMDI CO issues  CARDO CO = 30000…

Q: The consolidated balance sheet for P and S Companies on the date of acquisition will include: * O…

A: Consolidation is the merger of two or more entities where one large company acquire share capital of…

Q: Phelps Co. uses the sophisticated equity method to account for the 80% investment in its subsidiary…

A: Consolidated net income is created by adding the net revenue of the holding company, which is…

Q: Required: Determine consolidated totals for each of these account balances.

A: The consolation is the accounting process in which the financial results of the parent company and…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.