The following additional information was obtained from the financial statements for Skittles: Net income-year ended December 31, 2024 Net income-year ended December 31, 2025 Dividends paid to common shareholders in 2024 Dividends paid to common shareholders in 2025 $30,000 $70,000 $ 0 $60,000
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- On November 1, 2018, Berry Corporation declared equipment as property dividend payable on February 15, 2019. The carrying amount of the equipment is P700,000. Data relating to the fair values of the equipment are as follows: Date Fair value November 1, 2018 600,000 December 31, 2018 800,000 February 15, 2019 760,000 **(assume that the cost to distribute are immaterial) How much is the gain on distribution of property dividends on February 15, 2019 when the dividends were finally distributed?Use the following information below to answer questions 1 and 2. On January 2, 2024, Rainbow, Inc. purchased 18% of Skittles Corporation's common stock for $120,000. At the time of the investment, the book value and fair value of Skittles' net assets were equal except for a tract of land which had appreciated by $75,000. The following additional information was obtained from the financial statements for Skittles: Net income-year ended December 31, 2024 Net income-year ended December 31, 2025 Dividends paid to common shareholders in 2024 Dividends paid to common shareholders in 2025 $30,000 $70,000 $ 0 $60,000 On December 31, 2024, the fair value of Rainbow's investment in the common stock of Skittles was $115,000, and on December 31, 2025, its fair value was $140,000. 1. Assume Rainbow does not have significant influence over Skittles. How much would Rainbow report in its 2025 income statement related to this investment? A. $60,000 B. $35,800 C. $30,800 D. $12,600 E. $1,800 2. Assume…On January 1, 2024, Hokie Company paid $200,000 to purchase 25% of Cavalier Company. This investment allowed Hokie Company to hold significant influence over Cavalier's operations. Cavalier reported total 2024 net income of $40,000, other comprehensive income of $3,000, and dividends of $8,000. The fair value of Hokie's investment in Cavalier Company at 12/31/2024 was $220,000. Based on the above information, use the dropdown lists to answer the following questions: 1. The investment balance at 12/31/2024 is: $212,750 2. The equity income balance on the income statement for the year ended 12/31/2024 is: $10,000 3. The equity income balance in other comprehensive income for the year ended 12/31/2024 is: 750
- On January 2, 2030, Esko Corp. acquired all the net assets of Tolits Inc. Esko Corp. paid P6,000,000 for the net assets of Tolits Inc. On this date, the following accounts of Tolits, Inc. are as follows: Cash – P150,000; Accounts Receivable – P1,600,000; Inventories – P600,000; Property, plant, and equipment – P2,600,000; Accounts Payable – P1,400,000. On the date of acquisition, it was determined that the fair values of inventories and property, plant, and equipment were P660,000 and P3,400,000, respectively. Esko Corp. has estimated a restructuring provision of P500,000 representing costs of exiting the activity of Tolits Inc., cost of terminating the employees of Tolits Inc. Compute the goodwill or gain from acquisition. * a. P 2,950,000 b. P 1,590,000 c. P 2,090,000 d. P 2,450,000 pls. answer it asap thank you:)On October 1, 2020, Generosity Company declared a property dividend of machinery payable on April 1, 2021. The carrying amount of the machinery is P4,000,000 on October 1, 2020.The machinery had the following fair value: Oct. 1, 2020 3,800,000 Dec. 31, 2020 3,600,000 April 1, 2020 3,500,000 What id the dividends payable and loss on distribution of property dividend?DEE Inc. purchased an equipment on March 31, 2019. The selling price of the asset is equal to its fair value at $1,400,000. The entity acquired the equipment by issuing 1,000 $1,000 8% bonds, currently quoted at 103. At how much shall the equipment be initially measured? A. $1,030,000 B. $1,400,000 C. $970,000 D. $1,000,000
- Use the following to answer questions 8 through 10: On May 1, 2021, Jazzie Co. agreed to sell the assets of its Mister Division to Shawna Inc. for $80 million. The sale was completed on December 31, 2021. Jazzie’s year ends on December 31st. The following additional facts pertain to the transaction: The Mister Division qualifies as a component of an entity as defined by GAAP. Mister's net assets totaled $48 million on Jazzie's books at the time of the sale. Mister incurred a pre-tax operating loss of $10 million in 2021. Jazzie’s income tax rate is 40%. In the 2021 income statement for Jazzie Co., they would report after tax income from discontinued operations of: Group of answer choices $9.2 million. $13.2 million. $22 million. $26 million.On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9.6 million. The robotics business segment qualifies as a component of the entity, according to GAAP. Consider the following additional information • The book value of the assets of the segment was $7.3 million at the time of the sale. . The income from operations of the segment during 2024 was $4.3 million. • Pretax income from other continuing operations for the year totaled $12.3 million. . The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4. REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes. Income from continuing…S On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.8 million The robotics business segment qualifies as a component of the entity, according to GAAP. Consider the following additional information: • The book value of the assets of the segment was $7.9 million at the time of the sale. • The income from operations of the segment during 2024 was $4.9 million. • Pretax income from other continuing operations for the year totaled $12.9 million. . The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4. REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes Income tax expense Income…
- On May 7, 2021, Jimin Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. PTD agreed to accept one payment of P35,000 on August 15 and a second payment of P35,000 on December 15. PTD had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?Twilight Co. paid $2,800,000 to acquire all of the common stock of Aurna Corp. on January 1, 2022. Aurna's reported earnings for 2022 totaled $512,000, and it paid $160,000 in dividends during the year. The amortization of allocations related to the investment was $28,000. Twilight's net income, not including any income from this investment, was $3,310,000, and it paid dividends of $930,000. On the consolidated financial statements for 2022, what amount should be shown for consolidated dividends? OL $160,000 O. $902,000 O.$930,000 OV.$950,000 OV. $1,090,000ABC Compant purchased an investment property on July 1, 2016 for P4,200,000. The property had a useful life of 35 years and on December 31, 2021 had a fair valye of P3,000,000. On December 31, 2021, the property was sold for net proceeds of P3,100,000. The entity used the cost model to account for the investment property. How much is the gain (loss) to be recognized for the year ended December 31, 2021 regarding the disposal of the property. a. (540,000) b. 440,000 c. (100,000) d. (440,000)