The retained investment is to be held at FVTOCI. What is the gain on sale of investment that should be reported in 2022 income statement? What amount of gain from remeasurement of investment should be reported in the 2022 income statement?

Q: On January 1, 2021, Herwin Company acquired 40%of GIC Company by purchasing 8,000 shares for…

A: Solution Given % acquired by Herwin 40% Number of shares purchased 8000 Purchase…

Q: On January 1, 2021, Alamar Corporation acquired a 41 percent interest in Burks, Inc., for $233,000.…

A: Given: % investment is 41%  Amount = $233,000 Net income = $82,000 Cash dividend paid = $28,000

Q: On August 1, 2020, Swifty Corporation purchased 20% of the outstanding voting shares in WLT…

A:

Q: At the start of the current year, SBC Corp. purchased 30% of Sky Tech Inc. for $51 million. At the…

A: Depreciation can be termed as a reduction in the value of an asset over its useful period when used…

Q: a. Stayer's building (net of accumulated depreciation). b. Stayer's technology processes (net of…

A: When companies create statements they merge the financial data, from the main company and its…

Q: Matrix, Incorporated, acquired 25% of Neo Enterprises for $2,000,000 on January 1, 2024. The fair…

A: The company invests in another company by purchasing a porting of the equity of another company. The…

Q: On January 1, 2020, Choco Co. pays $96,000 to acquire 30% of the voting common stock of Cake Inc.…

A: Under equity method, the debit balance of investment account will be affected b positively by income…

Q: On June 30, 2021, ZAYN Co. acquired 75,000 of LIAM Co.'s 100,000 outstanding shares with par value…

A: Non-controlling interest refers to ownership of less than 50% of a company's stock which having less…

Q: On January 1, 2021, ABC purchased 90% of the outstanding shares of PQR by paying P740,000. On that…

A: In a consolidated financial statement, the inter-group transactions and unrealized gains on these…

Q: On January 1, 2018, Harrison Ltd acquired 90 percent of Starr Company in exchange for $1,125,000…

A: Consolidation - Consolidation refers to the merging of two or more enterprises, organizations, or…

Q: On January 1, 2021, ABC purchased 90% of the outstanding shares of JKL Company at a cost of…

A: The consolidated income is determined by combining the incomes of both parent and subsidiary’s…

Q: BuyCo, Inc., holds 24 percent of the outstanding shares of Marqueen Company and appropriately…

A: Equity investee means any Person in which the company or any subsidiary holds an ownership interest…

Q: On January 1, 2020, Graham Co. acquired 40% of the outstanding voting common shares of Lenore Co.…

A: In the given case the company has only acquired 40% stake in the company it will be accounted as an…

Q: What is the balance of the Investment in Schedule account on Planner's balance sheet at December 31,…

A: Under the equity method of recording the investment is that;First of all the percentage of…

Q: On January 01, 2021, Batman Corp. acquired 75% of the outstanding stock of Superman Co. for…

A: It refers to a situation where the carrying value of an asset exceeds its recoverable amount.…

Q: On January 1, 2020, Pail Corporation acquired 75 percent of Sand Company's common stock for $525,000…

A: The question is related to Consolidated Financial Statements.The details of dividend paid by Parent…

Q: On January 2, 2021, Marzelle Corp. purchased 30% of the voting common stock of Hoffman Co., paying…

A: Amortization represents the reduction in the value of an asset over a period of time. It is…

Q: On January 1, 2023, Fisher Corporation purchased 40 percent (80,000 shares) of the common stock of…

A: Fisher Corporation Journal Entries (2023 & 2024)Investment in BowdenJanuary 1, 2023Debit:…

Q: On January 1, 2020, Hannah Company purchased 20% of Montana Company fro P3,000,000. This investment…

A: Date Account titles and Explanation Debit Credit  January 1, 2020 Investment in Montana…

Q: Old Enterprises Inc. acquired 10% of the 100,000 outstanding common shares of New Ltd. on January 1,…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: On May 31, 2021, Ivanhoe Company paid $3,640,000 to acquire all of the common stock of Oriole…

A: Goodwill = Price paid - Fair value of net assets

Q: On August 1, 2023, Sandhill Corporation, which follows ASPE, purchased 20% of the outstanding voting…

A: The objective of the question is to prepare the journal entries for Sandhill Corporation for the…

Q: On January 1, 2022, De Lorean Company acquired 10,000 ordinary shares of Marty Company for P10 per…

A: As per International Financial Reporting Standard 9, the financial assets are measured at Fair…

Q: time of purchase, WLT's net assets were undervalued by $80,400 and had a remaining useful life of 12…

A: Journal entries are typically based on source documents like invoices, receipts, and contracts,…

Q: dividends of P1,000,000. What is the carrying amount of the investment in associate on December 31,…

A: Given in the question: On January 1, 2021, Joshtin Company has purchased 40% of the outstanding…

Q: Twilight Co. paid $2,800,000 to acquire all of the common stock of Aurna Corp. on January 1, 2022.…

A: In the preparation of consolidated financial statements, all inter-company (within the group)…

Q: On January 1, 2022, Pride Corporation purchased 90 percent of the outstanding voting shares of Star,…

A: Consolidated net income:Net income is a business's income after taxes, deductions, and other…

Q: Matrix, Inc., acquired 25% of Neo Enterprises for $2,000,000 on January 1, 2021. The fair value and…

A: Journal entries should not be utilized to record regular transactions such as customer billings and…

Q: On January 2, 2021, E Company acquired 20% of the outstanding ordinary shares of T Company for…

A: Dividend  A dividend is a payment made by a corporation to its shareholders that is decided by the…

Q: On January 2, 2019, U Co. purchased 75% of the outstanding shares of N Co. resulting to a goodwill…

A: Equity shareholder's net income is the net income of the parent adjusted for the intercompany…

Q: On January 2, 2020, P Corporation purchased 80% of the outstanding shares of S Company for…

A: In Consolidated Statement of profit and loss, there should be an additional depreciation for the…

Q: On January 1, 2021, ABC purchased 90% of the outstanding shares of JKL Company at a cost of…

A: On January 1, 2021, ABC purchased 90% of the outstanding shares of JKL Company at a cost of…

Q: purchased 2,000 shares of Potter Wholesale for $35 per share. Based on the percentage of outstanding…

A: The realised gain or loss is the difference between the Fair Value of Stock and Sale Value of Stock…

Q: On January 3, 2023, Trycker, Incorporated acquired 40% of the outstanding common stock of Inkblot…

A: Dividends received relate to payments made by  pots to their shareholders out of their gains or…

Q: On January 1, 2021, ABC purchased 90% of the outstanding shares of PQR by paying P740,000. On that…

A: Solution: Calculation of parent's portion of retained earnings on 31 December 2022 - Particulars…

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.