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, 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: On January 1, 2023, Fisher Corporation purchased 40 percent (70,000 shares) of the common stock of…

A: DateAccountDrCr2023-01-01investment in Bowden$974,000Cash$974,000On January 1, 2023, Fisher…

Q: On January 1, 2027, Kasson Company acquired 40% of IJK Company's common stock for $183,000. Kasson…

A: IJK, is a public company which has its share available for retail investing. Therefore Kasson…

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 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, Pine Company owns 40 percent (84,000 shares) of Seacrest, Inc., which it…

A: The question is based on the concept of Financial Accounting.

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

A: As per IFRS a company has to prepare consolidated income statement and balance sheet incorporating…

Q: On January 1, 2018, Alamar Corporation acquired a 42 percent interest in Burks, Inc., for $185,000.…

A: Equity method: Equity method is the method used for accounting equity investments which claims a…

Q: Scott Company paid $2.800.000 to acquire all of the common stock of Dawn Corporation on January 1,…

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

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: On January 2, 2020, Baleine Ltd. acquired 19% of the outstanding voting shares of Golf Inc. for…

A:

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: 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: Herbert, Inc., acquired all of Rambis Company’s outstanding stock on January 1, 2020, for $617,000…

A: a. i. Particulars Amount Herbert (parent) balance - 01/01/2020 430000 Herbert Income - 2020…

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: On July 1, 2018, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $100…

A: 1. Prepare necessary journal entries for the given transactions. Working note 3:

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 1, 2018, Pine Company owns 40 percent (40,000 shares) of Seacrest, Inc., which it…

A: Equity method: Equity method is the method used for accounting equity investments which claim a…

Q: n January 3, 2023, Sheppard Corporation purchased 25% of Meredith Corporation's common stock for…

A: The objective of the question is to calculate the balance in the investment account of Sheppard…

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…

Q: dends each year. Roberts reported net income of $50,000 in 2020 and $57,000 in 2021 and paid $12,000…

A:

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

A: Investment in Associates and Joint venture and Subsidiary Equity Accounting method - This method is…

Q: On January 1, 2021, Pine Company owns 40 percent (76,000 shares) of Seacrest, Ic., which it…

A: If a company have ownership in another company, its assets and liabilities are subject to…

Q: On April 1, 2024, BigBen Company acquired 35% of the shares of LittleTick, Incorporated BigBen paid…

A: net income refers to an amount that is being earned by the investors over the amount of investment…

Q: On January 1, 2022, Padme Corporation acquired another 18,000 common shares of Skywalker Company for…

A: Journla entry is the part of book keeping.

Q: On January 1, 2018, Pine Company owns 40 percent (40,000 shares) of Seacrest, Inc., which it…

A: Equity method:   Common accounting technique used by the organization to get the access on profits…

Q: On January 1, 2021, Alamar Corporation acquired a 36 percent interest in Burks, Inc., for $198,000.…

A: As Mentioned question number 03 to answer so we are only answering that.

Q: Prepare all of Spark's journal entries for 2024 to apply the equity method to this investment.

A: When the ownership percentage in other company is between 20% to 50%, then equity method of…

Q: On January 1, 2024, Alamar Corporation acquired a 40 percent interest in Burks, Incorporated, for…

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

Q: Vaughn Incorporated acquired all of the outstanding common stock of Roberts Company on January 1,…

A: The partial equity method is an accounting approach used when one company, the investor, has…

Q: On January 1, 2021, Alamar Corporation acquired a 36 percent interest in Burks, Inc., for $198,000.…

A: Dividend = Total dividend paid x 36% = $24000 x 36% = $8,640

Q: On January 1, 2019, Spring Co. purchased a 25% interest in Fall Inc. for $500,000. For the year…

A: The equity method is used to account for investments in common stock. It is used to record the…

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

A: The following formulas are used to calculate the requirements of the question:- 1. Income of…

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

A: Non-Controlling Interest is the minority shareholders with less than 50% of ownership in the…

Q: earnings

A:

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.