The non-controlling interest in Middle Ltd.AThe non-controlling interest in Low LtdThe total non-controlling interest On January 1,2020 High Ltd. Purchased 70% of the shares of Low Ltd for $2,100,000 and on thesame day, Low Ltd. purchased 65% of the shares of Middle Ltd for $1,950,000. Any fair valueincrement/decrement was fully allocated to land.At January 1, 2020High Ltd.24Low Ltd.Middle Ltd.$ 4,200.0003,500 000$ 7,700,000Shares$ 500,0005,000,00010,000 000$15,000,000Retained Eamings1,750,000$ 2,250,000Net Income (cost basis)Dividends paid2,500,000350,000$ 1,000,000200,000800,000100,000There were no intercompany transactions.Instructions Enter all numbers without dollar signs. Round numbers to the nearest whole dollar do notenter any decimals in your number. Use commas properly If the amount is zero, enter 0, do not leaveany answers blank. For example, a properly formatted number is 125.250 Numbers incorrectlyformatted wi th not result in any marks.Based on the consolidated statement of High Ltd at December 31,2020, under the entity methoddetermine the following:The non-controlli ng interest in Middle Ltd!

Non controlling interest share by Low ltd. = Total share - Controlling share by High Ltd.=100% -…

UH Jahuary 1, 2020 High Ltd. Purchased 70% of the shares of Low Ltd for $2,100,000 and on the same day, Low Ltd. purchased 65% of the shares of Middle Ltd for $1,950,000. Any fair value increment/de crement was fully allocated to land. At January 1, 2020 High Ltd. 5,000,000 Low Ltd. Middle Ltd. $ 500,000 1,750,000 $ 2,250,000 Shares $ 4,200.000 3,500 000 $ 7,700,000 Retained Eamings 10,000 000 $ 15,000,000 Net Income (cost basis) Dividends paid $4 2,500,000 350,000 $ 1,000,000 200,000 $4 800,000 100,000 There were no intercompany transactions. Instructions Enter all numbers without dollar signs. Round numbers to the nearest whole dollar do not enter any de cimals in your number. Use commas properly If the amount is zero, enter 0, do not leave any answers blank. For example, a properly formatted number is 125,250 Numbers incorrectly formatted wi th not result in any marks. Based on the consolidated statement of High Ltd at December 31.2020 under the entity method determine the following The non-controlling interest in Middle Ltd.

UH Jahuary 1, 2020 High Ltd. Purchased 70% of the shares of Low Ltd for $2,100,000 and on the same day, Low Ltd. purchased 65% of the shares of Middle Ltd for $1,950,000. Any fair value increment/de crement was fully allocated to land. At January 1, 2020 High Ltd. 5,000,000 Low Ltd. Middle Ltd. $ 500,000 1,750,000 $ 2,250,000 Shares $ 4,200.000 3,500 000 $ 7,700,000 Retained Eamings 10,000 000 $ 15,000,000 Net Income (cost basis) Dividends paid $4 2,500,000 350,000 $ 1,000,000 200,000 $4 800,000 100,000 There were no intercompany transactions. Instructions Enter all numbers without dollar signs. Round numbers to the nearest whole dollar do not enter any de cimals in your number. Use commas properly If the amount is zero, enter 0, do not leave any answers blank. For example, a properly formatted number is 125,250 Numbers incorrectly formatted wi th not result in any marks. Based on the consolidated statement of High Ltd at December 31.2020 under the entity method determine the following The non-controlling interest in Middle Ltd.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

X co, purchased 80% of Y Common stock at 1/1/2020 for $ 300,000 ,on the same date the y co stock was $ 100,000 and retained earning $120,000 , at acquisition date the net assets of y co. book value was equal to fair value except ( inventory FV more than BV of $26,000) and (land its FV more than BV10,000 ) (Building its FV more than BV by $ 14,000 ) but ( equipment its FV less than B V by $10,000) if Y CO. reported $160,000 net income for 31/12/2020 and paid $ 60,000 dividends . Other information 1- the y inventory completely sold during 2020 2- the building useful life was 7 years , but equipment 5 years 3- there is no impairment for goodwill during 2020 what is the amount of income from subsidiary reported in parents co income statement on 31/12/2020 Select one: a. 122,800 b. 102,000 c. 107,200 d. 128,000
B8.
X co, purchased 100% of Y Common stock at 1/1/2020 for $ 300,000 ,on the same date the y co stock was $ 100,000 and retained earning $120,000 , at acquisition date the net assets of y co. book value was equal to fair value except ( inventory FV more than BV of $26,000) and (land its FV more than BV10,000 ) (Building its FV more than BV by $ 14,000 ) but ( equipment its FV less than B V by $10,000) if Y CO. reported $160,000 net income for 31/12/2020 and paid $ 60,000 dividends . Other information 1- the y inventory completely sold during 2020 2- the building useful life was 7 years , but equipment 5 years 3- there is no impairment for goodwill during 2020 if Building balance in 31/12/2020 in parent co 50,000 & in subsidiary co 60,000 what is amount of Building in consolidated balance sheet in 31/12/2020 Select one: a. 122,000 b. 96,000 c. 110,000 d. 98,000
PP-SS
X co, purchased 75% of Y Common stock at 1/1/2020 for $ 300,000 ,on the same date the Y co stock was $ 100,000 and retained earning $120,000 , at acquisition date the net assets of Y co. book value was equal to fair value except ( inventory FV more than BV of $26,000) and (land its FV more than BV10,000 ) (Building its FV more than BV by $ 14,000 ) but ( equipment its FV less than B V by $10,000) if Y CO. reported $160,000 net income for 31/12/2020 and paid $ 60,000 dividends . Other information 1- the y inventory completely sold during 2020 2- the building useful life was 7 years , but equipment 5 years 3- there is no impairment for goodwill during 2020 What is the amount of NCI in net assets in 1/1/2020 Select one: a. 100,000 b. 55,000 c. 80,000 d. 75,000
Questions: a. How much is the Net Income Attributable to Parent? b. How much is the Net Income Attributable to NCI? c.
No. 32
on 1/1/2019 X CO acquired 80% of Y common stock for $150,000 in the same day the y net assets was $ 140,000 , in the same date the fair value of assets and liabilities were equal .year ended 31/12/2019 y reported income $50,000 , declared dividend $30,000 , X using equity methods what is good will balance on 1/1/2019 Select one: a. 10,000 b. 47,500 c. 37,500 d. 50,000 Previous page Next pag W to search hp
L2-4 Awe Company pays CU500,000,000 for a 30% interest in Groy Company on July 1, 19x2 when the book value of Groy Company's net assets equals fair value. Awe Company amortizes any goodwill from this investment over 20 years. Information related to Groy Company is as follows: 31 Desember 19x1 31 Desember 19x2 Share capital, nominal IDR 1,000 Rp600.000.000 Rp600.000.000 Retained earning 400.000.000 500.000.000 Total Shareholders' Equity 1.000.000.000 1.100.000.000 Net profit earned during the year 19x2 200.000.000 Dividend for the year 19x2 (paid on March 1 of Rp. 50,000,000 and September 1 of Rp. 50,000,000) 100.000.000 Required: calculate Awe Company's revenue from Groy Company for the year 19x2
7
Ch On December 31, 2019, Akron, Inc., purchased $16,500. On December 31, 2020, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $94,250. percent of Zip Company's common shares on the open market in exchange for During the next two years, the following information is available for Zip Company: Common Stock Dividends Fair Value Income Declared (12/31) $330,000 377,000 480,000 2019 2020 $85,000 98,000 $6,300 15,800 2021 At December 31, 2020, Zip reports a net book value of $293,000. Akron attributed any excess of its 30 percent share of Zip's fair over book value to its share of Zip's franchise agreements. The franchise agreements had a remaining life of 10 years at December 31, 2020. a. Assume Akron applies the equity method to its Investment in Zip account: 1. What amount of equity income should Akron report for 2021? 2. On Akron's December 31, 2021, balance sheet, what amount is reported for the Investment in Zip account?
answer quickly