When valley co acquired 80% of the common stock Coleman Co. Coleman owned land with a book value of 75000 and a fair value of 125000 What amount of excess land allocation attributed to the controlling interest at the acquisition date? 0 12500 40000 50000 60000

When valley co acquired 80% of the common stock Coleman Co. Coleman owned land with a book value of 75000 and a fair value of 125000 What amount of excess land allocation attributed to the controlling interest at the acquisition date? 0 12500 40000 50000 60000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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D.BLAKE Company acquired a 70% interest in the LISA Corp. for P1,420,000 when the book value of LISA's identifiable assets and liabilities was P1,200,000; land was undervalued by P200,000. BLAKE acquired a 65% interest in the MOON Inc. for P300,000 when the fair value of MOON's identifiable assets and liabilities was P640,000. BLAKE measures non-controlling interest at the relevant share of the identifiable net assets at the acquisition date. Neither LISA nor MOON has any contingent liabilities at the amounts in their financial statements. Annual impairment reviews have not resulted in any impairment losses being recognized. Under PFRS 3, compute for the goodwill that should be included in BLAKE's consolidated statement of financial position.
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.
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PP-SS
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