Provide entry to record the acquisition of the shares of Company W.

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Answer 1

Question

Chapter 3, Problem 34P

a.

To determine

Provide entry to record the acquisition of the shares of Company W.

b.

To determine

Provide entries at the end of 2017 and 2018 to adjust its contingent performance obligation for changes in fair value and the December 31, 2018, payment.

c.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

d.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the initial value method.

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Joe transferred land worth $200,000, with a tax basis of $40,000, to JH Corporation, an existing entity, for 100 shares of its stock. JH Corporation has two other shareholders, Ethan and Young, each of whom holds 100 shares. With respect to the transfer:a. Joe has no recognized gain. b. JH Corporation has a basis of $160,000 in the land.c. Joe has a basis of $200,000 in his 100 shares in JH Corporation. d. Joe has a basis of $40,000 in his 100 shares in JH Corporation. e. None of the above.

I need help with this general accounting problem using proper accounting guidelines.

I am looking for the correct answer to this general accounting problem using valid accounting standards.

Answer 2

Question

Chapter 3, Problem 34P

a.

To determine

Provide entry to record the acquisition of the shares of Company W.

b.

To determine

Provide entries at the end of 2017 and 2018 to adjust its contingent performance obligation for changes in fair value and the December 31, 2018, payment.

c.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

d.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the initial value method.

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Answer 3

Question

Chapter 3, Problem 34P

a.

To determine

Provide entry to record the acquisition of the shares of Company W.

b.

To determine

Provide entries at the end of 2017 and 2018 to adjust its contingent performance obligation for changes in fair value and the December 31, 2018, payment.

c.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

d.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the initial value method.

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Answer 4

Question

Chapter 3, Problem 34P

a.

To determine

Provide entry to record the acquisition of the shares of Company W.

b.

To determine

Provide entries at the end of 2017 and 2018 to adjust its contingent performance obligation for changes in fair value and the December 31, 2018, payment.

c.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

d.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the initial value method.

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Answer 5

Chapter 3, Problem 34P

a.

To determine

Provide entry to record the acquisition of the shares of Company W.

b.

To determine

Provide entries at the end of 2017 and 2018 to adjust its contingent performance obligation for changes in fair value and the December 31, 2018, payment.

c.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

d.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the initial value method.

Answer 6

Chapter 3, Problem 34P

a.

To determine

Provide entry to record the acquisition of the shares of Company W.

Answer 7

Chapter 3, Problem 34P

a.

To determine

Provide entry to record the acquisition of the shares of Company W.

Answer 8

b.

To determine

Provide entries at the end of 2017 and 2018 to adjust its contingent performance obligation for changes in fair value and the December 31, 2018, payment.

Answer 9

b.

To determine

Provide entries at the end of 2017 and 2018 to adjust its contingent performance obligation for changes in fair value and the December 31, 2018, payment.

Answer 10

c.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

Answer 11

c.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

Answer 12

d.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the initial value method.

Answer 13

d.

To determine

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the initial value method.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - Prob. 3Q Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - 7. Benns adopts the equity method for its 100...Ch. 3 - Prob. 8Q Ch. 3 - Prob. 9Q Ch. 3 - 10. Reimers Company acquires Rollins Corporation...

Provide entry to record the acquisition of the shares of Company W.

Provide entry to record the acquisition of the shares of Company W.

Provide entries at the end of 2017 and 2018 to adjust its contingent performance obligation for changes in fair value and the December 31, 2018, payment.

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

Provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the initial value method.

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Chapter 3 Solutions