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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Problem 2 Cariveh Co. sells automotive supplies from 25 different locations in one country. Each branch has up to 30 staff working there, although most of the accounting systems are designed and implemented from the company's head office. All accounting systems, apart from petty cash, are computerised, with the internal audit department frequently advising and implementing controls within those systems. Cariveh has an internal audit department of six staff, all of whom have been employed at Cariveh for a minimum of five years and some for as long as 15 years. In the past, the chief internal auditor appoints staff within the internal audit department, although the chief executive officer (CEO) is responsible for appointing the chief internal auditor. The chief internal auditor reports directly to the finance director. The finance director also assists the chief internal auditor in deciding on the scope of work of the internal audit department. You are an audit manager in the internal…

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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.

Expert Solution & Answer

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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 - When a parent company applies the initial value...Ch. 3 - Several years ago, Jenkins Company acquired a...Ch. 3 - Benns adopts the equity method for its 100 percent...Ch. 3 - Prob. 8Q Ch. 3 - Prob. 9Q Ch. 3 - Prob. 10Q

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

Solution Summary: The author explains how to provide consolidation worksheet entries as of December 31, 2018, assuming that B has applied the equity method.

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