Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue. To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

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Answer 1

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Chapter 9, Problem 9.1E

(a)

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

(b)

To determine

To Indicate: the accounts title to which each expenditure should be debited

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Perry acquired 80% of Salt on 1/1/2021 for $720,000 when Salt's equity consisted of $300,000 in capital stock and $200,000 in retained earnings. Salt's inventory was understated by $50,000 Equipment with a 10-year life, was understated by $100,000, and building, with a 25-year life, was understated by $100,000. Any excess is goodwill. 2021 2022 Perry $ Salt $ Perry $ Salt $ Separate Income Dividens 1.150.000 815.000 1.450.000 765.000 600.000 300.000 650.000 320.000 REQUIRED 1. Calculate the goodwill that should be reported in the consolidated balance sheet on December 31, 2022 2. Calculate income from Salt. for 2021 and 2022 3. Calculate the balance of the Investment in Salt account at December 31, 2021 and 2022 4. Calculate Noncontrolling interest share from Salt. for 2021 and 2022 5. Calculate the noncontrolling interest balance on December 31, 2021, and 2022

Answer 2

Question

Chapter 9, Problem 9.1E

(a)

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

(b)

To determine

To Indicate: the accounts title to which each expenditure should be debited

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Answer 3

Question

Chapter 9, Problem 9.1E

(a)

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

(b)

To determine

To Indicate: the accounts title to which each expenditure should be debited

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Answer 4

Question

Chapter 9, Problem 9.1E

(a)

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

(b)

To determine

To Indicate: the accounts title to which each expenditure should be debited

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Answer 5

Chapter 9, Problem 9.1E

(a)

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

(b)

To determine

To Indicate: the accounts title to which each expenditure should be debited

Answer 6

Chapter 9, Problem 9.1E

(a)

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

Answer 7

Chapter 9, Problem 9.1E

(a)

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

Answer 8

(b)

To determine

To Indicate: the accounts title to which each expenditure should be debited

Answer 9

(b)

To determine

To Indicate: the accounts title to which each expenditure should be debited

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - In the fourth year of an assets 5-year useful...

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue. To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

Solution Summary: The author explains the historical cost principle for determining the acquisition of plant assets.

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Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

To explain: Application ofHistorical cost principle for determining the acquisition of plant assets.

To Indicate: the accounts title to which each expenditure should be debited

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