On January 1, 20X1, Rabb Corp. purchased 80% of Sunny Corp.'s $10 par common stock for $975,000. On this date, the carrying amount of Sunny's net assets was $1,000,000. The fair values of Sunny's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were $100,000 in excess of the carrying amount. In the January 1, 20X1, consolidated balance sheet, goodwill should be reported at ____. a. $0 b. $75,750 c. $95,000 d. $118,750
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On January 1, 20X1, Rabb Corp. purchased 80% of Sunny Corp.'s $10 par common stock for $975,000. On this
date, the carrying amount of Sunny's net assets was $1,000,000. The fair values of Sunny's identifiable assets and
liabilities were the same as their carrying amounts except for plant assets (net), which were $100,000 in excess of
the carrying amount.
In the January 1, 20X1, consolidated
a. $0
b. $75,750
c. $95,000
d. $118,750
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- On January 1, 20X1, Payne Corp. purchased 70% of Shayne Corp.'s $10 par common stock for $900,000. On this date, the carrying amount of Shayne's net assets was $1,000,000. The fair values of Shayne's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were $200,000 in excess of the carrying amount. For the year ended December 31, 20X1, Shayne had net income of $150,000 and paid cash dividends totaling $90,000. Excess attributable to plant assets is amortized over 10 years. In the December 31, 20X1, consolidated balance sheet, noncontrolling interest should be reported at ____. a. $282,714 b. $300,500 c. $397,714 d. $345,500January 1, 20x4, Payne Corp. purchased 70% of Shayne Corp.’s P10 par common stock for P900,000. On this date, the carrying amount of Shayne ‘s net assets was P1,000,000. The fair values of Shayne’s identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were P200,000 in excess of the carrying amount. For the year ended December 31, 20x4, Shayne had net income of P150,000 and paid cash dividends totaling P90,000. Excess attributable to plant assets is amortized over 10 years. In the December 31, 20x4 , consolidated balance sheet, non-controlling interest should be reported atOn January 1, 20X1, Payne Corp. purchased 70% of Shayne Corp.'s $10 par common stock for $900,000. On this date, the carrying amount of Shayne's net assets was $1,000,000. The fair values of Shayne's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were $200,000 in excess of the carrying amount. For the year ended December 31, 20X1, Shayne had net income of $150,000 and paid cash dividends totaling $90,000. Excess attributable to plant assets is amortized over 10 years. In the December 31, 20X1, consolidated balance sheet, noncontrolling interest should be reported at ____. Check Number – Excess of FV over BV = $285,714 a. $282,714 b. $300,500 c. $397,714 d. $345,500
- On January 1, 20x1, ABC Corporation purchased all of XYZ Corporation's common stock for $1,200,000. On that date, the fair values of XYZ's assets and liabilities equaled their carrying amounts of $1,320,000 and $320,000, respectively. During year 1, XYZ paid cash dividends of $20,000. Selected information from the separate balance sheets and income statements of ABC and XYZ as of December 31, year 1, and for the year then ended follows: ABC Corporation (Column 1), XYZ Corporation (Column 2) REQUIRED: In ABC's December 31, year 1 consolidated balance sheet, what amount should be reported as total retained earnings?On January 1, 20x1, ABC Corporation purchased all of XYZ Corporation's common stock for $1,200,000. On that date, the fair values of XYZ's assets and liabilities equaled their carrying amounts of $1,320,000 and $320,000, respectively. During year 1, XYZ paid cash dividends of $20,000. Selected information from the separate balance sheets and income statements of ABC and XYZ as of December 31, year 1, and for the year then ended follows: ABC Corporation (Column 1), XYZ Corporation (Column 2) In ABC's December 31, year 1 consolidated balance sheet, what amount should be reported as total retained earnings?On January 1, year 1, ABC Corporation purchased 80% of XYZ Corporation's P10 par common stock for P975,000. On this date, the carrying amount of XYZ's net assets was P1,000,000. The fair values of XYZ's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net) with fair values of P100,000 in excess of their carrying amount. The fair value of the noncontrolling interest in XYZ on January 1, year 1, was P250,000. For the year ended December 31, year 1, XYZ had net income of P190,000 and paid cash dividends totaling P125,000. a. In the January 1, year 1 consolidated balance sheet, goodwill should be reported at?b. In the December 31, year 1 consolidated balance sheet, noncontrolling interest should be reported at?
- On January 1, year 1, ABC Corporation purchased 80% of XYZ Corporation's P10 par common stock for P975,000. On this date, the carrying amount of XYZ's net assets was P1,000,000. The fair values of XYZ's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net) with fair values of P100,000 in excess of their carrying amount. The fair value of the noncontrolling interest in XYZ on January 1, year 1, was P250,000. For the year ended December 31, year 1, XYZ had net income of P190,000 and paid cash dividends totaling P125,000. In the December 31, year 1 consolidated balance sheet, noncontrolling interest should be reported at?On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date, the fair value of the 25% noncontrolling interest was $35,000. During year 1, XYZ had net income of $20,000. Selected balance sheet data at December 31, year 1, is as follows: ABC (Column 1), XYZ (Column 2) * During year 1, ABC and XYZ paid cash dividends of $25,000 and $5,000, respectively, to their shareholders. There were no other intercompany transactions. In its December 31, year 1 consolidated statement of retained earnings, what amount should ABC report as dividends paid?On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date, the fair value of the 25% noncontrolling interest was $35,000. During year 1, XYZ had net income of $20,000. Selected balance sheet data at December 31, year 1, is as follows: ABC (Column 1), XYZ (Column 2) During year 1, ABC and XYZ paid cash dividends of $25,000 and $5,000, respectively, to their shareholders. There were no other intercompany transactions. In its December 31, year 1 consolidated statement of retained earnings. REQUIRED: 1. In ABC's December 31, year 1, consolidated balance sheet, what amount should be reported as noncontrolling interest in net assets?
- On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date, the fair value of the 25% noncontrolling interest was $35,000. During year 1, XYZ had net income of $20,000. Selected balance sheet data at December 31, year 1, is as follows: ABC (Column 1), XYZ (Column 2) During year 1, ABC and XYZ paid cash dividends of $25,000 and $5,000, respectively, to their shareholders. There were no other intercompany transactions. a) In its December 31, year 1 consolidated statement of retained earnings, what amount should ABC report as dividends paid? b) In ABC's December 31, year 1, consolidated balance sheet, what amount should be reported as noncontrolling interest in net assets? c) In its December 31, year 1 consolidated balance sheet, what amount should ABC report as common stock?On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date, the fair value of the 25% noncontrolling interest was $35,000. During year 1, XYZ had net income of $20,000. Selected balance sheet data at December 31, year 1, is as follows: ABC (Column 1), XYZ (Column 2) In ABC's December 31, year 1, consolidated balance sheet, what amount should be reported as noncontrolling interest in net assets?On January 1, Year 1, Papa Inc. acquired 80% of the outstanding voting shares of Sonny Inc. for total consideration of $1,200,000. On this date, Sonny reported total assets of $1,800,000 and total liabilities of $800,000. All assets and liabilities had FVs equal to carrying values except for the following: Inventory-Carrying value of $150,000 but the fair value is $170,000; and Patent-Carrying value of $130,000 but the fair value is $150,000 The patent had a remaining useful life of 10 years as of the date of acquisition. On December 31, Year 3, Papa and Sonny reported $200,000 and $150,000, respectively, for patent on the separate- entity financial statements. What amount would be reported for patent on the consolidated financial statements as at December 31, Year 3? O a. $368,000 O b. $364,000 O c. $336,000 O d. $350,000