QUESTION 16 On January 1, 20X7, Poke Corporation acquired 25 percent of the outstanding shares of Shove Corporation for $100,000 cash. Shove Company reported net income of $75,000 and paid dividends of $30,000 for both 20X7 and 20X8. The fair value of shares held by Poke was $110,000 and $105,000 on December 31, 20X7 and 20X8 respectively. If instead, Poke could not exercise significant influence over the investee, what amount will be reported by Poke as balance in investment in Shove on December 31, 20X8?     $122,500     $118,750     $105,000     $100,000

Q: 49 On May 1, 20x1, Sun Co. acquires additional 12,000 shares of Day Co. at P90 per share, the fair…

A: The question is related to Investment in Associates and is multiple choice question. Required…

Q: 49 On May 1, 20x1, Sun Co. acquires additional 12,000 shares of Day Co. at P90 per share, the fair…

A: The statements which are prepared to determine the actual position of the organization on a…

Q: . Prepare the necessary journal entries to record the above transactions.

A: June 30  Sold 5,000 shares of JKL Company for P100,000, less brokers fee of P1,000 Sale price =…

Q: On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for…

A: The total stockholders' equity in the consolidated balance sheet will include the total…

Q: Mode 6- Lump Sum Acquisition, With Direct Attributable Cost Numbers 14 and 15 On June 1. Thick…

A: Asset Valuation is the method of calculating the total value of the asset to be recognised in the…

Q: 3. Bach Co. acquired a 20% interest in C Major Co. on December 31, 20x3 for P630,000. During 20x4, C…

A: The dividend is the distribution of profit among the shareholders of the company. A dividend…

Q: 2.  On 12/31, Choco acquired Cake by issuing 40,000 shares of its common stock when the market value…

A: Q4  Particulars Dr  ( $) Cr  ( $) Additional Paid in Capital A/c Dr  12000                 To…

Q: On 12/31, Choco acquired Cake by issuing 40,000 shares of its common stock when the market value…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Problem 1-5 In a business combination accounted as an acquisition, Major Corp. issued 200,000; P30…

A: As per provisions of IFRS, In a amalgamation the value of assets net of liabilities taken by…

Q: On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for…

A: The non controlling interest is the share of minority holding dhares less than 50%.

Q: On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for…

A: Consolidated Balance Sheet - It is the mere consolidation of financial details of the all the…

Q: Sexy Corporation issued 15, 000 shares of its P 100 par ordinary shares in acquiring a land that has…

A: Solution: When shares are issued in exchange of any asset, the transaction is recorded at the fair…

Q: exy Corporation issued 15, 000 shares of its P 100 par ordinary shares in acquiring a land that has…

A: Solution: Par value of ordinary stock issued = Number of Shares * par value per share = 15000*100 =…

Q: On January 1, 20X7, Poke Corporation acquired 25 percent of the outstanding shares of Shove…

A: The fair value of shares is considered as Other Comprehensive Income instead of net income.

Q: Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2019. Miller paid…

A: As you have asked multiple sub-parts we will solve first three sub-parts for you if you want others…

Q: PROBLEM 32 Guillen Company acquired 30% of ABC Corporations share for P8,000,000 on July 1, 2020.…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-part for you. If you…

Q: On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for…

A: Correct option is b) 15,000

Q: Power Corporation's controller has just finished preparing a consolidated balance sheet, income…

A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing…

Q: How much is the unrealized gain at Dec 31, 20X1?     1,000 15,000 50,000 65,000

A: The securities held for trading means those securities that are purchased by the company for a short…

Q: On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for…

A: Non-controlling interest - It is an ownership position where shareholder owns less than 50% of…

Q: Gaw Company purchased 15% of the common stock of Trace Corporation for $150,000 on 1/1/X1. At the…

A: Dividend paid  = 60,000 X percentage ownership = 15%

Q: Based on the preceding information, what is the fair value of the noncontrolling interest at the…

A: Pair Logice Corporation acquired 75% of System Inc's Common stock. The Non Controling Interest (NCI)…

Q: PROBLEM EAST Corporation purchased 50,000 out of the 200,000 ordinary shares of FAR Corporation on…

A:

Q: On January 1, year 1, ABC Company purchased 80% of the stock of XYZ for P4,000,000 cash. Prior to…

A: Stockholders are the Persons of entities whom the company issues its ownership rights in the form of…

Q: PROBLEM IV. On January 2, 2019, Klaus Company (qualified as SME) acquired 80% interest in Marcel…

A: SOLUTION- WORKING NOTE - 4125000 / 0.8=5156250 1312000 + 3187500 +210000+127500=4837000. ESTIMATED…

Q: 26. On January 1, B company paid $2,295,000 to acquire 90,000 shares of O company's voting common…

A: company "B" paid $2295000 to acquire 90000 shares of "O" company which represents 30% share.…

Q: Problem 9 On January 1, 2012, Cheetah Company purchased 30% interest in Pod Company for P2,500,000.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Goodfellas obtained a 60% Bedfellow in the 100,000 $1 shares of Mist on 1 January 20X8, when the…

A: given   Goodfellas obtained a 60% Bedfellow in the 100,000 $1 shares of Mist on 1 January 20X8, when…

Q: PROBLEM 1 On January 1, 20x0, P Company purchased 80 percent of the outstanding shares of S Compar…

A: Solution:  On 01.01.20x0, P company purchased outstanding shares of S company = 80% Purchase…

Q: Miscellaneous 186. Pahl Corporation owns a 60% interest in Sauer Corporation, acquired at book value…

A: If company owns more than 50% stocks of another company, it is required to prepare a consolidated…

Q: Parent Co. purchases 100 percent of Son Company on January 1, 20X1, when Parent's retained earnings…

A: Parent's post-closing retained earnings balance on December 31, 20X1 = Beginning retained earnings…

Q: TRICKY Company acquires 25% of JOKER Corporation’s ordinary shares for P190,000 cash and carries the…

A: Goodwill is an intangible asset that accounts for the excess purchase price of another company.…

Q: Prepare the journal entries that both companies should make for the year Allocate the consolidated…

A: SOLUTION-A                        JOURNAL ENTRY IN THE BOOKS OF P COMPANY   DATE PARTICULARS…

Q: 8.On August 20X1, ABC Company bought 10,000 shares of Z Corp at P120,000. Commission and taxes…

A: The meaning of the hold collect and sell is that these are the securities that are held till the…

Q: Parent Co. purchases 100 percent of Son Company on January 1, 20X1, when Parent's retained earnings…

A: Consolidated retained earnings balance on December 31, 20X1 = Beginning retained earnings balance +…

Q: 48 carrying amount of P1,300,000 on January 1, 20x1, under the equity method. On September 1, 20x1,…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for…

A: Total stockholders’ Equity in the consolidated Balance sheet: $200,000 + $205,000 + $40,000…

Q: On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for…

A: The question is based on the concept of Financial Accounting.

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.