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Quake Corporation paid $1,680,000 for a 30 percent interest in Tremor Corporation's outstanding voting stock on January 1, 2011. The book values and fair values of Tremor's assets and liabilities on January 1, along with amortization data, are as follows (in thousands):
Tremor Corporation reported net income of $1,200,000 for 2011 and paid dividends of $600,000.REQUIRED
1. Prepare a schedule to allocate the investment fair values/book value differentials relating to Quake's investment in Tremor.
2. Calculate Quake's income from Tremor for 2011.
3. Determine the balance of Quake's Investment in Tremor account at December 31,2011.
Prepare the journal entries to record the events and the issuance of the bonds.
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