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On July 1, 2011, Gibson Company acquired 75,000 of the outstanding shares of Miller Company for $12 per share. This acquisition gave Gibson a 35 percent ownership of Miller and allowed Gibson to significantly influence the investee's decisions.As of July 1, 2011, the investee had assets with a book value of $2 million and liabilities of $400,000. At the time, Miller held equipment appraised at $150,000 above book value; it was considered to have a seven-year remaining life with no salvage value. Miller also held a copyright with a five-year remaining life on its books that was undervalued by $650,000. Any remaining excess cost was attributable to goodwill. Depreciation and amortization are computed using the straight-line method. Gibson applies the equity method for its investment in Miller.Miller's policy is to pay a $1 per share cash dividend every April 1 and October 1. Miller's income, earned evenly throughout each year, was $550,000 in 2011, $575,000 in 2012, and $620,000 in 2013.In addition, Gibson sold inventory costing $90,000 to Miller for $150,000 during 2012. Miller resold $80,000 of this inventory during 2012 and the remaining $70,000 during 2013.a. Prepare a schedule computing the equity income to be recognized by Gibson during each of these years.b. Compute Gibson's investment in Miller Company's balance as of December 31, 2013.
Colbert operates a catering service on the accrual method. When must Colbert recognize the income if his accounting methods are selected to minimize income recognition?
Evaluate Chi s cost to record the new asset from the exchange - Chi Corporation trades an asset by a book value of $20,000 for another asset with a fair market value of $15,000.
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If projected net cash flow for February is ($15,000); beginning cash balance is $6,000; minimum cash balance is $5,000; beginning loan balance is $8,000, what will be the cumulative loan balance at the end of March?
ELO feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2012?
Purpose a production budget for February, March, and April. and a forecast of the units and cost of raw material that may be required for February, March, and April.
The fiscal 2009 balance sheet reports net operating assets of $5,995,633. Illustrate what is Neptune’s 2010 net operating profit margin?
Compute the equivalent units for materials using the weighted- average method. Calculate the equivalent units for conversion costs using the weighted-average method.
Hollern Combines, Inc. has $10,000 of ending finished goods inventory as of December 31, 2010. If beginning finished goods inventory was $5,000 and cost of goods sold was $20,000, how much would Hollern report for cost of goods manufactured?
Calculation of average issue price of stock - Answer the following question based on the stockholder's equity section given above. The company purchased no treasury stock before 2008. Please show your work to receive partial credit in the event tha..
Exercisable at the option price of $25 per share: average market price in 2011, $30 84000 shares instructions compute (a) basic earnings per share, nd (b) diluted earnings per share.
If you know that the company charges 26% interest on outstanding balances what should be the cash price, today, for the car?
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