Reference no: EM131129669
Allerton Co. acquired 15% of Jenson Corporation on January 1, 2014, for $126,000 when the book value of Jenson's net assets was $720,000; Jenson accounted for this initial investment using the cost method. During 2014, Jenson reported net income of $180,000 and paid dividends of $60,000. On January 1, 2015, Allerton Co. purchased an additional 25% of Jenson for $240,000. Any excess of cost over book value was attributable to goodwill (No amortization). On that same date, Allerton Co. changed to the equity method. During 2015, Jenson reported net income of $240,000 and paid dividends of $90,000. Instructions:
PLEASE SHOW CALCULATIONS
a. What income did Allerton record from Jenson in 2014?
b. What income did Allerton record from Jenson in 2015?
c. Record the journal entry to recognize the conversion to the equity method?
d. Using a well-labeled T-account, what is the balance in Equity Investment at December 31, 2015?
Design a flowchart of the present system
: Design a flowchart of the present system. Identify potential internal control weaknesses in the present procedures. Exclude the data processing departments operation in your review.
|
Which of the following is diastereomer of fructose
: What is the ATP yield for a cell catabolizing one residue of glucose from glycogen under hypoxic (low oxygen) conditions?
|
How did you determine the period
: Name two exoplanet properties that can be learned by applying the radial velocity method. What is the orbital period of this planet? How did you determine the period? Based on the Radial velocity curve, would you say this planet's orbit is mostly cir..
|
What are the resonance peaks of each system
: What are the resonance peaks of each system?
|
What income did allerton record from jenson
: What income did Allerton record from Jenson in 2014? What income did Allerton record from Jenson in 2015? Record the journal entry to recognize the conversion to the equity method?
|
Write essay on place of biblical law in contemporary culture
: Write a reflective essay on the place of biblical law in contemporary culture. The essay word count does not include block quotes from the Bible or other sources.
|
Determine the maximum value of k
: Plot the data from the Bode plots [adjusted by the K obtained in part (b)] on a copy of the Nichols chart in Fig. 6.84, and determine the resonant peak magnitude Mr. Compare that with the approximate value obtained in part (a). (d) Use the Nichols..
|
Announcing an employee fitness center
: Announcing an Employee Fitness Center Your company is ready to open an employee fitness center with on-site aerobics and yoga classes, exercycles, tread mills, and weight machines.
|
Locate a qualitative dba doctoral study
: Locate a qualitative DBA doctoral study from the Walden library. Review the methodology section and compare and contrast the design and the method with the information you have learned from the Creswell course text.
|