User Account

All Pages

advanced acc, Managerial Accounting

Assignment Help:

Pike Corporation paid $100,000 for a 10% interest in Salmon Corp. on January 1, 2010, when

Salmon''s stockholders'' equity consisted of $800,000 of $10 par value common stock and

$200,000 retained earnings. On December 31, 2011, after receipt of the year''s dividends

from Salmon, Pike paid $192,000 for an additional 20% interest in Salmon Corp. Both of

Pike''s investments were made when Salmon''s book values equaled their fair values.

Salmon''s net income and dividends for 2010 and 2011 were as follows:

Net income in 31/12/2010 is $60,000 and in 31/12/2011 is $140,000 also the Dividends in 31/12/2010 is $20,000 and 31/12/2011 is $40,000

Required:

1. Prepare journal entries for Pike Corporation to account for its investment in Salmon

Corporation for 2010 and 2011.

2. Calculate the balance of Pike''s investment in Salmon at December 31, 2011.

Related Discussions:- advanced acc

Selective inventory management, Selective Inventory Management The inve...

Selective Inventory Management The inventory of an industrial firm generally comprises thousands of items with diverse prices, usage and lead time, as well as procurement and/o

What is suggestion system, Suggestion system  The suggestion system is ...

Suggestion system  The suggestion system is as integral part of an established management system that aims at involving employees in kaizen. The number of worker s suggestion i

Compounding technique, What does compounding technique shows?

What does compounding technique shows?

Irrelevant costs, Characteristics of irrelevant costs

Characteristics of irrelevant costs

Cost estimation, engineering method of cost estimation

engineering method of cost estimation

Gathering data-plotting graph-cost estimating relationship, Gather data con...

Gather data concerning the relationship among the dependent and independent variables Collecting data is generally the most hard and time-consuming element of CER development.

Ira, Your financial advisor has recommended that you invest into your Roth ...

Your financial advisor has recommended that you invest into your Roth Individual Retirement Account (Roth IRA) the sum of $5,000. If you put in $5,000 today, what will this investm

Prepare a fixed budget and a flexible budget, Question: A company has b...

Question: A company has budgeted to produce and sell 10,000 units of a product, the selling price and the variable cost per unit of which is Rs 20 and Rs 12 respectively. Fixe

How much must you deposit each year to reach your goal, Right now you are 2...

Right now you are 20 years old and you have decided that you want to have $2,000,000 in the bank when you turn 65 years old. How much must you deposit each year to reach your goal

Motives for holding inventories, MOTIVES FOR HOLDING INVENTORIES If pro...

MOTIVES FOR HOLDING INVENTORIES If production and delivery of goods were instantaneous, there would be no need for inventories. However in reality, the manufacturing and purcha

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd