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Parson Company acquired 80% of Sonyi Corporation’s common stock for $72,000 in cash on January 8, 2016. At that date, Sonyi had $38,000 of reported net assets. These reported net assets were fairly stated, except equipment was overvalued by $2,300, unrecorded in-process R&D was valued at $2,000 and unrecorded favorable location was valued at $1,000. The estimated fair value of the noncontrolling interest is $15,000 at the acquisition date. Calculate the total goodwill and its allocation to the controlling and noncontrolling interests.
On September 1, 2014, Winans Corporation acquired Aumont Enterprises for a cash payment of $703,380. At the time of purchase, Aumont’s balance sheet showed assets of $601,200, liabilities of $193,360, and owners’ equity of $407,840. The fair value of..
Evaluation of various ratios from the given financial statements and The condensed financial statements of Westward Corporation for 2006 are presented
What is the book value of the equipment and does the balance in the accumulated depreciation account mean that the equipment's loss of value is $725,000? Explain.
The IRS has examined your client's return and has taken the position that she must include the $50,000 in her gross income. Evaluate the IRS's position
Classify each of the following transactions as an operating activity, an investing activity or a financing activity cash flow, or a non cash transaction - Indicate also its effect on the Income statement (increase or decrease the profit).
During the current period, Department A finished and transferred 50,000 units to Department B. - how much overhead should be allocated to the ending goods in process inventory
Natale transfers to Window Corporation depreciable machinery originally costing $ 23,000 and now having a(n) $ 18,000 adjusted basis. In exchange, Natale receives all 75 shares of Window stock having a(n) $ 22,000 FMV and a three-year Window note hav..
Prepare an analysis showing the total cost savings, if any, Caballero will realize by buying the part.
Discuss the way in which BHP Billiton has demonstrated its social and environmental accountability and consider the above and discuss the stance and initiatives of the Australian accounting profession on corporate social responsibility
Assuming a loss on impairment is recognized August 31, 2010, what is Miller's depreciation expense for September 2010?
Identify weaknesses in current procedures, and explain the threats that they may allow to occur and suggest ways to improve the Kowal manufacturing Company's internal controls over hiring and payroll processing.
Cindy, an 18-year-old full-time student, has $3,400 interest income from a trust established by her grandparents. Cindy also earned $6,000 working at a part-time job. She lives at home with her parents and has no itemized deductions. Cindy’s parents ..
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