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Pascal Corporation purchased 90% of the stock of Salzer Company for $2,070,000 on January 1, 2012. On this date, the fair value of the assets and liabilities of Salzer Company was equal to their book value except for the inventory and equipment accounts. The inventory had a fair value of $725,000 and a book value of $600,000. The equipment had a book value of $900,000 and a fair value of $1,075,000.
The balances in Salza Company's capital stock and retained earnings account on the date of acquisition were $1,200,000 and $600,000 respectively.
In general journal form, prepare the entries on Salza Company's books to record the effect of the pushed down values implied by the purchase of its stock by Pascal assuming that values are allocated on the basis of the fair value of Salzer Company as a whole imputed from the transaction.
Imagine you are the Director of Internal Audit and executive management has asked you to work with the Chief Information Officer to evaluate the security over Information Technology.
Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000.
Hedging Exchange Rate Risk. An importer in the United States is due to take delivery of silk scarves from Europe in 6 months. The price is fixed in euros.
Prepare a journal entry for carlton company sells office equipment on sept.2007, for $21,000 cash. the office equipment originally cost $72,000 and as of Jan.1 2007 had accumulated deprication of $42,000. Depreciation for the first 9 months of 200..
Which is better for preventing or detecting fraud a rules based system like US GAAP or a principles based system like IFRS? Please provide the reasons for your opinion.
On August 10, Jameson Corporation reacquired 8,000 shares of its $100 par value common stock at $134. The stock was originally issued at $110. The shares were resold on November 21 at $145. Provide the entries required to record the reacquisition ..
Elk, a C corporation, has $500,000 operating income and $350,000 operating expenses during the year. In addition, Elk has a $20,000 long-term capital gain and a $52,000 short-term capital loss. Elk's taxable income is:
Identify the authoritative literature that provides guidance on the zero-interest-bearing note. Use some of the examples to explain how the standard applies in this setting.
Medium Inc. had one class of stock outstanding. The one class of stock was owned 50 percent by Linda and 25 percent by each of Linda's parents.
On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record
Include tests of transactions after the balance sheet date as well as tests of transactions during the year under audit. Show
You believe that the market has changed so much that valuation of the underlying asset cannot be based on past performance. What rules and regulations would guide the actions that you would take? What actions would you take, and why?
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