Reference no: EM133097181
Questions -
Q1. On January 01, 2021, ABC acquired 80% of the equity of AST by paying 1,000,000 cash. The fair value of the net assets of AST on this date is 900,000. How much is the goodwill arising from the acquisition?
Q2. On January 01, 2021, ABC purchased all the net assets of AST by issuing 50,000 shares of its 10 par value common shares with a market value of 12 each. The book value of the said net assets is 1,700,000. All the assets and liabilities of AST are properly valued, except for its equipment which is undervalued by 5,000. The acquirer paid fees to accomplish the acquisition amounting to 15,000 and incurred 3,000 share issuance cost. ABC had 400,000 share premium while AST had 20,000 before the acquisition was entered into. How much is the share premium reported in the balance sheet after acquisition?
Q3. On January 01, 2021, ABC sent 100,000 cash and shipped merchandise amounting to 40,000 to Branch AST. The branch was able to immediately sell the said merchandise on the same day for 80,000 on account. Exactly after a month, ABC purchased an equipment with a 5-year life for 120,000 for the use of AST. A company policy states that all fixed assets are to be maintained in the books of the home office. Half of the receivables were collected by ABC on December 31, 2022. What is the balance of the Branch Current at the end of the year?
Q4. On January 01, 2021, ABC sent samples to AST amounting to 100,000. A week later, ABC sent goods costing 70,000 to AST's client. The agency pays a quarterly rent amounting to 5,400 which is payable at the beginning of the quarter. The samples are good for 20 months. With a gross profit on sales of 20% in goods shipped to fill up agency sales, how much is the net income of the agency for the month?
Q5. On January 01, 2021, ABC acquired 10% of the shares of AST for 100,000 cash. Later on, ABC purchased another 50% for 600,000 cash. On that subsequent date, AST reported its net assets at 1,300,000. How much is the goodwill arising from the acquisition of control?
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