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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.
In the case of convertible bond that are assumed to be converted and are dilutive, elucidate how they are handled for purposes of diluted EPS computations.
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Ramadi uses the cost method to account for its treasury stock transactions. Illustrate what accounts and amounts should Ramadi credit in 2011 to record the reissuance of the 3,000 shares?
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Using the straight- line method. the amount of discountor premiumt o be amortized every intrest period would be''
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Use an available tax research service to determine how much income, if any, does Latrell have to recognize as a result of purchasing an airline ticket with Skymiles earned from business travel.
There are 1,300 bags on hand at start of January. VitaPup desires to maintain monthly ending inventory equal to 10% of next month's expected sales
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