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Question: Assume the same facts as in QS except that the stock acquired represents 40% of TKR Corp.'s outstanding stock. Also assume that TKR Corp. paid a $125,000 dividend on November 1, 2011, and reported a net income of $550,000 for 2011. Prepare the entries to record (a) the receipt of the dividend and (b) the December 31, 2011, year-end adjustment required for the investment account.
QS: On May 20, 2011, Alexis Co. paid $750,000 to acquire 25,000 common shares (10%) of TKR Corp. as a long-term investment. On August 5, 2012, Alexis sold one-half of these shares for $475,000. What valuation method should be used to account for this stock investment? Prepare entries to record both the acquisition and the sale of these shares.
Create the Journal for the transactions and Post these to the T-accounts, create the Unadjusted trial balance and make the necessary Adjusted journal entries
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1) Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2011 for $90,000. On November 15, 2015, Pierson declared a property dividend of one share of Hunter for every ten shares of Pierson held by a stock..
Both the $700 and $950 checks cleared the next year. How much does Sarah have to include in her gross income for 2015?
Net assets of the acquired company are revalued to their fair value and any excess of consideration transferred over fair value of net assets is allocated to goodwill.
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