Prepare the journal entry to record the change

Assignment Help Accounting Basics
Reference no: EM131789919

Question: The Trump Companies, Inc., has ownership interests in several public companies. At the beginning of 2011, the company's ownership interest in the common stock of Milken Properties increased to the point that it became appropriate to begin using the equity method of accounting for the investment. The balance in the investment account was $31 million at the time of the change. Accountants working with company records determined that the balance would have been $48 million if the account had been adjusted to reflect the equity method.

Required: Prepare the journal entry to record the change in accounting principle.

Reference no: EM131789919

Questions Cloud

Determine a viewing window : In Problem use the derivative to locate critical points and determine a viewing window that shows all features of the graph. Use a graphing utility
Determine a viewing window that shows : In Problem use the derivative to locate critical points and determine a viewing window that shows all features of the graph.
What is the purpose of developing less powerful editions : Pricing Some personal computer software is sold at special discounts to students. Other software is provided in a less powerful versions for students.
Shows all features of the graph : In Problem he derivative to locate critical points and determine a viewing window that shows all features of the graph.
Prepare the journal entry to record the change : The Trump Companies, Inc., has ownership interests in several public companies. Prepare the journal entry to record the change in accounting principle
Compute the total controllable and volume variances : Seacrest Company's overhead rate was based on estimates of $792,000 for overhead costs. Compute the total, controllable, and volume variances for overhead.
Shows all features of the graph : In Problem use the derivative to locate critical points and determine a viewing window that shows all features of the graph.
What is the probability that all three have driven : What is the probability that all three have driven while under the influence of alchol?
Define economies of scale in manufacturing televisions : Two networks are vying for dominance in the HDTV network, the United States and Europe. It has been said that the winner is likely determined by economies.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd