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Perla Company acquires 40% of the voting stock of Stanton Corporation for $8,000,000 on January 1, 2016. At the time, the book value of Stanton was $20,000,000. During 2016, Stanton reported net income of $2,500,000 and paid dividends of $600,000. Both companies have December 31 year-ends, and there is no impairment of the investment.
Now assume Stanton’s book value at the date of acquisition was $15,000,000, and the excess paid over book value is attributed to previously unrecorded intangibles with an estimated remaining life of 10 years. Straight-line amortization is appropriate.
What amount does Perla report as equity in net income of Stanton for 2016?
Simpson Auto Body Repair purchased $20,000 of Machinery. The company paid $8,000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in four monthly installments. How will this transaction affect the accou..
Bonds Payable. The balance in the Bonds Payable account at year-end is $200,000,000. After reviewing the confirmation from the trustee, the auditors determine that the correct balance is $225,000,000. Answer the following questions regarding the bond..
Rusty Hardware makes only cash sales. It began 2016 with a credit balance of $32,000 in the refund liability account. Sales during 2016 were $600,000. Rusty estimates that 6% of all sales will be returned. During 2016, customers returned merchandise ..
Elephant Services leased an asset to Northridge Corporation on January 1, 2015. The cost of the asset to Elephant was $25,000. Compute the annual rental lease payments.
how the numbers are "expressed" in the CAFR. If the number is "expressed in thousands", make sure you add three zeros (",000") to your answer). Illustrate what is the net change in Construction in Progress from 2010 to 2011?
Describe each of the three main financial statements-the end products of the work that takes place in an accounting system over a period of time-studied in the course. What does each statement present?
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: What is the variable costing unit product cost for the month?
A manufacturing company uses an overhead allocation rate based on direct labor cost. The company's Goods in Process Inventory account has a $15,000 debit balance after all posting is completed, and the cost sheet of the one job still in process shows..
Lindsey Contractors' borrowing agreements make certain demands on the business. Lindsey's Long-Term Debt may not exceed Stockholder's Equity, and the current ratio may not fall below 1.50. If Lindsey fails to meet this requirement, the company's lend..
What is the profit Rum would earn on the new product if all the manufacturing capacity allocated by management is used and the product is sold for $36 per unit?
A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. Prepare the journal entries to record these merchandise trans..
Ezzell Enterprises' noncallable bonds currently sell for $1,165. They have a 15-year maturity, an annual coupon of $95, and a par value of $1,000. What is their yield to maturity?
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