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Cairns owns 75 percent of the voting stock of Hamilton, Inc. The parent's interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton.
On January 1, 2011, Hamilton sold $1,000,000 in 10-year bonds to the public at 105. The bonds had a cash interest rate of 9 percent payable every December 31. Cairns acquired 40 percent of these bonds at % percent of face value on January 1. 2013. Both companies utilize the straight-line method of amortization. Prepare the consolidation worksheet entries to recognize the effects of the intra-entity bonds at each of the following dates.
December 31. 2013.
December 31. 2014.
December 31, 2015.
Danielson Inc., sells two types of caviar. Both are widely recognized as quality products throughout its worldwide distribution system, but from time to time the actual mix of the product shifts as tastes change. If Danielson uses the package approac..
Coastal Property Restoration (CPR) periodically purchased used restaurant equipment from Famous Subs and Pizza Company. CPR refurbishes and sells restaurant equipment to small restaurants. In December 2014, CPR purchased five used pizza ovens for $50..
Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Olivia decides that she will need insurance for a one-day special event a..
On January 1, 2012, Pearl Inc. purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Pearl paid for the purchase on January 8. Freight costs..
What was Lozier's gross profit, What was Lozier's income from operations, What was Lozier's income before income tax and What was Lozier's income from continuing operations
Jarvis Foods produces a gourmet condiment which sells for $10.00 per unit. Variable costs are $7.50 per unit, and fixed costs are $18,000 per month. Jarvis is currently selling 8,000 units per month. If Jarvis reduces the selling price down to $9.00 ..
capitalization or expensing the equipment.merton company purchased a building at a cost of 364000 on january 1
Consult Paragraph 14 of PCAOB Auditing Standard No. 5. Based on the case information, do you think this paragraph relates to the use of top-side adjusting journal entries at an audit client like Waste Management in any way? Why or why not?
How did the bankruptcy risk of Best Buy change between 2007 and 2008? Explain. How did the bankruptcy risk of Circuit City change between 2007 and 2008? Explain.
The current ratio for a company with current assets of $70,000, quick assets of $30,000, net assets of $150,000 current liabilities of $50,000 and net sales of $80,000 would be:
Fixed manufacturing overhead was $1 per unit in beginning inventory under absorption costing. Ending inventory was zero. Explain how many units did the company produce during the year?
Tax Return Problem Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6789. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1111. Karl lives with Ashley, and she fu..
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