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Cairns owns 80 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 $1,500,000 in 10-year bonds to the public at 105. The bonds had a cash interest rate of 8 percent payable every December 31. Cairns acquired 45 percent of these bonds at 96 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 intraentity bonds at each of the following dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
What is the difference between the definition of a proportionate non-liquidating distribution and a proportionate liquidating distribution? What is the significance of the word proportionate?
The Mundane County Council has the following information concerning the upcoming fiscal year’s budget: A residence in Mundane County has an assessed value of $15,000. Its owner qualifies for an old-age exemption of $1,000 and a homestead exemption of..
The bonds were sold for 833,760 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2010?
A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is. What is the number of units that should be produced and sold eac..
se machinery pty ltd sem is a private resident australian company incorporated in 1981. the company develops and
Prepare the journal entry to record item 1. Prepare the journal entry to record item 2. Prepare the journal entry to record item 3 using the cost method.
Suppose selected financial data of Target and Wal-Mart for 2014 are presented here in millions.
The following information pertains to the payroll of Fanelli Fashion Company on June 3:Total wages earned by employees are 2,910. The state employment insurance contribution rate is 3.75%. The entire amount of wages is taxable under FICA, FUTA and SU..
Depreciation is a process of valuation. Depreciation is a process by which a business sets aside cash to replace assets as needed.
What is the profit maximizing price and output level. Solve this for equilibrium p and q. Also plot the mc,, d and mr curves. What profit do you expect the firm will make in the first year.
A firm purchased fixed assets 3 years ago for $4,000 the fixed assets can be sold today for $3,000. The balance sheet shows fixed assets of $850, no long-term debt, current liabilities of $750, and net working capital of $600. If all the current acco..
If a contract contains elements of both a service and a good:
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