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Company A subsequently sells 60% of the voting interest in Company S for $900,000. The fair value of Company A's retained interest of 10% in the voting stock in Company S is $120,000. The carrying amount of the identifiable net assets of Company S, exclusive of goodwill, is $770,000 (assume the increase in value was already recorded by Company A by recording a debit to investment and a credit to income, both for $70,000). Assume for purposes of this example that the carrying amount of the NCI under the proportionate method and the fair value method are unchanged from the value at the date of the additional 10% interest purchased by Company A.Required:1. Show the calculations and journal entries to record Company A's initial investment in Company S under the fair-value method of accounting for NCI.2. Show the calculations and journal entries to record Company A's additional investment in Company S under the fair-value method of accounting for NCI.3. Show the calculations and journal entries to record Company A's sale of its 60% investment in Company S under the fair-value method of accounting for NCI.
Question 1 What is accounting and book keeping? Explain the objectives of accounting? Question 2 Explain GAAP and write down the relationship between accounting principles, a
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trading a/c,p/l a/c and balace sheet
The following details are taken from the accounting records of the company as at 30 June 2010: Debit Credit Sales revenue 49,950,000
Q.2 Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.
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RSC Designs quarterly selling and distribution expenses are $100,000 including ($10,000 depreciation), and are expected to be paid in the quarter incurred. Quarterly administrat
Vantage Company issued bonds with a $500,000 face value and a 6% stated rate of interest on January 1, 2013. The bonds carried a 5-year term and sold for 95. Vantage uses the strai
Income Statement 2013 2012 2011 Vertical Anaylsis Vertical Anayl Horizontal Net revenue 5,075,390 4,763,180 4,158,507 year 1 year 2 Anaylsis Cost of goods 1,377,242 1,297,102 1,134
Suppose that the risk-free rate is 7% and that the market risk premium is 7%. What is the needed rate of return on a stock with a beta of 1.2? What is the needed rate of retu
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