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On January 1, 20X1, Powers Company acquired 80% of the common stock of Sculley C
On January 1, 20X1, Powers Company acquired 80% of the common stock of Sculley Company for $195,000. On this date Sculley had total owners equity of $200,000 (common stock, other …
On January 1, 20X1, Sage Consulting had a cash balance of $20,000. On December 3
On January 1, 20X1, Sage Consulting had a cash balance of $20,000. On December 31, 20X1, its cash balance was $35,000. Its accounts receivable increased from $10,000 to $16,000. W…
On January 1, 20X1, a company had a dividends payable balance of $30,000. On Dec
On January 1, 20X1, a company had a dividends payable balance of $30,000. On December 31, 20X1, the credit balance of the dividends payable account was $22,000. Which of the follo…
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:3:1, respectively, decide to liquidate their partnership. The partnership trial bal…
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:3:1, respectively, decide to liquidate their partnership. The partnership trial bal…
On January 1, 20X2, Derek Co.’s defined benefit pension plan had plan assets wit
On January 1, 20X2, Derek Co.’s defined benefit pension plan had plan assets with a fair value of $750,000, and a projected plan obligation of $875,000. In addition: Actual and ex…
On January 1, 20X2, End Corporation acquired all of Cork Corporation\'s assets a
On January 1, 20X2, End Corporation acquired all of Cork Corporation's assets and liabilities by issuing shares of its common stock. Partial balance sheet data for the companies p…
On January 1, 20X2, Fischer Corporation purchased 80 percent of Culbertson Compa
On January 1, 20X2, Fischer Corporation purchased 80 percent of Culbertson Company common shares and 60 percent of its preferred shares at underlying book value. At that date, the…
On January 1, 20X2, Fischer Corporation purchased 80 percent of Culbertson Compa
On January 1, 20X2, Fischer Corporation purchased 80 percent of Culbertson Company common shares and 60 percent of its preferred shares at underlying book value. At that date, the…
On January 1, 20X2, The GenKota Winery purchased a new bottling system. The syst
On January 1, 20X2, The GenKota Winery purchased a new bottling system. The system has an expected life of 5 years. The system cost $325,000. Shipping, installation, and set up wa…
On January 1, 20X3, Guild Corporation reported total assets of $473,000, liabili
On January 1, 20X3, Guild Corporation reported total assets of $473,000, liabilities of $275,000, and stockholders’ equity of $198,000. At that date, Bristol Corporation reported …
On January 1, 20X3, Guild Corporation reported total assets of $478,000, liabili
On January 1, 20X3, Guild Corporation reported total assets of $478,000, liabilities of $264,000, and stockholders’ equity of $214,000. At that date, Bristol Corporation reported …
On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $
On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1,450,000. It cost an additional $50,000 to deliver, install, and calibrate the press. This machine…
On January 1, 20X4, Alum Corporation acquired Da Silva Company, a Brazilian subs
On January 1, 20X4, Alum Corporation acquired Da Silva Company, a Brazilian subsidiary, by purchasing all its common stock at book value. Da Silva's trial balances on January 1, 2…
On January 1, 20X4, Griffin, Inc. purchased 12% of Hydra Co.\'s common stock. At
On January 1, 20X4, Griffin, Inc. purchased 12% of Hydra Co.'s common stock. At that time Griffin did not have the ability to exert significant influence over Hydra. On September …
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $154,800 Ship's net assets on the date of acquisition were…
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $151,800 Ship's net assets on the date of acquisition were…
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $162,000. Ship’s net assets on the date of acquisition wer…
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $153,000. Ship's net assets on the date of acquisition wer…
On January 1, 20X5, Seaside Company acquires 90 percent ownership in Rainbow Cor
On January 1, 20X5, Seaside Company acquires 90 percent ownership in Rainbow Corporation for $180,000. The fair value of the noncontrolling interest at that time is determined to …
On January 1, 20X5, Wheatland County decided to create an investm Town of Sarato
On January 1, 20X5, Wheatland County decided to create an investm Town of Saratoga, Wheatland County School Board, Wheatla ent pool that will include the d County General Fund, an…
On January 1, 20X5, Wheatland County decided to create an investment pool that w
On January 1, 20X5, Wheatland County decided to create an investment pool that will include the Town of Saratoga, Wheatland County School Board, Wheatland County General Fund, and…
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporatio
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporation for $180,000 cash. Wisden reported net income of $30,000 and dividends of $10,000 for 20X6, 20X7,…
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporatio
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporation for $180,000 cash. Wisden reported net income of $30,000 and dividends of $10,000 for 20X6, 20X7,…
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporatio
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporation for $180,000 cash. Wisden reported net income of $30,000 and dividends of $10,000 for 20X6, 20X7,…
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporatio
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporation for $180,000 cash. Wisden reported net income of $30,000 and dividends of $10,000 for 20X6, 20X7,…
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporatio
On January 1, 20X6, Climber Corporation acquired 90 percent of Wisden Corporation for $180,000 cash. Wisden reported net income of $30,000 and dividends of $10,000 for 20X6, 20X7,…
On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes
On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes used to transport adventurers to remote regions of western Australia. The engine cost $750,000 and …
On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes
On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes used to transport adventurers to remote regions of western Australia. The engine cost $750,000 and …
On January 1, 20X7, Jones Company acquired 90 percent of the outstanding common
On January 1, 20X7, Jones Company acquired 90 percent of the outstanding common stock of Smith Corporation for $1,242,000. On that date, the fair value of noncontrolling interest …
On January 1, 20X7, Servant Company purchased a machine with an expected economi
On January 1, 20X7, Servant Company purchased a machine with an expected economic life of five years. On January 1, 20X9, Servant sold the machine to Master Corporation and record…
On January 1, 20X8, Alaska Corporation acquired Mercantile Corporation’s net ass
On January 1, 20X8, Alaska Corporation acquired Mercantile Corporation’s net assets by laying $160,000 cash. Balance sheet data for the two companies and fair value information fo…
On January 1, 20X8, Chariot Company acquired 100 percent of Stryder Company for
On January 1, 20X8, Chariot Company acquired 100 percent of Stryder Company for $220,000 cash. The trial balances for the two companies on December 31, 20X8, included the followin…
On January 1, 20X8, Colorado Corporation acquired 75 percent of Denver Company\'
On January 1, 20X8, Colorado Corporation acquired 75 percent of Denver Company's voting common stock for $90,000 cash. At that date, the fair value of the noncontrolling interest …
On January 1, 20X8, Line Corporation acquired all of the common stock of Staff C
On January 1, 20X8, Line Corporation acquired all of the common stock of Staff Company for $300,000. On that date, Staff's identifiable net assets had a fair value of $250,000. Th…
On January 1, 20X8, PERRY Company acquired 70 percent of WILLEL Company\'s commo
On January 1, 20X8, PERRY Company acquired 70 percent of WILLEL Company's common stock for $245,000 cash. At that date, WILLEL reported common stock outstanding of $200,000 and re…
On January 1, 20X8, Parent Company acquired 90 percent ownership of Subsidiary C
On January 1, 20X8, Parent Company acquired 90 percent ownership of Subsidiary Corporation, at underlying book value. The fair value of the noncontrolling interest at the date of …
On January 1, 20X8, Transport Corporation acquired 75 percent interest in Steams
On January 1, 20X8, Transport Corporation acquired 75 percent interest in Steamship Company for $300,000. Steamship is a Norwegian company. The local currency is the Norwegian kro…
On January 1, 20X8, Transport Corporation acquired 75 percent interest in Steams
On January 1, 20X8, Transport Corporation acquired 75 percent interest in Steamship Company for $300,000. Steamship is a Norwegian company. The local currency is the Norwegian kro…
On January 1, 20X8, William Company acquired 30 percent of eGate Company\'s comm
On January 1, 20X8, William Company acquired 30 percent of eGate Company's common stock, at underlying book value of $100,000. eGate has 100,000 shares of $2 par value, 5 percent …
On January 1, 20X8, William Company acquired 30 percent of eGate Company\'s comm
On January 1, 20X8, William Company acquired 30 percent of eGate Company's common stock, at underlying book value of $100,000. eGate has 100,000 shares of $2 par value, 5 percent …
On January 1, 20X9, Company A acquired 80 percent of the common stock and 60 per
On January 1, 20X9, Company A acquired 80 percent of the common stock and 60 percent of the preferred stock of Company B, for $400,000 and $60,000, respectively. At the time of ac…
On January 1, 20X9, Company A acquired 80 percent of the common stock and 60 per
On January 1, 20X9, Company A acquired 80 percent of the common stock and 60 percent of the preferred stock of Company B, for $400,000 and $60,000, respectively. At the time of ac…
On January 1, 20X9, Company A acquired 80 percent of the common stock and 60 per
On January 1, 20X9, Company A acquired 80 percent of the common stock and 60 percent of the preferred stock of Company B, for $400,000 and $60,000, respectively. At the time of ac…
On January 1, 20X9, Parent Corporation acquired 90 percent of Small Corporation\
On January 1, 20X9, Parent Corporation acquired 90 percent of Small Corporation's stock for $324,000 cash. At that date, the noncontrolling interest had a fair value of $36,000. A…
On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company\'s co
On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares at underlying book value. Zigma uses the equity method in accounting for its ownership o…
On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company\'s co
On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares at underlying book value. Zigma uses the equity method in accounting for its ownership o…
On January 1, 20Y1, Martin Manufacturing paid cash for a new piece of manufactur
On January 1, 20Y1, Martin Manufacturing paid cash for a new piece of manufacturing equipment. The machine cost $40,000 and had an estimated useful life of 5 years with a $5,000 s…
On January 1, 20ff, Bourgeois Company purchased the following two machines for u
On January 1, 20ff, Bourgeois Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $58,000. Related expend…
On January 1, 20x0, Magilla Inc. granted stock options to officers and key emplo
On January 1, 20x0, Magilla Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company’s $10 par common stock at $25 per share. The …