1 answer

1.) 0 100000 200000 300000 700000 2.) 48000 and 262800 48000 and 273000 42900 and 267900...

Question:

1.)
Dodd Co. acquired 75% of the common stock of Wallace Corp. for $1,800,000. The fair value of Wallaces net assets was $2,100,
0
100000
200000
300000
700000
2.)
Scott Co. acquired 70% of Gregg Co. for $525,000 on December 31, 2019 when Greggs book value was $580,000. The Gregg stock w
48000 and 262800
48000 and 273000
42900 and 267900
42900 and 262800
48000 and 267900
3.)
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reported common stock of $300,000 and ret
580000
574400
548000
542400
541000
4.)
Scott Co. acquired 70% of Gregg Co. for $525,000 on December 31, 2019 when Greggs book value was $580,000. The Gregg stock w
580000
668200
680100
692000
723000
Dodd Co. acquired 75% of the common stock of Wallace Corp. for $1,800,000. The fair value of Wallace's net assets was $2,100,000, and the book value was $1,900,000. The noncontrolling interest shares of Wallace Corp. are not actively traded. What is the total amount of goodwill recognized at the date of acquisition?
Scott Co. acquired 70% of Gregg Co. for $525,000 on December 31, 2019 when Gregg's book value was $580,000. The Gregg stock was not actively traded. On the date of acquisition, Gregg had equipment (with a ten-year life) that was undervalued in the financial records by $170,000. One year later, the two companies provided the selected amounts shown below. Additionally, no dividends have been paid. Current assets Equipment Buildings Liabilities Revenues Expenses Investment income Scott Co. Gregg Co. Book Book Fair Value Value Value $912,000 $430,000 $458,000 371, 000 290,000 450,000 584,000 210,000 210,000 (564,000) (238,000)(238,000) (1,320,000)(570,000) 740, 000 410,000 Not Given What is the noncontrolling interest's share of the subsidiary's net income for the year ended December 31, 2020 and what is the ending balance of the noncontrolling interest in the subsidiary at December 31, 2020?
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10- year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on an annual review, goodwill has not been impaired. Demers eams income and pays dividends as follows: 2019 Net $100,000 income Dividends 40,000 2020 2021 $120,000 $130,000 50,000 60,000 Assume the equity method is applied Compute Pell's Investment in Demers account balance at December 31, 2019,
Scott Co. acquired 70% of Gregg Co. for $525,000 on December 31, 2019 when Gregg's book value was $580,000. The Gregg stock was not actively traded. On the date of acquisition, Gregg had equipment (with a ten-year life) that was undervalued in the financial records by $170,000. One year later, the two companies provided the selected amounts shown below. Additionally, no dividends have been paid. Current assets Equipment Buildings Liabilities Revenues Expenses Investment income Scott Co. Gregg Co. Book Book Fair Value Value Value $912,000 $430,000 $458,000 371,000 290,000 450,000 584,000 210,000 210,000 (564, 000) (238,000) (238,000) (1,320,000) (570,000) 740,000 410,000 Not Given What amount of consolidated net income for 2020 is attributable to Scott's controlling interest?

Answers

Q1. {(1800000/0.75)-2100000}= $300,000

Q3. (Initial investment = 500.000) + (100,000×80%=80,000) - (Excess FV Annual Amortization 7,000×80%=5,600)

= $574,400

Q4. (Parent's Income ($1,320,000 - $740,000 = $580,000)) + (Sub's Income ($570,000 - $410,000) × .70 = $112,000) - (Excess Equipment Amortization for 2020 ($170,000 / 10) × .70 = $11,900)

= $680,100

.

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