1 answer

Large Ltd. purchased 80% of Small Company on January 1, Year 6, for $660,000, when the statement of financial position for Small showed common shares of $490,000 and retained earnings of $190,000. On that date, the inventory of Small was undervalued by $51,000, and a patent with an estimated remaining life of five years was overvalued by $76,000.

Small reported the following subsequent to January 1, Year 6:

Profit (Loss) | Dividends | |||||

Year 6 | $ | 116,000 | $ | 34,000 | ||

Year 7 | (44,000 | ) | 19,000 | |||

Year 8 | 99,000 | 49,000 | ||||

A test for goodwill impairment on December 31, Year 8, indicated a loss of $20,200 should be reported for Year 8 on the consolidated income statement. Large uses the cost method to account for its investment in Small and reported the following for Year 8 for its separate-entity statement of changes in equity:

Retained earnings, beginning | $ | 590,000 | |||

Profit | 290,000 | ||||

Dividends | (61,000 | ) | |||

Retained earnings, end | $ | 819,000 | |||

**(b)** Compute the following on the consolidated financial statements for the year ended December 31, Year 8: **(Omit $ sign in your response.)**

**(i)** Goodwill

Goodwill $

**(ii)** Non-controlling interest on the statement of financial position

Non-controlling interest $

**(iii)** Retained earnings, beginning of year

Retained earnings, beginning of year $

**(iv)** Profit attributable to Large’s shareholders

Profit attributable to Large’s shareholders $

**(v)** Profit attributable to non-controlling interest

Profit attributable to non-controlling interest $

1 answer
#####
3. Externalities and second hand smoke a. What externalities are associated with cigarette smokin...

3. Externalities and second hand smoke a. What externalities are associated with cigarette smoking? In particular, i. Are they positive or negative? ii. Are they generated through production or consumption of cigarettes? ii. Provide an example of the monetary social gain or loss from cigarettes? b. ...

1 answer
#####
Tim lives in San Francisco and runs a business that sells pianos. In an average year,...

Tim lives in San Francisco and runs a business that sells pianos. In an average year, he receives $851,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $476,000; he also pays wages and utility bills totaling $281,000. He owns his showroom; if he choose...

1 answer
#####
1. Each of the following sequences converges in probability to somet hing. Identify the limit, with...

1. Each of the following sequences converges in probability to somet hing. Identify the limit, with a brief justification and any necessary conditions. For example: Suppose Yi ½, . . . ,y, are iid N(μ, σ2). Then Y → μ by the law of large numbers (LLN) and 1/Y1/u by the contin...

1 answer
#####
Question 26 2/4 Fish Democracies Consider the question (using fish) of whether uncommitted members of a...

Question 26 2/4 Fish Democracies Consider the question (using fish) of whether uncommitted members of a group make it more democratic. It has been argued that individuals with weak preferences are particularly vulnerable to a vocal opinionated minority. However, ions, observational studies with huma...

1 answer
#####
What are steps to become professional tax preparer in MA and PA.

what are steps to become professional tax preparer in MA and PA....

1 answer
#####
Which are the following statements is false regarding Canadian media trends: a. There is a trend...

Which are the following statements is false regarding Canadian media trends: a. There is a trend towards the intersection of TV and the internet. b. Digital media skews towards younger Canadians. c. Cord cutting is increasing among Canadians d. TV viewing skews towards older Cana...

1 answer
#####
What is the slope of the line passing through the following points: # (3,1) , (6, 8) #?

What is the slope of the line passing through the following points: # (3,1) , (6, 8) #?...

1 answer
#####
Problem 3-15 Journal Entries; T-Accounts; Financial Statements (L03-1, LO3-2, LO3-3, LO3-4] Froya Fabrikker A/S of Bergen,...

Problem 3-15 Journal Entries; T-Accounts; Financial Statements (L03-1, LO3-2, LO3-3, LO3-4] Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing ov...

1 answer
#####
-. The most effective way to prepare for delivery is to: O A. Perform in the...

-. The most effective way to prepare for delivery is to: O A. Perform in the style of the elocutionists. O B. Prepare specific gestures for specific points. O C. Refrain from rehearsing so the delivery seems spontaneous. OD. None of the above....

1 answer
#####
Opioid Abuse/ Withdrawl Address patient/family education and health promotion topics

Opioid Abuse/ Withdrawl Address patient/family education and health promotion topics...

1 answer
#####
Psychologists estimate that 80% of male drivers, when lost in trying to find a location, continue...

Psychologists estimate that 80% of male drivers, when lost in trying to find a location, continue to drive rather than asking for directions. If this estimate is correct, what is the probability that, in a random sample of 100 lost male drivers, the proportion who continue to drive is &...

1 answer
#####
The annual increase in height of cedar trees is believed to be distributed uniformly between three...

The annual increase in height of cedar trees is believed to be distributed uniformly between three and fourteen inches. Find the probability that a randomly selected cedar tree will grow more than 6 inches in a given year. Round your answer to four decimal places, if necessary....

1 answer
#####
Case Study, Chapter 43, Management of Patients with Musculoskeletal Trauma 1. Melinda Woods, a 14-year-old girl,...

Case Study, Chapter 43, Management of Patients with Musculoskeletal Trauma 1. Melinda Woods, a 14-year-old girl, was on a hiking trip with her family. Melinda slipped on a wet rock and fell on her right arm. She immediately began crying with pain. The skin is intact, but there is an obvious deformit...

1 answer
#####
(1 point) 17 A 15 B If AB has length 15 and AC has length 17,...

(1 point) 17 A 15 B If AB has length 15 and AC has length 17, find: • The length of BC: • The measure of angle B (in degrees): The measure of angle C (in degrees): If you use a calculator to find a decimal approximation, your answer must be accurate to at least 3 decimal places. If you'...