Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2023, for $516,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $645,000, and the fair value of the 20 percent noncontrolling interest was $129,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two companies as of December 31, 2024: Items Sales Protrade Seacraft $ 760,000 $ 480,000 Cost of goods sold 350,000 257,000 Operating expenses 162,000 117,000 Retained earnings, 1/1/24 860,000 300,000 Inventory 358,000 122,000 Buildings (net) 370,000 169,000 Investment income Not given 0 Protrade sells Seacraft a building on January 1, 2023, for $104,000, although its book value was only $62,000 on this date. The building had a five-year remaining life and was to be depreciated using the straight-line method with no salvage value. Determine balances for the following items that would appear on consolidated financial statements for 2024: Buildings (net) Operating Expenses Net Income Attributable to Noncontrolling Interest Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2023, for $516,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $645,000, and the fair value of the 20 percent noncontrolling interest was $129,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two companies as of December 31, 2024: Items Sales Protrade Seacraft $ 760,000 $ 480,000 Cost of goods sold 350,000 257,000 Operating expenses 162,000 117,000 Retained earnings, 1/1/24 860,000 300,000 Inventory 358,000 122,000 Buildings (net) 370,000 169,000 Investment income Not given 0 Protrade sells Seacraft a building on January 1, 2023, for $104,000, although its book value was only $62,000 on this date. The building had a five-year remaining life and was to be depreciated using the straight-line method with no salvage value. Determine balances for the following items that would appear on consolidated financial statements for 2024: Buildings (net) Operating Expenses Net Income Attributable to Noncontrolling Interest
Expert Answer:
Answer rating: 100% (QA)
Regulatory frameworks and compliance standards like the PCI DSS and PSD2 play a crucial role in shaping the operational protocols and technological architectures of Electronic Funds Transfer EFT syste... View the full answer
Related Book For
Advanced Accounting
ISBN: 9781264798483
15th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer And Timothy Doupnik
Posted Date:
Students also viewed these accounting questions
-
Give an example of a test that is reliable but not valid or valid but not reliable. Why does this sometimes happen in test designs? What can test designers do to avoid this? Provide specific examples...
-
A country's nominal GDP for a year is $500 billion, and the price index for that year is 120. What is the country's real GDP for that year?
-
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $612,000 in cash and other consideration. At the acquisition date, Protrade...
-
According to the 1980 revisions to the Copyright Act of 1976,_____. a. the owner of a copyrighted program is allowed to make multiplecopies or adaptations for use on other computers b. copyright...
-
During cell signaling events that increase cytosolic calcium concentrations, Ca2+ enters the mitochondria via Ca2+ channels in the inner membrane. (a) Explain why it is necessary for these channels...
-
Glycerine is flowing in a small capillary of diameter \(0.25 \mathrm{~cm}\) and length \(30 \mathrm{~cm}\). For a pressure difference of 3 bars applied across the tube a flow rate of \(0.001...
-
The bidask spread (II) Consider the spot quotations in pounds per dollar (/\($)\) and dollars per pound (\($/)\) in Table 3.15: a. Compute the bid quotations in American and European terms. b....
-
Garza and Neely, CPAs, are preparing their service revenue (sales) budget for the coming year (2014). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for...
-
Last year, a company was formed by selling 200,000 shares of stocks (each $7) and issuing 300 bonds (each $3,000). Today, the company's stock is selling for $50 per share. As a result of changes in...
-
1. What type of attitude scale is used by the ACSI if any? 2. What type of attitude study might you design if you were the consultant? 3. How would you use results from this approach to diagnose...
-
Consider the titration of a 34.0 mL sample of 0.175 M HBr with 0.205 M KOH. Determine each of the following: the initial pH Express your answer using three decimal places. pH = 0.757 Submit Completed...
-
What might Ms. Brooks do to correct the financial problems? Please be as specific as you can in outlining a course of action that you believe she should follow.
-
Marsh Inc. originally purchased equipment on April 30, 2016, for $155,000. The salvage value is 13% of the purchase price. The company uses double declining depreciation, and the number of useful...
-
1. In the overall analysis of External costs, explain he generalization of the majority of the project decisions according to cost accounting 2.analyse the profitability measures regarding the time...
-
How do repetitive DNA elements, including satellite sequences and transposable elements, contribute to chromosomal structure and function, and what are the evolutionary implications of their dynamics...
-
Assume that a stock trading for $ 3 2 today will be worth either $ 2 5 or $ 3 5 in two years. A risk - free asset offers an annualized 3 % return ( continuously compounded ) over that time period....
-
This section explains the daily operation of your business, including its location, equipment, personnel and processes. 1. Production How will you will produce your product or deliver your service?...
-
What are some of the possible sources of information about a company that could be used for determining the companys competitive stance?
-
\(45-6 \times 7^{3}\) Perform the indicated calculation.
-
\(72 \div 6+18\) Perform the indicated calculation.
-
\(6^{2} \times 5-13 \times 9^{2}\) Perform the indicated calculation.
Study smarter with the SolutionInn App