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Accounting questions, I tried to copy and paste them the best I could. all instructions are with every question Foster Corporation established Kline Company as

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Accounting questions, I tried to copy and paste them the best I could. all instructions are with every question

image text in transcribed Foster Corporation established Kline Company as a wholly owned subsidiary. Foster reported the following balance sheet amounts immediately before and after it transferred assets and accounts payable to Kline Company in exchange for 4,800 shares of $11 par value common stock: Amount Reported Before Transfer As sets Ca sh Ac coun ts Rec eiva ble Inv ento ry Inv estm ent in Klin e Com pany La nd De preci able Ass ets Ac cum ulate d Depr eciat ion Tot al Ass ets Lia biliti es and Equi $ After Transfer 50,00 0 $ 23,00 0 75,00 0 38,00 0 37,00 0 12,00 0 107,0 00 17,00 0 $ 198,0 00 14,00 0 $ 90,00 0 108,0 00 $ 287,0 00 112,0 00 37,00 0 75,00 0 $ 269,0 00 ties Ac coun ts Pay able Bo nds Pay able Co mm on Stoc k Ret aine d Earn ings Tot al Liab ilitie s and Equi ties $ 36,00 0 $ 18,00 0 75,00 0 52,00 0 52,00 0 124,0 00 $ 75,00 0 124,0 00 287,0 00 $ 269,0 00 Required: a. Prepare the journal entry that Foster recorded when it transferred its assets and accounts payable to Kline. b. Prepare the journal entry that Kline recorded upon receipt of the assets and accounts payable from Foster. Spur Corporation reported the following balance sheet amounts on December 31, 20X1: Balance Sheet Item Assets Cash & Receivab les Inventor y Historical Cost $ 59,000 108,000 Fair Value $ 37,000 149,000 Land Plant & Equipme nt Less: Accumul ated Deprecia tion Patent 45,000 26,000 405,000 341,000 (156,000) 130,000 Total Assets $ $ 683,000 $ Liabiliti es and Equities Account s Payable Commo n Stock Addition al Paid-In Capital Retaine d Earnings 461,000 63,000 $ 68,000 187,000 18,000 193,000 Total Liabilitie s& Equities $ 461,000 Required: Blanket acquired Spur Corporation's assets and liabilities for $678,000 cash on December 31, 20X1. Prepare the entry that Blanket made to record the purchase. Fortune Corporation used debentures with a par value of $576,000 to acquire 100 percent of Sorden Company's net assets on January 1, 20X2. On that date, the fair value of the bonds issued by Fortune was $560,000. The following balance sheet data were reported by Sorden: Balanc e Sheet Item Assets Cash & Receiva bles Historical Cost $ 59,000 Fair Value $ 51,000 Invento ry Land Plant & Equipme nt Less: Accumul ated Depreci ation Goodw ill Total Assets 120,000 202,000 68,000 108,000 400,000 302,000 (161,000) 16,000 $ Liabilit ies & Equities Accoun ts Payable Comm on Stock Additio nal PaidIn Capital Retain ed Earnings Total Liabiliti es & Equities 502,000 $ 663,000 $ 47,000 $ 47,000 96,000 53,000 306,000 $ 502,000 Required: Determine the amount Fortune Corporation would record as a gain on bargain purchase and prepare the journal entry Fortune would record at the time of the exchange. Bargain Purchase Gain: Record acquisition of Sorden Company net assets: Event General Journal Debit Credit 1 Phillips Company bought 30 percent ownership in Jones Bag Company on January 1, 20X1, at underlying book value. In 20X1, 20X2, and 20X3, Jones Bag reported the following: Year 20X1 20X2 20X3 Net Dividends Income $28,000 $35,000 32,000 30,000 40,00 30,000 0 The balance in Phillips Company's investment account on December 31, 20X3, was $55,000. Required: In each of the following independent cases, determine the amount that Phillips paid for its investment in Jones Bag stock assuming that Phillips accounted for its investment using the cost method and equity method. Cost Method: Equity Method: Ravine Corporation purchased 40 percent ownership of Valley Industries for $120,800 on January 1, 20X6, when Valley had capital stock of $245,000 and retained earnings of $57,000. The following data were reported by the companies for the years 20X6 through 20X9: Dividends Declared Operating Income, Net Income, Ravine Valley Year Corporation Industries 20X 144,00 $ $33,000 6 0 20X 82,000 53,000 7 20X 224,00 10,000 8 0 20X 164,00 43,000 9 0 Ravine Valley $ 78,000 $23,000 78,000 43,000 98,000 40,000 108,00 0 23,000 Required: a. What net income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the intercorporate investment using the cost method and the equity method? b. Prepare all appropriate journal entries for 20X8 that Ravine made under both the cost and the equity methods. Cost method: Record the dividend received from Valley Industries under the cost method Equity method: Record the dividend received from Valley Industries under the equity method Record share in net income of Valley Industries under equity method Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $192,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Ass ets Cas h Acc ounts Recei vable Inve ntory Buil dings and Equip ment (net) Inve stmen t in Faith Corpo ration Stock Tota l Asset s Liab ilities and Stock holde rs' Equit y Acc ounts Blank Corporation $ 63,00 0 Faith Corporation $ 36,00 0 79,00 0 44,00 0 119,00 0 64,00 0 217,0 00 151,0 00 192,0 00 $ 670,0 00 $ 91,00 0 $ 295,0 00 $ 25,00 0 Paya ble Note s Paya ble Com mon Stock Reta ined Earni ngs Tota l Liabil ities and Stock holde rs' Equit y 149,0 00 82,00 0 56,00 0 348,0 00 $ 78,00 0 136,0 00 670,0 00 $ 295,0 00 At the date of the business combination, the book values of Faith's net assets and liabilities approximated fair value. Assume Faith Corporation's accumulated depreciation on buildings and equipment on the acquisition date was $16,000. Required: a. Prepare a consolidated balance sheet worksheet. re Blank & Faith Corporation's Consolidated Balance Sheet worksheet December 31, 20X2. Elimination Entries Blank Assets Cash Accounts Receivable Inventory Faith DR CR Buildings & Equipment (net) Investment in Faith Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Trim Corporation acquired 100 percent of Round Corporation's voting common stock on January 1, 20X2, for $396,000. At that date, the book values and fair values of Round's assets and liabilities were equal. Round reported the following summarized balance sheet data: A ss ets T ota l $ $ 704,0 00 704,0 00 Ac cou nts Pay able Bo nds Pay able Co mm on Sto ck Re tain ed Ear ning s Tot al $ 106,0 00 202,0 00 115,00 0 281,0 00 $ 704,0 00 Round reported net income of $71,000 for 20X2 and paid dividends of $19,000. Required: a. Prepare the journal entries recorded by Trim Corporation during 20X2 on its books if Trim accounts for its investment in Round using the equity method. 1. Record the initial investment in round corporation 2. Record Trim Corp.'s 100% share of Round Corp.'s 20x2 income. 3. Record Trim Corp.'s 100% share of Round Corp.'s 20x2 dividend r 1. value: 20.00 points Sanderson Corporation acquired 70 percent of Kline Corporation's common stock on January 1, 20X7, for $296,800 in cash. At the acquisition date, the book values and fair values of Kline's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 30 percent of the total book value of Kline. The stockholders' equity accounts of the two companies at the date of purchase are: Sanderson Corporation Com mon Stock ($10 par value) Addit ional PaidIn Capita l Retai ned Earnin gs Total Stock holder s' Equity $ 395,00 0 Kline Corporation $ 178,00 0 219,00 0 364,00 0 $ 65,000 181,00 0 978,00 0 $ 424,00 0 Required: a. What amount will be assigned to the noncontrolling interest on January 1, 20X7, in the consolidated balance sheet? Total noncontrolling interest b. Prepare the stockholders' equity section of Sanderson and Kline's consolidated balance sheet as of January 1, 20X7. This also has fill in the blank sections. Stockholders' equity section of sanderson and Kline's Consolidated balance sheet Controlling interests: Total controlling interest Total stockholders' equity 2. value: 20.00 points Ambrose Corporation owns 75 percent of Kroop Company's common stock, acquired at underlying book value on January 1, 20X4. At the acquisition date, the book values and fair values of Kroop's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 25 percent of the total book value of Kroop. The income statements for Ambrose and Kroop for 20X4 include the following amounts: Ambrose Corporation 533,0 Sales $ 00 Divide nd 8,250 Income Kroop Company 167,0 $ 00 Total $ Income 541,2 50 $ 167,0 00 Less: Cost of $ Goods Sold 377,0 00 $ 76,00 0 Depreci ation Expens e Other Expens es Total Expens $ es 29,00 0 17,00 0 61,00 0 20,00 0 467,0 00 $ 113,0 00 Net $ Income 74,25 0 $ 54,00 0 Ambrose uses the cost method in accounting for its ownership of Kroop. Kroop paid dividends of $11,000 in 20X4. Required: a. What amount should Ambrose report in its income statement as income from its investment in Kroop using equity-method accounting? Amount of income: b. What amount of income should be assigned to noncontrolling interest in the consolidated income statement for 20X4 Amount of income: c. What amount should Ambrose report as consolidated net income for 20X4? Consolidated net income: On June 10, 20X8, Tower Corporation acquired 100 percent of Brown Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Tower Corp. Brown Company Item Ca $ sh Acc ount s Rec eiva ble Inv entor y Buil ding s& Equi pme nt (net) Inv Book Value 19,00 $ 9,000 0 Fair Value $ 9,000 31,00 0 11,00 0 11,00 0 82,00 0 36,00 0 41,00 0 122,0 00 64,00 0 84,00 0 148,0 estm ent in Brow n Stoc k 00 Tot $ al 402,0 $ 00 120,0 00 $ 145,0 00 11,00 $ 0 2,000 $ 2,000 145,0 00 20,00 0 52,00 0 17,00 0 194,0 00 81,00 0 402,0 $ 00 120,0 00 Acc ount s $ Paya ble Bo nds Paya ble Co mmo n Stoc k Ret aine d Earn ings Tot $ al 20,00 0 $ 22,00 0 Required: a. Prepare the eliminating entries required to prepare a consolidated balance sheet immediately after the acquisition of Brown Company shares. Prepare basic elimination entry: Record the excess value (differential) reclassification entry: Blake Corporation acquired 100 percent of Shaw Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Shaw's assets and liabilities were equal. Blake uses the equity method in accounting for its investment in Shaw. Adjusted trial balances for Blake and Shaw on December 31, 20X3, are as follows: Blake Corporation Shaw Corporation Item Curre nt $ Assets Depre ciable Assets (net) Invest ment in Shaw Corpor ation Stock Depre ciation Expen se Other Expen ses Divide nds Declar ed Curre nt Liabiliti es LongTerm Debt Com mon Stock Retai ned Earnin gs Debit Credit 151,000 Debit $ 343,000 Credit 106,000 234,000 158,000 23,000 13,000 95,000 73,000 50,000 31,000 $ 48,000 $ 38,000 99,000 190,000 44,000 212,000 Incom e from Subsidi ary 94,000 220,000 Sales 144,000 137,000 51,000 $ Required: 820,000 $ 820,000 $ 457,000 $ 457,000 a. Prepare entries to record the acquisition, income recognition, and receipt of dividends. Prepare all eliminating entries required on December 31, 20X3, to prepare consolidated financial statements. Record the initial investment in Shaw Corp. Record Blake corp.'s share of Shaw corp.'s 20x3 income Record Blake corp.'s share of shaw Corp's 20x3 dividend v: 11_04_2013_QC_38433 Sol: (1) a. Journal entry recorded by Foster Corporation for transfer of assets and accounts payable to Kline Company: Investment in Kline Company Common Stock Accumulated Depreciation Accounts Payable Cash Accounts Receivable Inventory Land Depreciable Assets 107,000 53,000 18,000 27,000 37,000 25,000 3,000 86,000 b. Journal entry recorded by Kline Company for receipt of assets and accounts payable from Foster Corporation: Cash Accounts Receivable Inventory Land Depreciable Assets Accumulated Depreciation Accounts Payable Common Stock Additional Paid-In Capital 27,000 37,000 25,000 3,000 86,000 53,000 18,000 52,800 54.200 Sol: (2) Journal entry to record acquisition of Spur Corporation net assets: Cash and Receivables Inventory Land Plant and Equipment Patent Goodwill Accounts Payable Cash 37,000 149,000 26,000 341,000 130,000 63,000 68,000 678,000 Sol: (3) Journal entry to record acquisition of Sorden Company net assets: Cash and Receivables Inventory Land Plant and Equipment Discount on Bonds Payable Goodwill Accounts Payable Bonds Payable 51,000 202,000 108,000 302,000 16,000 (56,000) 47,000 576,000 Computation of goodwill Fair value of consideration given Fair value of assets acquired Fair value of liabilities assumed Fair value of net assets acquired Goodwill $663,000 (47,000) $560,000 616,000 ($ 56,000) Bargain Purchase Journal entry to record acquisition of Sorden Company net assets: Cash and Receivables Inventory Land Plant and Equipment Discount on Bonds Payable Accounts Payable Bonds Payable Gain on Bargain Purchase of Subsidiary 51,000 202,000 108,000 302,000 (112,000) 47,000 584,000 (80,000) The gain represents the less of the $616,000 fair value of the net assets acquired ($663,000 - $47,000) over the $696,000 paid to purchase ownership. Sol: (4) Acquisition Price Balance at date of acquisition: a. Cost method $55,000 + $2,100 = $57,100 b. Equity method $55,000 - $1,500 = $53,500 Year Net Income 20X1 $ 28,000 20X2 32,000 20X3 40,000 Change in account balance Change in Investment Account Cost Method Equity Method $(2,100) $(2,100) 600 ______ 3,000 Dividends $35,000 30,000 30,000 $(2,100) $ 1,500 Sol: (5) Investment Income a. (1) Ravine Corporation net income under Cost Method: 20X6 20X7 20X8 20X9 $144,000 $ 82,000 $224,000 $164,000 + + + + .40($23,000) .40($43,000) .40($30,000) .40($23,000) = = = = $153,200 $ 99,200 $236,000 $173,200 (2) Ravine Corporation net income under Equity Method: 20X6 20X7 20X8 20X9 $144,000 $ 82,000 $224,000 $164,000 + + + + .40($78,000) .40($78,000) .40($98,000) .40($108,000) = = = = $175,200 $ 113,200 $263,200 $207,200 b. Journal entries recorded by Ravine Corporation in 20X8: (1) Cost method: Cash Dividend Income Investment in Valley Stock 17,200 9,200 8,000 (2) Equity method: Cash Investment in Valley Stock 43,200 Investment in Valley Stock Income from Valley 31,200 43,200 31,200 Sol: (6) Balance Sheet Workpaper a. Blank Corporation and Faith Corporation Consolidated Balance Sheet Workpaper December 31, 20X2 Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Debits Accounts Payable Notes Payable Common Stock Blank Corporation Faith Corporation Retained Earnings Total Credits Blank Corp. Faith Corp. 63,000 79,000 119,000 36,000 44,000 64,000 99,000 123,000 183,000 217,000 151,000 368,000 192,000 670,000 295,000 91,000 149,000 25,000 78,000 82,000 348,000 670,000 56,000 136,000 295,000 Eliminations Debit _ Credit (1)192,000 ConsolIdated _ 773,000 116,000 227,000 (1) 56,000 (1) 136,000 192,000 82,000 192,000 348,000 773,000 Sol: (7) Consolidation Entries for Wholly Owned Subsidiary a. Journal entries recorded by Trim Corporation: (1) Investment in Round Corporation Stock Cash Record investment. 396,000 (2) Cash Investment in Round Corporation Stock Record dividends from Round Corporation. 71,000 (3) Investment in Round Corporation Stock Income from Subsidiary Record equity-method income. 19,000 396,000 71,000 19,000 Sol: (8) Non-controlling Interest a. The total non-controlling interest reported in the consolidated balance sheet at January 1, 20X7, is $127,200 ($424,000 x .30). b. The stockholders' equity section of the consolidated balance sheet includes the claim of the non-controlling interest and the stockholders' equity section of the subsidiary is eliminated when the consolidated balance sheet is prepared: Controlling Interest: Common Stock Additional Paid-In Capital Retained Earnings Total Controlling Interest Non-controlling Interest Total Stockholders' Equity $ 395,000 219,000 364,000 $ 978,000 127,200 $1,105,200 Sol: (9) Computation of Consolidated Net Income a. Ambrose should report income from its subsidiary of $40,500 ($54,000 x .75) rather than dividend income of $8,250. b. A total of $13,500 ($54,000 x .25) should be assigned to the non-controlling interest in the 20X4 consolidated income statement. c. Consolidated net income of $120,0000 should be reported for 20X4, computed as follows: Reported net income of Ambrose Less: Dividend income from Kroop Operating income of Ambrose Net income of Kroop Consolidated net income $74,250 (8,250) $66,000 54,000 $120,000 Sol: (10) Eliminating Entries with Differential a. Eliminating entries: E(1) Common Stock - Brown Company Retained Earnings Differential Investment in Brown Company Stock Computation of differential Fair value of consideration given Book value of Brown's assets Book value of Brown's liabilities Net book value Differential 17,000 81,000 50,000 $120,000 148,000 $148,000 (22,000) (98,000) $ 50,000 Sol: (11) a. Eliminating entries: E(1) Income from Subsidiary Dividends Declared Investment in Shaw Corporation Stock Eliminate income from subsidiary. 51,000 E(2) Common Stock Shaw Corporation Retained Earnings, January 1 Investment in Shaw Corporation Stock Eliminate beginning investment balance. 94,000 44,000 31,000 19,000 138,000 Sol: (1) a. Journal entry recorded by Foster Corporation for transfer of assets and accounts payable to Kline Company: Investment in Kline Company Common Stock Accumulated Depreciation Accounts Payable Cash Accounts Receivable Inventory Land Depreciable Assets 107,000 53,000 18,000 27,000 37,000 25,000 3,000 86,000 b. Journal entry recorded by Kline Company for receipt of assets and accounts payable from Foster Corporation: Cash Accounts Receivable Inventory Land Depreciable Assets Accumulated Depreciation Accounts Payable Common Stock Additional Paid-In Capital 27,000 37,000 25,000 3,000 86,000 53,000 18,000 52,800 54.200 Sol: (2) Journal entry to record acquisition of Spur Corporation net assets: Cash and Receivables Inventory Land Plant and Equipment Patent Goodwill Accounts Payable Cash 37,000 149,000 26,000 341,000 130,000 63,000 68,000 678,000 Sol: (3) Journal entry to record acquisition of Sorden Company net assets: Cash and Receivables Inventory Land Plant and Equipment Discount on Bonds Payable Goodwill Accounts Payable Bonds Payable 51,000 202,000 108,000 302,000 16,000 (56,000) 47,000 576,000 Computation of goodwill Fair value of consideration given Fair value of assets acquired Fair value of liabilities assumed Fair value of net assets acquired Goodwill $663,000 (47,000) $560,000 616,000 ($ 56,000) Bargain Purchase Journal entry to record acquisition of Sorden Company net assets: Cash and Receivables Inventory Land Plant and Equipment Discount on Bonds Payable Accounts Payable Bonds Payable Gain on Bargain Purchase of Subsidiary 51,000 202,000 108,000 302,000 (112,000) 47,000 584,000 (80,000) The gain represents the less of the $616,000 fair value of the net assets acquired ($663,000 - $47,000) over the $696,000 paid to purchase ownership. Sol: (4) Acquisition Price Balance at date of acquisition: a. Cost method $55,000 + $2,100 = $57,100 b. Equity method $55,000 - $1,500 = $53,500 Year Net Income 20X1 $ 28,000 20X2 32,000 20X3 40,000 Change in account balance Change in Investment Account Cost Method Equity Method $(2,100) $(2,100) 600 ______ 3,000 Dividends $35,000 30,000 30,000 $(2,100) $ 1,500 Sol: (5) Investment Income a. (1) Ravine Corporation net income under Cost Method: 20X6 20X7 20X8 20X9 $144,000 $ 82,000 $224,000 $164,000 + + + + .40($23,000) .40($43,000) .40($30,000) .40($23,000) = = = = $153,200 $ 99,200 $236,000 $173,200 (2) Ravine Corporation net income under Equity Method: 20X6 20X7 20X8 20X9 $144,000 $ 82,000 $224,000 $164,000 + + + + .40($78,000) .40($78,000) .40($98,000) .40($108,000) = = = = $175,200 $ 113,200 $263,200 $207,200 b. Journal entries recorded by Ravine Corporation in 20X8: (1) Cost method: Cash Dividend Income Investment in Valley Stock 17,200 9,200 8,000 (2) Equity method: Cash Investment in Valley Stock 43,200 Investment in Valley Stock Income from Valley 31,200 43,200 31,200 Sol: (6) Balance Sheet Workpaper a. Blank Corporation and Faith Corporation Consolidated Balance Sheet Workpaper December 31, 20X2 Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Debits Accounts Payable Notes Payable Common Stock Blank Corporation Faith Corporation Retained Earnings Total Credits Blank Corp. Faith Corp. 63,000 79,000 119,000 36,000 44,000 64,000 99,000 123,000 183,000 217,000 151,000 368,000 192,000 670,000 295,000 91,000 149,000 25,000 78,000 82,000 348,000 670,000 56,000 136,000 295,000 Eliminations Debit _ Credit (1)192,000 ConsolIdated _ 773,000 116,000 227,000 (1) 56,000 (1) 136,000 192,000 82,000 192,000 348,000 773,000 Sol: (7) Consolidation Entries for Wholly Owned Subsidiary a. Journal entries recorded by Trim Corporation: (1) Investment in Round Corporation Stock Cash Record investment. 396,000 (2) Cash Investment in Round Corporation Stock Record dividends from Round Corporation. 71,000 (3) Investment in Round Corporation Stock Income from Subsidiary Record equity-method income. 19,000 396,000 71,000 19,000 Sol: (8) Non-controlling Interest a. The total non-controlling interest reported in the consolidated balance sheet at January 1, 20X7, is $127,200 ($424,000 x .30). b. The stockholders' equity section of the consolidated balance sheet includes the claim of the non-controlling interest and the stockholders' equity section of the subsidiary is eliminated when the consolidated balance sheet is prepared: Controlling Interest: Common Stock Additional Paid-In Capital Retained Earnings Total Controlling Interest Non-controlling Interest Total Stockholders' Equity $ 395,000 219,000 364,000 $ 978,000 127,200 $1,105,200 Sol: (9) Computation of Consolidated Net Income a. Ambrose should report income from its subsidiary of $40,500 ($54,000 x .75) rather than dividend income of $8,250. b. A total of $13,500 ($54,000 x .25) should be assigned to the non-controlling interest in the 20X4 consolidated income statement. c. Consolidated net income of $120,0000 should be reported for 20X4, computed as follows: Reported net income of Ambrose Less: Dividend income from Kroop Operating income of Ambrose Net income of Kroop Consolidated net income $74,250 (8,250) $66,000 54,000 $120,000 Sol: (10) Eliminating Entries with Differential a. Eliminating entries: E(1) Common Stock - Brown Company Retained Earnings Differential Investment in Brown Company Stock Computation of differential Fair value of consideration given Book value of Brown's assets Book value of Brown's liabilities Net book value Differential 17,000 81,000 50,000 $120,000 148,000 $148,000 (22,000) (98,000) $ 50,000 Sol: (11) a. Eliminating entries: E(1) Income from Subsidiary Dividends Declared Investment in Shaw Corporation Stock Eliminate income from subsidiary. 51,000 E(2) Common Stock Shaw Corporation Retained Earnings, January 1 Investment in Shaw Corporation Stock Eliminate beginning investment balance. 94,000 44,000 31,000 19,000 138,000

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