Case 6: (Advanced Accounting Theory)<\/p>
Tony Computer Services Corporation trades 50% of its common stock for the rights to certain computer programs of the Janet Corporation. Janet previously expensed such costs of developing these computer programs. Tony concurrently sold the other 50% interest in its stock to the Jeannette Company for $1,000,000. Tony later acquired another the rights to the Udder Computer Companys computer programs in exchange for stock valued at $1,500,000. Tony, thus, debited Investments in Subsidiaries and credited Earnings for $1.5 million to reflect this latest transaction. How should Tonys consolidated financial statement reflect the value of the expensed computer programs? <\/p>
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I need a ASC# plz.<\/p>", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "470964731, 978-0470964736, 978-0470161012", "edition": "9th Canadian Edition, Volume 2", "authors": "Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/516.jpg", "uri": "\/textbooks\/intermediate-accounting-9th-canadian-edition-volume-2-516", "see_more_uri": "" }, "free_related_book": { "isbn": "0123743362", "uri": "\/textbooks\/advances-in-catalysis-volume-52-1st-edition-9780123743367-9780080921808", "name": "Advances In Catalysis Volume 52", "edition": "1st Edition" }, "question_posted": "2024-06-29 01:27:24", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/let-x-cm-and-y-cm-be-the-diameter-of", "description": "Let X [cm] and Y [cm] be the diameter of a pin and hole, respectively, suppose that (X, Y) has the density f(x, y) = 2500 if 0.99 \n \n \n \n Answered: 1 week ago", "stars": 3 }, { "url": "\/study-help\/psychology\/what-visual-features-facilitate-the-detection-of-emotions-in-facial-1980601", "description": "What visual features facilitate the detection of emotions in facial expressions?", "stars": 3 }, { "url": "\/on-january-1-2014-abraham-company-purchased-the-following-two", "description": "On January 1, 2014, Abraham Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $55,000. Related expenditures included: sales...", "stars": 3 }, { "url": "\/study-help\/questions\/when-an-account-receivable-is-written-off-under-the-direct-9852709", "description": "When an account receivable is written off under the direct write-off method, the accounting equation is kept in balance because: A) assets and equity both decrease by the same amount. b) assets and...", "stars": 3 }, { "url": "\/study-help\/questions\/i-want-the-answer-exactly-in-the-box-form-given-9580191", "description": "i want the answer exactly in the box form given below I want the answer exactly in the box form. thank you PRINTER Exercise 17-5 The current sections of Scoggin Inc.'s balance sheets at December 31,...", "stars": 3 }, { "url": "\/study-help\/questions\/calculate-the-room-total-for-the-first-transaction-use-an-999037", "description": "Calculate the \"Room Total\" for the first transaction. Use an IF function to calculate a 10% discount for any stay greater than or equal to 7 nights. Copy and paste the function down the column to...", "stars": 3 }, { "url": "\/study-help\/questions\/during-the-cherry-blossom-time-in-houston-the-sales-for-1008243", "description": "During the cherry blossom time in Houston, the sales for 'The Black House' tends to increase. Due to pandemic, the gift shop management decide to keep the shop open during weekends (Friday, Saturday,...", "stars": 3 }, { "url": "\/study-help\/questions\/a-motorist-needs-to-visit-a-total-of-6-cities-1008848", "description": "A motorist needs to visit a total of 6 cities over the course of the next few days and wants to minimize the total distance driven to visit all 6 cities. The distances between each pair of cities is...", "stars": 3 }, { "url": "\/study-help\/questions\/the-velocity-of-the-bullet-with-mass-mk-has-an-1024234", "description": "The velocity of the bullet with mass mk has an angle with respect to the horizontal. The speed of the bullet is Vk when it hits a block with mass m. The bullet remains caught in the block. As a...", "stars": 3 }, { "url": "\/study-help\/questions\/5-neil-special-pottery-llc-has-decided-to-use-a-1003548", "description": "5. Neil Special Pottery, LLC has decided to use a regular output of 800 units per month for this year. They can use overtime up to 80 units per month and use subcontracting for the remaining units to...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/which-one-of-the-following-forces-is-not-considered-a-4439017", "next": "\/study-help\/questions\/1-rejman-enterprises-distributes-a-single-product-whose-selling-price-4439019" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Case 6: (Advanced Accounting Theory) Tony Computer Services Corporation trades 50% of", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/case-6-advanced-accounting-theory-tony-computer-services-corporation-trades-4439018" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }