Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 01, 2024

COURSE TITLE: INTERNATIONAL ACCOUNTING QUESTION 1 : If you know that Cyprus Company acquired 90 percent of the outstanding shares of Star Company by paying

COURSE TITLE: INTERNATIONAL ACCOUNTING

QUESTION 1: If you know that Cyprus Company acquired 90 percent of the outstanding shares of Star Company by paying $400,000 in cash. The fair value of star identifiable assets is $320,000, and the liabilities is $40,000. Determine the amount of good wll/ gain on bargain purchase (If we assume that NonControlling Interest Measured at Fair Value )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Explain the importance of setting goals.

Answered: 1 week ago

Question

★★★★★

What is meant by the term transferred-out cost? Why does the transferred-out cost under the WA method include only one computation but the FIFO method includes multiple computations?

Answered: 1 week ago

Question

★★★★★

Discuss Modigliani-Miller Theory in detail including earlier proposition and update with taxation too

Answered: 1 week ago

Question

★★★★★

A. You were able to acquire some notes which the assistant had jotted down on a sheet of paper while he was preparing to work on the report. These were as follows: 1. The total revenues of the...

Answered: 1 week ago

Question

★★★★★

Carla Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 7 paid sick days annually. Vacation...

Answered: 1 week ago

Question

★★★★★

TAC Industries Inc. sells heavy equipment to large corporations and federal, state, and local governments. Corporate sales are the result of a competitive bidding process, where TAC competes against...

Answered: 1 week ago

Question

★★★★★

Suppose there is sudden increase in preference of chocolates. But the cost of production rises due to rise in the price of milk. Use a demand supply model, to determine what happens to the...

Answered: 1 week ago

Question

★★★★★

Which of the following does NOT illustrate how deviant behavior can impact a company? Employees don't feel safe. The company could face a lawsuit. The company's workforce is unaffected. It may limit...

Answered: 1 week ago

Question

★★★★★

In the figure below, we see that traditional one-person-one-vote (1p1v) majority voting results in an inefficient majority "yes" vote (two in favor, one opposed). Let's see whether the outcome is...

Answered: 1 week ago

Previous Question Next Question