{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T06:56:40-04:00", "answer_date": "2024-06-28 06:56:40", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4258452", "url": "\/study-help\/questions\/data-for-questions-4-on-january-1-2018-pride-inc-4258452", "question_creation_date_js": "2024-06-28T06:56:40-04:00", "question_creation_date": "Jun 28, 2024 06:56 AM", "meta_title": "[Solved] Data for Questions 4 On January 1, 2018, | SolutionInn", "meta_description": "Answer of - Data for Questions 4 On January 1, 2018, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Cor | SolutionInn", "meta_keywords": "data,questions,4,january,1,2018,pride,inc,acquired,80%,outstanding,voting", "question_title_h1": "Data for Questions 4 On January 1, 2018, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. The non-controlling", "question_title": "Data for Questions 4 On January 1, 2018, Pride, Inc. acquired 80%", "question_title_for_js_snippet": "Data for Questions 4 On January 1, 2018, Pride, Inc acquired 80 of the outstanding voting common stock of Strong Corp for $364,000 The non controlling interest had a fair value of $91,000 on that day However, equipment in Strong's record was undervalued by $35,000 (with a five year life) Any remaining excess was attributable to goodwill which has not been impaired As of December 31, 2018, before Preparing the consolidated worksheet, the financial statements appeared as follows Pride Inc Strong Corp Revenues $420,000 $280,000 Cost of goods sold (196,000) (112,000) Operating expenses (28,000) (14,000) Net income 196,000 154,000 Retained earnings, 1 1 13 420,000 210,000 Net income (above) 196,000 154,000 Dividends paid 0 Retained earnings, 12 31 13 616,000 364,000 Cash and receivables 294,000 126,000 Inventory 210,000 154,000 Investment in Strong Corp 364,000 0 Equipment (net) 616,000 420,000 Total assets 1,484,000 700,000 Liabilities 588,000 196,000 Common stock 280,000 140,000 Retained earnings, 12 31 13 (above) 616,000 364,000 Total liabilities and stockholders equity $1,484 000 $700,000 During 2018, Strong bought inventory for $112,000 and sold it to Pride for $140,000 60 of these goods were still in the company's possession on December 31, 2018", "question_description": "

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\"image<\/div><\/div><\/div> Data for Questions 4 On January 1, 2018, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. The non-controlling interest had a fair value of $91,000 on that day. However, equipment in Strong's record was undervalued by $35,000 (with a five-year life). Any remaining excess was attributable to goodwill which has not been impaired. As of December 31, 2018, before Preparing the consolidated worksheet, the financial statements appeared as follows: Pride Inc Strong Corp Revenues $420,000 $280,000 Cost of goods sold (196,000) (112,000) Operating expenses (28,000) (14,000) Net income 196,000 154,000 Retained earnings, 1\/1\/13 420,000 210,000 Net income (above) 196,000 154,000 Dividends paid 0 Retained earnings, 12\/31\/13 616,000 364,000 Cash and receivables 294,000 126,000 Inventory 210,000 154,000 Investment in Strong Corp 364,000 0 Equipment (net) 616,000 420,000 Total assets 1,484,000 700,000 Liabilities 588,000 196,000 Common stock 280,000 140,000 Retained earnings, 12\/31\/13 (above) 616,000 364,000 Total liabilities and stockholders equity $1,484.000 |$700,000 During 2018, Strong bought inventory for $112,000 and sold it to Pride for $140,000. 60% of these goods were still in the company's possession on December 31, 2018", "transcribed_text": "", "related_book": { "title": "Auditing Cases An Active Learning Approach", "isbn": "0130674842, 978-0130674845", "edition": "2nd Edition", "authors": "Mark S. 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