FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Demonstrate the adjustment required when the subsidiary has a contingent liability for damages disclosed, for which the fair value is determined to be $7,000. Explain

Demonstrate the adjustment required when the subsidiary has a contingent liability for damages disclosed, for which the fair value is determined to be $7,000. Explain in detail the journal entry, line by line. Then show how this would be posted in the consolidation worksheet, highlighting the effect the group's financial statements.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Accounting Volume 2

Accounting Volume 2

Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren

2nd Canadian edition

176501452, 978-0176501457, 978-0176509743

More Books

Students also viewed these Accounting questions

Question

★★★★★
The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment...

Answered: 1 week ago

Question

★★★★★
=+2 If your coworker tracks the same prices in euros, how will this change the correlation? Will you need to know the exchange rate between euros and U.S. dollars to draw conclusions?

Answered: 1 week ago

Question

★★★★★
preparing for and completing job interviews and considering offers.

Answered: 1 week ago

Question

★★★★★
Listed below are several terms and phrases associated with earnings per share. Pair each item from List A with the item from List B (by letter) that is most appropriately associated withit. List A...

Answered: 1 week ago

Question

★★★★★
(b) Can we ensure all photons arrive at either Receiver A or Receiver B? 2. (6 points) Create the following setup in your own workspace. Consider the polarizing beam splitter (the first element under...

Answered: 1 week ago

Question

★★★★★
GL0202 (Algo) - Based on Exercise 2-13 Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated...

Answered: 1 week ago

Question

★★★★★
QL Completion Status: QUESTION 5 Using the Units-of-Production Method of depreciation: * Cost - 5180.000 * Salvage Value - $20.000 * Depreciable cost - $160.000 * Total expected units of production -...

Answered: 1 week ago

Question

★★★★★
Case study B (25 Marks) The management approach at the Fordsburg Car Centre Dylan van Rooyen is the managing director of Fordsburg Car Centre (FCC), an automobile repair shop with 22 branches...

Answered: 1 week ago

Question

★★★★★
Develop a communication and education plan Develop a communication and education plan to be used in conjunction with the change management project plan. This plan should show how the change will be...

Answered: 1 week ago

Question

★★★★★
solve this problem of a Brayton cycle in a gas turbine power plant. Properties of air should be for when it is at 300K; cv=0.718, cp=1.005, k=1.4 This modified brayton cycle consists of; (1) ?>...

Answered: 1 week ago

Question

★★★★★
Read the DeBeers case. What do you believe are the dominant cultural characteristics of this organization? What accounts for the ethically questionable practices at DeBeers?

Answered: 1 week ago

Question

★★★★★
What are individual Brand Elements associated with the brand "McDonald's"? Discuss the steps of the "Brand and Product Decisions" for McDonald's. What type of Brand Personality do you think applies...

Answered: 1 week ago

Question

★★★★★
Jennifer is engaged in a lot of reflective thought in coming to a decision. If she is using the creative process to make the decision, what stage would this be? verification incubation illumination...

Answered: 1 week ago

Question

★★★★★
The background knowledge of the interpreter

Answered: 1 week ago

Question

★★★★★
The expert rule: We have more confidence in information presented by someone who is an expert in the field than by someone who is not.

Answered: 1 week ago

Question

★★★★★
How easy the information is to remember

Answered: 1 week ago

Previous Question Next Question