Help me to solve these problems. Exercise and practice for me for upcoming exams

1.) On January 1, 2016, Speed Co. purchased 75% of the common stock of Slow Co. for 632,000. On this date, Slow Co. had common stock, other paid-in capital, and retained earnings of 80,000, 240,000, and 380,000, respectively. Speed Co.'s common stock amounted to 1,000,000 and retained earnings of 400,000. On January 1, 2016, the only tangible assets of Slow Co. that were undervalued were inventory and equipment. Inventory, for which FIFO is used, was worth 10,000 more that cost. The inventory was sold in 2016. Equipment, which was worth 30,000 more than book value, has a remaining life of 8 years, and straight-line method is used. Any remaining excess is full-goodwill with an impairment for 2016 amounting to 6,000. Slow Co. reported net income of 100,000 and paid dividends of 40,000. Compute the Consolidated Net Income Attributable to Controlling Interest and Non-controlling interest respectively using Full-Goodwill: 2.) Xing Corporation owns 80 percent of the voting common shares of Adams Corporation. Noncontrolling interest was assigned $24,000 of income in the 2009 consolidated income statement. What amount of net income did Adams Corporation report for the year? 3.) Western Company, buys all of the outstanding stock of Abenson Company on January 1, 2014. Annual excess amortizaton of 12,000 results from this purchase transaction. 0n the date of the takeover, Western reported retained earnings of 400,000 while Ahenson reported a 200,000 balance. Western reported income of 40,000 in 2014 and 50,000 in 2015 and paid 10,000 in dividends each year. Abenson reported net income of 20,000 in 2014 and 30,000 in 2015 and paid 5,000 in dividends each year. Assume that Western's reported income does indude income derived from the subsidiary. If the parent uses the cost method of accounting investment in subsidiary, what are the consolidated retained earnings on December 31, 2015? 4.) A Ltd. and B Ltd. are two family owned ice cream producing companies in Canada. A Ltd. is owned by the Chui family, while the Chua family owns B Ltd. The Chui family has only one son. and he is engaged to be married to the daughter of Chua family. Because the son currently managing B Ltd., it is proposed that he be allowed to manage both companies after the wedding. As a result, it is agreed by the two families that A and Ltd. should take over the net assets of B Ltd. The balance sheet at B Ltd. immediately prior to the takeover is as follows: Carrying Amount Fair Value Accounts receivable $20,000 $20,000 Inventory 140,000 125,000 Land 620,000 840,000 Buildings (net) 530,000 550,000 Farm equipment (net) 360,000 364,000 Irrigation equipment (net) 220,000 225,000 Vehicles (net) 160,000 172,000 Total assets $2,050,000 Accounts payable $80,000 $80,000 Loan-Metrobank 480,000 480,000 Share capital 670,000 Retained earnings 820,000 Total $2,050,000 The takeover agreement specified the following details: * A Ltd. is to acquire all the assets of B Ltd. and except one of the vehicles (having a carrying amount of 45,000 and of fair value of 48,000) and assume all the liabilities except for the loan from bank. B Ltd. is then to go, into liquidation. * Cash at 20,000, half to be paid on date of exchange and half in one year's time. The incremental borrowing rate is 10% per annum (present value for $1 at 10% for 1 period is 0.909091). * Supply of a patent relating to the manufacture of ice cream. This has a fair value of P60,000 but has not been recognized in the records of B Ltd. because it resulted from an internally generated research project. * A Ltd. is to supply sufficient cash to enable the debt to bank to be paid for and to cover the liquidation costs of 5,500. it will also give 150. 000 to be distributed to Mr. an Mrs. Chui to assists in paying the wedding costs. * A Ltd. is also to give a piece of its own prime land to B Ltd. to be distributed to Mr and Mrs. Chui, this eventually being available to be given to any offspring of the forthcoming marriage. The piece of land in question has a carrying amount of 80,000 and a fair value of 220,000. * A Ltd. is to issue 90,000 shares, these having a fair value of P14 per share, to be distributed via B Ltd. to the soon to-be-married-daughter of Mr. and Mrs. Chui who is currently a shareholder in BLtd. The takeover proceeded as per the agreement with A Ltd. incurring incidental acquisition costs of 25,000, while there were 18,000 share issue costs. The amount of goodwill or (bargain purchase gain) is? 5. Companies A and B decide to consolidate. Asset and estimated annual earnings contributions are as follows: Co.A Co. B Co.C Net asset contribution $300,000 $400,000 $700,000 Estimated annual earnings contribution 50,000 80,000 130,000 Stockholders of the two companies agree that a single class of stock be issued, that their contributions be measured by net assets plus allowances for goodwill, and that 10% be considered as a normal rate of return. Earnings in excess of the normal rate of return shall be capitalized at 20% in calculating goodwill. It was also agreed that authorizes capital stock of the new company shall be 20,000 shares with a par value of P100 a share. What is amount of goodwill credited to Co A, and the total contribution of Co.B (net assets plus goodwill)? 6. On January 1, 2009, Cham, Inc. purchased 75% of Chili Co. for $500,000. On that date the equity of Chili consisted of capital stock of $300,000 and retained earnings of $200,000. All assets and liabilities of Chili were fairly valued. Goodwill, if any, is not amortized. By January 2,2012, the retained earnings of Chili had increased to $500,000. For 2012 Chili reported CI of $60,000 and paid dividends of $10,000. For 2013 Chili reported CI of $70,000 and paid dividends of 20,000. On April 1,2012, Cham, sold a land and an old office building on it. Cham's original cost for the land was $20,000; the office building had a book value of $50,000. Chili paid $35,000 for the land and $40,000 for the building. It estimates that the building has a remaining life of 5 years. For 2013, what is the balance in Cham's equity method Investment in Chili account? 7. The account balances shown below were taken from the trial balances submitted to Bon-Apetit Corporation by its A Branch: 2015 2016 Petty cash fund $1500 $1500 Accounts receivable 43, 800 49,140 Inventory- 37, 170 Sales 173, 180 195, 120 Shipments from home (140% of cost) 107, 450 136, 080 Expenses 51, 260 57, 930 Accounts written off 1, 220 1, 920 All branch collections are remitted to the home office. All branch expenses are paid out of the petty cash fund. When the petty cash fund is replenished, the branch debits appropriate expense accounts and credits Home Office Current. The petty cash is counted every December 31, and its composition was as follows: 12/31/1512/31/16 Currency and coins$580$860 Expense vouchers$920$640 The branch inventory on December 31, 2016 was $41, 370. The correct branch net income for 2016 was? 8.) On January 1, 2016, Speed Co. purchased 75% of the common stock of Slow Co. for 632,000. On this date, Slow Co. had common stock, other paid-in capital, and retained earnings of 80,000, 240,000, and 380,000, respectively. Speed Co.'s common stock amounted to 1,000,000 and retained earnings of 400,000. On January 1, 2016, the only tangible assets of Slow Co. that were undervalued were inventory and equipment. Inventory, for which FIFO is used, was worth 10,000 more that cost. The inventory was sold in 2016. Equipment, which was worth 30,000 more than book value, has a remaining life of 8 years, and straight-line method is used. Any remaining excess is full-goodwill with an impairment for 2016 amounting to 6,000. Slow Co. reported net income of 100,000 and paid dividends of 40,000. Compute the Consolidated Net Income Attributable to Controlling Interest and Non-controlling interest respectively using Full-Goodwill: 9.) Xing Corporation owns 80 percent of the voting common shares of Adams Corporation. Noncontrolling interest was assigned $24,000 of income in the 2009 consolidated income statement. What amount of net income did Adams Corporation report for the year? 10.) Western Company, buys all of the outstanding stock of Abenson Company on January 1, 2014. Annual excess amortizaton of 12,000 results from this purchase transaction. 0n the date of the takeover, Western reported retained earnings of 400,000 while Ahenson reported a 200,000 balance. Western reported income of 40,000 in 2014 and 50,000 in 2015 and paid 10,000 in dividends each year. Abenson reported net income of 20,000 in 2014 and 30,000 in 2015 and paid 5,000 in dividends each year. Assume that Western's reported income does indude income derived from the subsidiary. If the parent uses the cost method of accounting investment in subsidiary, what are the consolidated retained earnings on December 31, 2015?